Executive Cars - GCC

The Executive Cars market in GCC is expected to generate a revenue of US$1,039m in 2024.
This market segment is projected to experience a steady annual growth rate (CAGR 2024-2028) of 1.62%, resulting in a market volume of US$1,108m by 2028.
In that same year, unit sales of Executive Cars market in GCC are expected to reach 19.4k vehicles.
The volume weighted average price of Executive Cars market in this market segment is projected to be US$57k in 2024.
In terms of international revenue, China is expected to generate the highest amount, reaching US$62,750m in 2024.
The demand for luxury executive cars in the GCC is steadily increasing due to the region's high disposable income and preference for prestigious vehicles.

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

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Analyst Opinion

The Executive Cars market in GCC is experiencing significant growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Executive Cars market in GCC are shifting towards luxury and comfort.

Customers are increasingly seeking high-end features and advanced technologies in their vehicles, such as premium leather interiors, state-of-the-art infotainment systems, and advanced safety features. Additionally, there is a growing demand for spacious and comfortable seating arrangements, providing a luxurious and comfortable driving experience. Trends in the Executive Cars market in GCC are also contributing to its development.

One major trend is the increasing popularity of electric and hybrid vehicles. As the region focuses on sustainability and reducing carbon emissions, there is a growing demand for eco-friendly vehicles in the Executive Cars segment. Manufacturers are responding to this trend by introducing electric and hybrid models with impressive performance and range.

Another trend in the market is the integration of connectivity features in Executive Cars. Customers are now expecting seamless integration of their smartphones and other devices with their vehicles, allowing them to access various functions and applications on the go. Manufacturers are incorporating advanced connectivity features, such as Apple CarPlay and Android Auto, to meet these customer expectations.

Local special circumstances in the GCC region also play a role in the development of the Executive Cars market. The region is known for its affluent population, with a high concentration of high-net-worth individuals. This creates a strong demand for luxury vehicles, including Executive Cars, as a symbol of status and prestige.

Additionally, the GCC region has a well-developed infrastructure, including high-quality road networks and a robust support system for luxury vehicle owners, further fueling the demand for Executive Cars. Underlying macroeconomic factors are also contributing to the growth of the Executive Cars market in GCC. The region has a strong and stable economy, driven by industries such as oil and gas, finance, and tourism.

This has resulted in a high disposable income among consumers, allowing them to afford luxury vehicles. Moreover, favorable government policies and regulations, such as tax incentives and low import duties, have made the GCC region an attractive market for luxury car manufacturers, leading to an increase in the availability of Executive Cars. In conclusion, the Executive Cars market in GCC is developing due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

The demand for luxury and comfort, the popularity of electric and hybrid vehicles, the integration of connectivity features, the affluent population, the well-developed infrastructure, and the strong economy are all contributing to 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).