Large Cars - Kazakhstan

Kazakhstan

Highlights

Revenue in the Large Cars market is projected to reach US$564m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.13%, resulting in a projected market volume of US$568m by 2029.
Large Cars market unit sales are expected to reach 15.9k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$36k.
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 Kazakhstan has been experiencing significant growth in recent years.

Customer preferences: Kazakhstan is a country with a growing middle class and an increasing disposable income. As a result, there is a rising demand for large cars among consumers. Large cars are often seen as a symbol of status and wealth, and many consumers in Kazakhstan aspire to own such vehicles. Additionally, large cars are favored for their spacious interiors and powerful engines, which are well-suited for long journeys and off-road driving.

Trends in the market: One of the key trends in the Large Cars market in Kazakhstan is the increasing popularity of SUVs (Sports Utility Vehicles). SUVs offer a combination of luxury, comfort, and versatility, making them highly desirable among consumers. The demand for SUVs has been driven by factors such as the growing preference for higher driving positions, the ability to navigate rough terrains, and the perception of safety. In addition to SUVs, luxury sedans and premium hatchbacks are also gaining traction in the market.

Local special circumstances: Kazakhstan is a vast country with diverse terrains, including rugged mountainous regions and vast steppes. This unique geography plays a role in shaping consumer preferences for large cars. The need for vehicles that can handle various road conditions and provide a comfortable ride over long distances is particularly important in Kazakhstan. Large cars, especially SUVs, are well-suited to meet these requirements, making them a popular choice among consumers.

Underlying macroeconomic factors: The growing economy of Kazakhstan has played a significant role in the development of the Large Cars market. As the country continues to experience economic growth, there is an increase in disposable income, which enables more consumers to afford large cars. Additionally, the government has implemented policies to promote the automotive industry, such as reducing import taxes and providing incentives for local production. These factors have contributed to the expansion of the market and the availability of a wider range of large car models for consumers to choose from. In conclusion, the Large Cars market in Kazakhstan is witnessing growth due to the rising disposable income and the desire for status and comfort among consumers. The increasing popularity of SUVs, along with the unique geography of the country, has further fueled the demand for large cars. With a growing economy and government support, the market is expected to continue its upward trajectory 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).