Key regions: United States, Worldwide, Germany, United Kingdom, Europe
The Executive Cars market in BRICS is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in BRICS countries have a growing preference for executive cars due to their status symbol and luxurious features. These cars are often associated with wealth and success, and owning one is seen as a symbol of social status. Additionally, executive cars offer advanced technology, comfort, and safety features, which are highly valued by customers in BRICS countries.
Trends in the market: One of the key trends in the Executive Cars market in BRICS is the increasing demand for electric and hybrid executive cars. As environmental concerns and government regulations on emissions become more prominent, customers are looking for greener alternatives. Electric and hybrid executive cars offer lower emissions and better fuel efficiency, making them an attractive choice for environmentally conscious customers. Another trend in the market is the integration of advanced technology and connectivity features in executive cars. Customers in BRICS countries are increasingly looking for cars that offer seamless connectivity, smart navigation systems, and advanced safety features. This trend is driven by the growing reliance on technology and the desire for a connected driving experience.
Local special circumstances: In Brazil, the Executive Cars market is influenced by high import taxes, which make imported luxury cars more expensive. As a result, domestic manufacturers have gained a competitive advantage in the market. Brazilian customers often prefer locally manufactured executive cars due to their affordability and availability of spare parts. In Russia, the Executive Cars market is influenced by the preference for larger and more spacious cars. Russian customers value comfort and space, as they often travel long distances. This preference has led to an increased demand for executive cars with larger interiors and enhanced comfort features.
Underlying macroeconomic factors: The growth of the Executive Cars market in BRICS is also driven by the overall economic development and rising disposable incomes in these countries. As the middle class expands and purchasing power increases, more customers are able to afford executive cars. This has created a larger consumer base and boosted the demand for luxury vehicles. Additionally, favorable government policies and incentives for the automotive industry have contributed to the growth of the Executive Cars market in BRICS. Governments in these countries have implemented measures to attract foreign investment and promote domestic production, which has led to an increase in the availability and affordability of executive cars. In conclusion, the Executive Cars market in BRICS is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for executive cars is driven by the desire for status, luxurious features, advanced technology, and environmental consciousness. Additionally, local factors such as import taxes and customer preferences for larger cars influence the market. The overall economic development, rising disposable incomes, and favorable government policies also contribute to the growth of the market in BRICS.
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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