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Sports Cars - Austria

Austria

Highlights

Revenue in the Sports Cars market is projected to reach US$1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.73%, resulting in a projected market volume of US$1bn by 2029.
Sports Cars market unit sales are expected to reach 20.0k vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$62k.
From an international perspective it is shown that the most revenue will be generated United States (US$20bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sports Cars market in Austria has been experiencing steady growth in recent years, driven by customer preferences for high-performance vehicles and the country's strong economy.

Customer preferences: Austrian customers have a strong affinity for sports cars, appreciating their sleek designs, powerful engines, and superior performance. They value the prestige and status associated with owning a sports car, as well as the exhilarating driving experience they provide. Additionally, Austrian consumers have a preference for luxury brands, such as Porsche, BMW, and Mercedes-Benz, which offer a wide range of sports car models to cater to different tastes and budgets.

Trends in the market: One of the key trends in the Sports Cars market in Austria is the increasing demand for electric and hybrid sports cars. As environmental consciousness grows, more consumers are seeking sustainable alternatives to traditional petrol-powered vehicles. Electric and hybrid sports cars offer the perfect balance between performance and eco-friendliness, attracting a new segment of environmentally-conscious customers. Automakers have responded to this trend by introducing electric and hybrid models with impressive acceleration and top speeds, while also prioritizing energy efficiency and reduced emissions. Another trend in the market is the growing popularity of sports SUVs. These vehicles combine the performance and sporty styling of a sports car with the practicality and versatility of an SUV. Sports SUVs appeal to customers who desire a high-performance vehicle but also require ample space for passengers and cargo. This trend is in line with the global shift towards SUVs, which have become increasingly popular due to their versatility and perceived safety advantages.

Local special circumstances: Austria's affluent population and high disposable income levels contribute to the strong demand for sports cars. The country has one of the highest GDP per capita in the European Union, allowing a significant portion of the population to afford luxury vehicles. Additionally, Austria's well-maintained road infrastructure and scenic landscapes make it an ideal location for sports car enthusiasts to enjoy their vehicles to the fullest.

Underlying macroeconomic factors: The steady growth of the Sports Cars market in Austria can be attributed to the country's robust economy. Austria has a highly developed and diversified economy, with a strong focus on manufacturing and services sectors. The country's stable political environment, high standard of living, and favorable business climate attract foreign investments and support domestic consumption. These factors contribute to a positive consumer sentiment and purchasing power, driving the demand for sports cars. In conclusion, the Sports Cars market in Austria is experiencing growth due to customer preferences for high-performance vehicles, the increasing popularity of electric and hybrid models, and the demand for sports SUVs. Austria's affluent population, well-maintained road infrastructure, and strong economy further contribute to the market's development. As the country continues to prioritize sustainability and innovation, we can expect the Sports Cars market in Austria to continue its upward trajectory.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).