Executive Cars - Eastern Asia

Eastern Asia

Highlights

Revenue in the Executive Cars market is projected to reach US$66bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.03%, resulting in a projected market volume of US$70bn by 2029.
Executive Cars market unit sales are expected to reach 1.4m vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$51k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in Eastern Asia is experiencing significant growth and development due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Eastern Asia have shifted towards luxury and high-performance vehicles, driven by a growing middle class and increasing disposable income.

Consumers in this region value prestige, status, and advanced features in their cars, which has led to a surge in demand for executive cars. Additionally, the preference for larger vehicles with spacious interiors and comfortable seating has also contributed to the growth of the executive cars market. Trends in the market indicate a strong focus on electric and hybrid vehicles.

Governments in Eastern Asia have implemented strict emissions regulations and provided incentives for the adoption of eco-friendly vehicles. This has led to a rise in the production and availability of electric and hybrid executive cars in the region. Furthermore, advancements in technology and connectivity have also influenced customer preferences, with features such as advanced infotainment systems, autonomous driving capabilities, and enhanced safety features becoming increasingly important.

Local special circumstances in Eastern Asia, such as high population density and limited parking space in urban areas, have also contributed to the growth of the executive cars market. In countries like China, Japan, and South Korea, where urbanization is rapidly increasing, executive cars provide a comfortable and convenient mode of transportation for individuals who can afford them. Additionally, the availability of a well-developed infrastructure, including charging stations for electric vehicles, has further facilitated the growth of the market.

Underlying macroeconomic factors, such as strong economic growth, rising urbanization, and increasing consumer spending power, have played a pivotal role in the development of the executive cars market in Eastern Asia. As the region continues to experience economic prosperity and a rise in disposable income, more individuals are able to afford executive cars, leading to increased sales and market expansion. In conclusion, the Executive Cars market in Eastern Asia is witnessing significant growth and development due to customer preferences for luxury and high-performance vehicles, trends towards electric and hybrid vehicles, local special circumstances such as high population density, and underlying macroeconomic factors like strong economic growth.

These factors, combined with advancements in technology and connectivity, are expected to continue driving the growth of the executive cars market in Eastern Asia 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).