Passenger Cars - Eastern Asia

Eastern Asia

In 2024, the Passenger Cars market in Eastern Asia is projected to reach a revenue of US$698.3bn.
It is expected to show an annual growth rate (CAGR 2024-2028) of 0.76%, resulting in a projected market volume of US$719.7bn by 2028.
Among the market segments, SUVs are the largest, with a projected market volume of US$280.2bn in 2024.
Looking specifically at unit sales, Passenger Cars market is expected to reach 27,910.00k vehicles units in 2028.
The volume weighted average price of Passenger Cars market is projected to amount to US$25.87k in 2024.
When it comes to market share, Other is expected to have one of the highest market shares in the selected region with a vehicle unit sales share of 37.6% in 2024.
Additionally, the value market share of Other in the selected region is expected to stand at 33.7% in 2024.
From an international perspective, United States is projected to generate the most revenue in the Passenger Cars market, with US$558bn in 2024.
In Eastern Asia, Japan continues to dominate the passenger car market with its innovative technology and high-quality vehicles.

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in Eastern Asia is experiencing significant growth and development.

Customer preferences: In this region, customers have a strong preference for passenger cars due to their convenience, comfort, and status symbol. With increasing disposable income and urbanization, more people are opting for private transportation over public transportation. Additionally, customers in Eastern Asia value fuel efficiency, safety features, and advanced technologies in their cars.

Trends in the market: One of the key trends in the Passenger Cars market in Eastern Asia is the growing demand for electric and hybrid vehicles. This trend is driven by increasing environmental consciousness and government initiatives to reduce carbon emissions. Customers are increasingly choosing electric and hybrid cars due to their lower operational costs and reduced environmental impact. Another trend in the market is the rise of luxury and premium cars. As the middle class continues to grow in Eastern Asia, more customers are aspiring to own luxury and premium cars as a status symbol. Luxury car brands are expanding their presence in the region and offering models tailored to the preferences of Eastern Asian customers.

Local special circumstances: Eastern Asia is home to some of the largest automotive markets in the world, such as China, Japan, and South Korea. These countries have a large population and a strong automotive manufacturing industry. The presence of domestic automakers, as well as international brands, creates a competitive market environment. Customers in Eastern Asia have a wide range of options when it comes to choosing passenger cars, and this competition drives innovation and improves the overall quality of vehicles available in the market.

Underlying macroeconomic factors: The economic growth in Eastern Asia is a major driver of the Passenger Cars market. Countries like China and South Korea have experienced rapid economic growth in recent years, leading to an increase in disposable income and purchasing power. This has resulted in higher demand for passenger cars. Additionally, urbanization and infrastructure development in the region have created a need for personal transportation, further boosting the market for passenger cars. In conclusion, the Passenger Cars market in Eastern Asia is witnessing growth and development due to customer preferences for convenience and comfort, the rise of electric and luxury cars, the competitive market environment, and economic factors such as increasing disposable income and urbanization. As the region continues to evolve, the passenger cars market is expected to further expand and diversify to cater to the evolving needs and preferences of customers.

Methodology

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).