Large Cars - Cambodia

Cambodia

Highlights

Revenue in the Large Cars market is projected to reach US$2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.35%, resulting in a projected market volume of US$2m by 2029.
Large Cars market unit sales are expected to reach 69.0vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$33k.
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 Cambodia has been experiencing steady growth in recent years. Customer preferences for larger vehicles, coupled with favorable economic conditions, have contributed to the development of this market.

Customer preferences: In Cambodia, there is a growing preference for large cars among consumers. This can be attributed to several factors. Firstly, larger cars are often associated with status and prestige, and owning a large car is seen as a symbol of success. Additionally, large cars offer more space and comfort, which is particularly appealing to families and those who frequently travel long distances. Furthermore, the rugged terrain and underdeveloped road infrastructure in certain parts of Cambodia make large cars a practical choice for many consumers.

Trends in the market: The Large Cars market in Cambodia has been witnessing a steady increase in demand. This can be attributed to several trends. Firstly, the rising disposable income of Cambodian consumers has allowed them to afford larger and more expensive cars. As the economy continues to grow, more people are able to purchase large cars, leading to an increase in sales. Secondly, the availability of financing options has made it easier for consumers to purchase large cars. Many banks and financial institutions offer attractive loan packages with flexible repayment terms, making it more affordable for consumers to buy large cars. Lastly, the increasing number of car dealerships and the expansion of the distribution network have made large cars more accessible to consumers across Cambodia.

Local special circumstances: Cambodia's unique geographical and cultural factors have also contributed to the development of the Large Cars market. The country's diverse landscapes, which include both urban areas and rural regions, require vehicles that can navigate various terrains. Large cars, with their higher ground clearance and robust build, are well-suited for these conditions. Additionally, Cambodia's strong cultural emphasis on family and social status has also influenced the demand for large cars. Owning a large car is often seen as a symbol of success and social standing, which further drives the demand for these vehicles.

Underlying macroeconomic factors: Several macroeconomic factors have played a significant role in the growth of the Large Cars market in Cambodia. The country's stable economic growth and increasing GDP have resulted in a rise in disposable income, allowing more people to afford large cars. Additionally, the government's efforts to improve infrastructure and expand road networks have made it more convenient for consumers to own and use large cars. The government's focus on attracting foreign investments and promoting tourism has also contributed to the growth of the Large Cars market, as it has led to an increase in the number of expatriates and tourists who prefer to drive large cars. In conclusion, the Large Cars market in Cambodia is developing due to customer preferences for larger vehicles, favorable economic conditions, and unique geographical and cultural factors. As the economy continues to grow and consumer purchasing power increases, the demand for large cars is expected to further rise in the coming years.

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).