Large Cars - Eastern Asia

Eastern Asia

Highlights

Revenue in the Large Cars market is projected to reach US$119bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.94%, resulting in a projected market volume of US$124bn by 2029.
Large Cars market unit sales are expected to reach 3.8m vehicles 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 Eastern Asia has been experiencing significant growth in recent years. Customer preferences in the region have been shifting towards larger vehicles due to several factors.

Firstly, there is a growing middle class in Eastern Asia, which has led to an increase in purchasing power and a desire for more luxurious and spacious cars. Additionally, there is a cultural preference for larger cars in some countries in the region, as they are seen as a status symbol and a sign of wealth and success. Furthermore, the infrastructure in many Eastern Asian countries has improved, making it more convenient to own and drive larger cars.

One of the key trends in the market is the increasing demand for SUVs and crossovers. These vehicles offer the combination of spaciousness, comfort, and versatility that many customers in Eastern Asia are looking for. SUVs and crossovers also have a higher seating position, which is preferred by many drivers in the region.

This trend is expected to continue as more automakers introduce new models and variants to cater to the growing demand. Another trend in the market is the adoption of electric and hybrid large cars. Eastern Asia has been at the forefront of the electric vehicle revolution, with several countries in the region implementing policies and incentives to promote the adoption of electric vehicles.

As a result, more customers in Eastern Asia are considering electric and hybrid large cars as a greener and more sustainable alternative to traditional gasoline-powered vehicles. This trend is expected to accelerate as the charging infrastructure improves and the cost of electric vehicles decreases. In addition to customer preferences, there are also local special circumstances that are driving the growth of the Large Cars market in Eastern Asia.

For example, in some countries in the region, there are tax incentives and subsidies for purchasing larger vehicles, which has made them more affordable and attractive to customers. Furthermore, there is a strong focus on safety features in the region, and many customers are willing to pay a premium for large cars that offer advanced safety technologies. Underlying macroeconomic factors are also contributing to the development of the Large Cars market in Eastern Asia.

The region has experienced strong economic growth in recent years, which has led to an increase in disposable income and consumer spending. Additionally, low interest rates and favorable financing options have made it easier for customers to purchase large cars. Furthermore, the growing urbanization in the region has created a need for larger vehicles to accommodate families and their belongings.

Overall, the Large Cars market in Eastern Asia is developing due to changing customer preferences, the adoption of new technologies, local special circumstances, and underlying macroeconomic factors. As the region continues to grow and evolve, it is expected that the demand for large cars will continue to increase.

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).