Executive Cars - Sri Lanka

Sri Lanka

Highlights

Revenue in the Executive Cars market is projected to reach US$22m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -5.39%, resulting in a projected market volume of US$17m by 2029.
Executive Cars market unit sales are expected to reach 321.0vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$56k.
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 Sri Lanka is experiencing significant development and growth.

Customer preferences: In Sri Lanka, customers have shown a growing preference for executive cars in recent years. This can be attributed to several factors. Firstly, the increasing disposable income of the middle class has allowed more individuals to afford executive cars. As a result, there is a higher demand for these vehicles as customers seek to upgrade their mode of transportation. Additionally, executive cars are often seen as a symbol of prestige and success, which appeals to the aspirations of many Sri Lankan consumers.

Trends in the market: One noticeable trend in the Sri Lankan Executive Cars market is the shift towards more environmentally friendly options. With growing concerns about climate change and pollution, customers are increasingly looking for vehicles that are fuel-efficient and emit lower levels of carbon dioxide. As a result, hybrid and electric executive cars have seen a rise in popularity in Sri Lanka. This trend is in line with the global push towards sustainability and green transportation. Another trend in the market is the increasing demand for advanced technology and features in executive cars. Sri Lankan customers are seeking vehicles that offer the latest infotainment systems, safety features, and connectivity options. This trend is driven by the desire for convenience and a seamless driving experience.

Local special circumstances: Sri Lanka has a unique geography and infrastructure that influences the Executive Cars market. The country's road network is characterized by both urban and rural areas, with varying road conditions. This has led to a demand for executive cars that are capable of navigating these diverse terrains. Customers in Sri Lanka often prioritize vehicles with good ground clearance and robust suspension systems to ensure a comfortable and safe driving experience. Another special circumstance in Sri Lanka is the high import taxes on vehicles. The government imposes significant taxes on imported cars, making them more expensive for consumers. As a result, customers in Sri Lanka tend to opt for used executive cars, as they are more affordable compared to brand new ones. This has created a thriving market for pre-owned executive cars in the country.

Underlying macroeconomic factors: The development of the Executive Cars market in Sri Lanka is also influenced by macroeconomic factors. The country has experienced steady economic growth in recent years, which has contributed to the increase in disposable income and purchasing power of consumers. This has allowed more individuals to afford executive cars and has driven the demand in the market. Additionally, the government's focus on infrastructure development and urbanization has contributed to the growth of the Executive Cars market. As cities expand and improve their transportation networks, individuals are increasingly opting for executive cars as a convenient and comfortable mode of transport. In conclusion, the Executive Cars market in Sri Lanka is growing and evolving due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for executive cars is driven by the increasing disposable income of consumers, the desire for prestige and success, and the need for vehicles that can navigate diverse terrains. The market is also influenced by trends towards sustainability and advanced technology. The high import taxes on vehicles have led to a thriving market for used executive cars. Overall, the development of the Executive Cars market in Sri Lanka is a reflection of the country's economic growth and changing consumer preferences.

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).