Executive Cars - ASEAN

  • ASEAN
  • Revenue in the Executive Cars market is projected to reach US$2,923m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.80%, resulting in a projected market volume of US$3,195m by 2029.
  • Executive Cars market unit sales are expected to reach 40.6k vehicles in 2029.
  • The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$77k.
  • From an international perspective it is shown that the most revenue will be generated in China (US$63,010m in 2024).

Key regions: United States, Worldwide, Germany, United Kingdom, Europe

 
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Analyst Opinion

The Executive Cars market in ASEAN has been experiencing significant growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences:
In ASEAN, customers have shown a growing preference for executive cars due to their superior performance, luxury features, and status symbol. As disposable incomes rise and urbanization increases, more individuals are aspiring to own executive cars as a symbol of their success and social status. Additionally, the younger generation in ASEAN countries is increasingly valuing comfort, safety, and advanced technology in their vehicles, which further fuels the demand for executive cars.

Trends in the market:
One of the notable trends in the Executive Cars market in ASEAN is the increasing demand for electric and hybrid executive cars. As environmental concerns become more prominent and governments in the region implement stricter emission regulations, customers are seeking more sustainable transportation options. This trend is also driven by the availability of government incentives and subsidies for electric vehicles, making them more affordable and attractive to customers. Another trend in the market is the rise of car-sharing and ride-hailing services. With the growing popularity of platforms like Grab and Gojek, customers are increasingly opting for these services rather than owning their own executive cars. This trend is particularly prominent in urban areas where traffic congestion and parking limitations make car ownership less desirable. As a result, some executive car manufacturers are exploring partnerships with these platforms to tap into the growing demand for shared mobility services.

Local special circumstances:
Each ASEAN country has its own unique circumstances that influence the Executive Cars market. For example, in Singapore, the government imposes high taxes and fees on luxury vehicles, making them significantly more expensive compared to other countries in the region. This has led to a higher demand for executive cars in neighboring countries such as Malaysia and Thailand, where the prices are relatively lower.

Underlying macroeconomic factors:
The robust economic growth in ASEAN countries has been a key driver of the Executive Cars market. As the middle class expands and disposable incomes rise, more individuals are able to afford executive cars. Additionally, low interest rates and favorable financing options have made it easier for customers to purchase these vehicles. Furthermore, the strong economic integration within ASEAN, through initiatives such as the ASEAN Economic Community, has facilitated the growth of the Executive Cars market. This integration has resulted in increased trade and investment flows, allowing executive car manufacturers to expand their presence in multiple countries within the region. In conclusion, the Executive Cars market in ASEAN is experiencing growth due to changing customer preferences, including a desire for luxury features and advanced technology. The market is also influenced by local special circumstances, such as high taxes in certain countries. Additionally, favorable macroeconomic factors, such as rising disposable incomes and economic integration, are driving the growth of the market.

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).

Overview

  • Unit Sales
  • Analyst Opinion
  • Technical Specifications
  • Revenue
  • Price
  • Global Comparison
  • Methodology
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