Large Cars - ASEAN

ASEAN

Revenue in the Large Cars market is projected to reach US$5,704m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.64%, resulting in a projected market volume of US$6,187m by 2029.
Large Cars market unit sales are expected to reach 137.7k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$44k.
From an international perspective it is shown that the most revenue will be generated in China (US$106,200m in 2024).

Key regions: Worldwide, China, India, Germany, Europe

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Region comparison

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Analyst Opinion

The Large Cars market in ASEAN is experiencing significant growth and development.

Customer preferences: Customers in ASEAN countries have shown a strong preference for large cars due to their spaciousness, comfort, and prestige. Large cars are often seen as a status symbol and are associated with luxury and success. Additionally, many customers in ASEAN countries have large families or frequently travel with a large number of passengers, making large cars a practical choice.

Trends in the market: One noticeable trend in the Large Cars market in ASEAN is the increasing demand for SUVs. SUVs offer the spaciousness and comfort of traditional large cars, but with the added benefit of higher ground clearance and off-road capabilities. This trend can be attributed to the growing popularity of outdoor activities and adventure tourism in the region. Additionally, SUVs are often perceived as more versatile and suitable for both urban and rural environments. Another trend in the market is the rising demand for electric and hybrid large cars. As concerns about climate change and environmental sustainability continue to grow, customers in ASEAN countries are becoming more conscious of their carbon footprint. Electric and hybrid large cars offer a greener alternative to traditional fuel-powered vehicles, and many customers are willing to pay a premium for these eco-friendly options.

Local special circumstances: One of the factors driving the growth of the Large Cars market in ASEAN is the improving infrastructure in the region. Many ASEAN countries have been investing heavily in road and highway development, making it easier for customers to travel long distances. This has led to an increase in road trips and the need for comfortable and spacious vehicles, further fueling the demand for large cars.

Underlying macroeconomic factors: The growing middle class in ASEAN countries is another key factor contributing to the development of the Large Cars market. As incomes rise and disposable income increases, more customers are able to afford large cars. Additionally, low interest rates and favorable financing options have made it easier for customers to purchase large cars. In conclusion, the Large Cars market in ASEAN is experiencing growth and development due to customer preferences for spacious and comfortable vehicles, the increasing demand for SUVs and eco-friendly options, improving infrastructure, and the growing middle class. These factors, along with favorable macroeconomic conditions, are driving the expansion of the market in ASEAN countries.

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).