Large Cars - Laos | Statista Market Forecast

Large Cars - Laos

Laos

Highlights

Revenue in the Large Cars market is projected to reach US$22m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.69%, resulting in a projected market volume of US$20m by 2029.
Large Cars market unit sales are expected to reach 530.0vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$39k.
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 Laos is experiencing significant growth and development.

Customer preferences: Laos, like many other countries in the Southeast Asian region, has seen a shift in customer preferences towards larger cars. This can be attributed to several factors, including increasing disposable incomes, changing lifestyles, and a desire for more spacious and comfortable vehicles. Customers in Laos are now seeking cars that offer ample space for both passengers and cargo, as well as advanced features and technology.

Trends in the market: One of the key trends in the Large Cars market in Laos is the rise in demand for SUVs. SUVs have become increasingly popular among customers due to their versatility, higher seating position, and off-road capabilities. This trend is in line with the global market, where SUVs have been dominating the automotive industry in recent years. Additionally, there is a growing interest in electric and hybrid large cars in Laos, as customers become more conscious of environmental issues and seek more fuel-efficient options.

Local special circumstances: Laos has a unique geographical landscape, with mountainous terrains and rural areas that require vehicles with good ground clearance and durability. This has contributed to the popularity of SUVs and larger cars in the country. Furthermore, the government of Laos has been implementing policies to promote the automotive industry, including reducing import taxes on vehicles and providing incentives for the purchase of electric and hybrid cars. These initiatives have encouraged the growth of the Large Cars market in Laos.

Underlying macroeconomic factors: The economic growth in Laos has been strong in recent years, with rising incomes and an expanding middle class. This has led to an increase in consumer spending and a higher demand for large cars. Additionally, the government's efforts to improve infrastructure, such as road networks and transportation systems, have made owning a large car more practical and convenient for customers. These macroeconomic factors have created a favorable environment for the development of the Large Cars market in Laos. In conclusion, the Large Cars market in Laos is experiencing growth and development due to changing customer preferences, the rise in demand for SUVs, the unique local circumstances, and the underlying macroeconomic factors. As the country continues to progress economically and socially, the market for large cars is expected to expand further 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).