Key regions: United States, Germany, Europe, China, India
The Passenger Cars market in BRICS is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trend.
Customer preferences in the BRICS countries are shifting towards passenger cars for several reasons. Firstly, as disposable incomes rise, consumers are seeking greater comfort and convenience in their transportation options. Passenger cars offer these benefits compared to other modes of transportation, such as public transportation or motorcycles.
Additionally, the increasing urbanization in BRICS countries has led to a greater need for personal transportation, as commuting distances and traffic congestion continue to rise. Lastly, the growing middle class in these countries aspires to own a car as a status symbol and a symbol of social mobility. Trends in the Passenger Cars market in BRICS are driven by both global and regional factors.
Globally, there is a growing demand for more fuel-efficient and environmentally friendly vehicles. This trend is also observed in BRICS countries, where governments are implementing stricter emission standards and providing incentives for the purchase of electric and hybrid vehicles. Furthermore, there is a growing preference for smaller and more compact cars due to their affordability and ease of maneuverability in congested urban areas.
However, SUVs and crossover vehicles are also gaining popularity in BRICS countries, as they offer a combination of space, comfort, and versatility. Local special circumstances in BRICS countries also contribute to the development of the Passenger Cars market. For example, in Brazil, the government has implemented tax breaks and subsidies to encourage the production and purchase of locally manufactured cars.
This has led to an increase in domestic car production and a boost in the overall market. In Russia, the government has introduced a scrappage program to incentivize consumers to trade in their old cars for new ones, stimulating demand in the market. Additionally, in India, the government has been promoting the adoption of electric vehicles through various initiatives, such as providing subsidies for electric car buyers and setting up charging infrastructure.
Underlying macroeconomic factors play a crucial role in the development of the Passenger Cars market in BRICS. Economic growth, rising incomes, and improving standards of living are driving the demand for passenger cars. As BRICS countries continue to experience economic development and urbanization, the demand for personal transportation is expected to increase further.
Additionally, favorable financing options, such as low-interest rates and longer loan tenures, make car ownership more accessible to a wider population. In conclusion, the Passenger Cars market in BRICS is developing due to customer preferences for comfort and convenience, trends towards fuel efficiency and smaller cars, local special circumstances such as government incentives, and underlying macroeconomic factors such as economic growth and rising incomes. As these factors continue to shape the market, the Passenger Cars industry in BRICS is expected to witness further growth and expansion in the coming years.
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).
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