Large Cars - Brunei Darussalam

Brunei Darussalam

Highlights

Revenue in the Large Cars market is projected to reach US$20m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.89%, resulting in a projected market volume of US$19m by 2029.
Large Cars market unit sales are expected to reach 658.0vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$29k.
From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in Brunei Darussalam have shown a strong preference for large cars, which are considered a symbol of status and luxury. The demand for large cars is driven by the desire for spacious interiors, advanced features, and powerful engines. Additionally, customers in Brunei Darussalam value safety and reliability in their vehicles, which further contributes to the popularity of large cars in the market.

Trends in the market: One of the key trends in the Large Cars market in Brunei Darussalam is the increasing demand for SUVs. SUVs offer a combination of luxury, comfort, and versatility, making them a popular choice among customers. The rising popularity of SUVs can be attributed to their higher seating position, which provides a better view of the road and a sense of security. Moreover, SUVs offer ample space for both passengers and cargo, making them suitable for various purposes, including family trips and outdoor adventures. Another trend in the market is the growing interest in hybrid and electric large cars. As Brunei Darussalam focuses on sustainable development and reducing carbon emissions, there is a shift towards more eco-friendly vehicles. Hybrid and electric large cars offer lower fuel consumption and reduced environmental impact, making them an attractive option for environmentally conscious customers. Additionally, the government of Brunei Darussalam has implemented initiatives and incentives to promote the adoption of electric vehicles, further driving the demand for hybrid and electric large cars in the market.

Local special circumstances: Brunei Darussalam has a high GDP per capita, which indicates a relatively affluent population. This, coupled with the country's strong oil and gas industry, has contributed to the increased purchasing power of consumers in the Large Cars market. Customers in Brunei Darussalam are willing to invest in high-end vehicles that offer superior performance, comfort, and luxury.

Underlying macroeconomic factors: The stable economic growth in Brunei Darussalam has played a significant role in the development of the Large Cars market. The country's strong economy, driven by the oil and gas sector, has created a favorable environment for the automotive industry. Additionally, the government's focus on infrastructure development and urbanization has led to an increase in the demand for large cars, as customers seek vehicles that can navigate the country's expanding road network. In conclusion, the Large Cars market in Brunei Darussalam is experiencing growth and development due to customer preferences for spacious and luxurious vehicles, the increasing demand for SUVs, and the growing interest in hybrid and electric cars. The local special circumstances, such as the country's high GDP per capita and strong oil and gas industry, further contribute to the market's expansion. The stable economic growth and government initiatives also play a significant role in shaping the market trends.

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).