The Executive Cars Market segment includes passenger cars of an average footprint around 4.6m2 (50 ft2), an average mass around 1855kg (4100lbs) and a passenger/cargo volume larger than 3.4 m3 (120 ft3). Due to their high performance and comfort features, executive cars are often viewed as status symbols. Company cars account for a large share of the Executive Cars segment. All key figures shown represent the sales of new executive cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models.
Example models: Audi A6, BMW 5 Series, Jaguar XF, Volvo S80.
Most recent update: Oct 2024
Source: Statista Market Insights
Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.
Most recent update: Mar 2024
The Executive Cars market in Southeast Asia is experiencing significant growth and development. Customer preferences in the Executive Cars market in Southeast Asia are shifting towards luxury and premium vehicles.
This can be attributed to the rising disposable income of consumers in the region, as well as the increasing demand for high-end and prestigious vehicles. Customers are willing to invest in executive cars that offer superior comfort, advanced technology features, and a prestigious brand image. Additionally, there is a growing preference for eco-friendly and fuel-efficient vehicles, as consumers become more conscious of their environmental impact.
Trends in the market indicate a rise in the sales of executive cars in Southeast Asia. This can be attributed to the expanding middle class in the region, which has led to an increase in purchasing power and a higher demand for luxury vehicles. Furthermore, the growing urbanization and infrastructure development in Southeast Asian countries have created a need for executive cars that offer comfort and convenience in congested city environments.
As a result, executive car manufacturers are focusing on expanding their presence in Southeast Asia and introducing models that cater to the specific needs and preferences of the local market. Local special circumstances in Southeast Asia play a role in the development of the Executive Cars market. For instance, the high import taxes and duties imposed by some Southeast Asian countries can significantly impact the pricing of executive cars, making them more expensive for consumers.
This has led to the emergence of local assembly plants and manufacturing facilities in the region, which help to reduce costs and make executive cars more affordable. Additionally, the diverse cultural and demographic landscape of Southeast Asia requires executive car manufacturers to adapt their marketing strategies and product offerings to suit the preferences of each country. Underlying macroeconomic factors also contribute to the growth of the Executive Cars market in Southeast Asia.
The region's strong economic growth, driven by factors such as foreign direct investment, infrastructure development, and increasing consumer spending, creates a favorable environment for the luxury car market. Additionally, the growing tourism industry in Southeast Asia attracts high-net-worth individuals who are more likely to purchase executive cars. Furthermore, the improving road infrastructure and transportation networks in the region make it more convenient for consumers to own and use executive cars.
In conclusion, the Executive Cars market in Southeast Asia is thriving due to changing customer preferences, favorable market trends, local special circumstances, and underlying macroeconomic factors. As the region continues to experience economic growth and rising consumer purchasing power, the demand for luxury and premium vehicles is expected to further increase. Executive car manufacturers should continue to innovate and adapt their offerings to cater to the specific needs and preferences of the Southeast Asian market.
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
Notes: Level 0: No automation and very limited driver assistance in the form of automatic emergency braking or blind-spot warning. Level 1: Driver assistance such as cruise control or lane centering. Level 2: Partial automation, including brake and steering support. Level 3: Conditional automation in which the vehicle can perform most driving tasks. In certain scenarios, human intervention is still needed.
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
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).