The Large Cars market in BRICS countries is experiencing significant growth and development.
Customer preferences: In BRICS countries, customers have shown a strong preference for large cars due to their spacious interiors, powerful engines, and luxurious features. Large cars are often seen as a symbol of status and prestige, and customers are willing to pay a premium for these vehicles. Additionally, customers in BRICS countries value safety and reliability, and large cars often offer advanced safety features and robust build quality.
Trends in the market: One major trend in the Large Cars market in BRICS countries is the increasing demand for SUVs (Sports Utility Vehicles). SUVs offer a combination of spaciousness, comfort, and off-road capabilities, making them popular choices among customers. The rising popularity of SUVs can be attributed to their versatility, as they can be used for both urban commuting and outdoor adventures. Another trend in the market is the growing focus on electric and hybrid large cars. As concerns about climate change and environmental impact increase, customers in BRICS countries are becoming more conscious about their carbon footprint. Electric and hybrid large cars offer a greener alternative to traditional gasoline-powered vehicles, and governments in BRICS countries are also implementing policies and incentives to promote the adoption of electric and hybrid vehicles.
Local special circumstances: In Brazil, the Large Cars market is driven by the country's strong automotive industry and a growing middle class. The Brazilian government has implemented tax incentives to encourage the production and consumption of large cars, which has further fueled the market growth. Additionally, Brazil's vast and diverse geography makes SUVs particularly popular among customers, as they offer the capability to navigate different terrains. In Russia, the Large Cars market is influenced by the country's harsh climate and vast landscapes. Customers in Russia prioritize cars that can withstand extreme weather conditions and offer excellent performance on snow-covered roads. This has led to an increased demand for large cars with all-wheel drive capabilities and advanced traction control systems.
Underlying macroeconomic factors: The growth of the Large Cars market in BRICS countries can be attributed to several underlying macroeconomic factors. Firstly, the rising disposable incomes and improving standards of living in BRICS countries have led to an increase in consumer spending on luxury goods, including large cars. Additionally, favorable financing options and low interest rates have made it easier for customers to purchase large cars. Furthermore, the BRICS countries have experienced rapid urbanization, resulting in increased traffic congestion and longer commuting distances. Large cars provide customers with a comfortable and spacious mode of transportation, making them an attractive option for urban dwellers. In conclusion, the Large Cars market in BRICS countries is growing due to customer preferences for spacious and luxurious vehicles, the increasing demand for SUVs, the focus on electric and hybrid cars, local special circumstances such as Brazil's tax incentives and Russia's harsh climate, and underlying macroeconomic factors such as rising disposable incomes and urbanization.
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).
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