Large Cars - Myanmar

Myanmar

In Myanmar, the revenue in the Large Cars market is projected to reach US$3m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2028) of 11.56%, resulting in a projected market volume of US$5m by 2028.
The unit sales of Large Cars market in this market segment are expected to reach 152.0vehicles in 2028.
The volume weighted average price of Large Cars market in Myanmar in 2024 is expected to amount to US$35k.
From an international perspective, it is shown that the most revenue will be generated China, reaching US$106,900m in 2024.
Despite the growing popularity of smaller, more fuel-efficient cars in Myanmar, large luxury SUVs continue to dominate the market due to their prestige and status symbol appeal.

Key regions: Worldwide, China, India, Germany, Europe

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Analyst Opinion

The Large Cars market in Myanmar is experiencing significant growth and development. Customer preferences are shifting towards larger vehicles, driven by a combination of factors such as increased disposable income, changing lifestyles, and a growing middle class. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the expansion of this market.

Customer preferences: In Myanmar, customer preferences for large cars have been influenced by several factors. Firstly, the rise in disposable income has allowed consumers to afford larger and more luxurious vehicles. As the economy grows, more people are entering the middle class and seeking to upgrade their vehicles to reflect their improved financial status. Secondly, changing lifestyles have played a role in the increased demand for large cars. With the rapid urbanization and modernization of Myanmar, there has been a shift towards a more Westernized lifestyle. This includes a desire for larger cars that can accommodate families, provide more comfort, and offer a higher level of safety.

Trends in the market: The Large Cars market in Myanmar is witnessing several key trends. One trend is the increasing popularity of SUVs and crossovers. These vehicles offer a combination of spaciousness, versatility, and ruggedness that appeals to the Myanmar market. SUVs and crossovers are particularly favored by families and individuals who enjoy outdoor activities, as they provide ample space for passengers and cargo. Another trend is the growing demand for luxury large cars. As the economy continues to grow, there is an increasing number of affluent consumers who are willing to invest in high-end vehicles. Luxury large cars not only offer superior comfort and performance but also serve as a status symbol for the upwardly mobile population.

Local special circumstances: Myanmar's road infrastructure is rapidly improving, which has contributed to the growth of the Large Cars market. The government has been investing in the expansion and upgrading of roads, making it easier for large vehicles to navigate the country's terrain. This has encouraged consumers to opt for larger cars, as they can now travel more comfortably and safely.

Underlying macroeconomic factors: Several underlying macroeconomic factors are driving the development of the Large Cars market in Myanmar. Firstly, the country's GDP growth has been strong in recent years, which has led to an increase in consumer spending power. This has allowed more people to afford large cars and has fueled the demand for these vehicles. Secondly, the rising urbanization rate in Myanmar has resulted in increased demand for private transportation. As more people move to cities and towns, the need for personal vehicles has grown. Large cars are seen as a practical choice for urban dwellers, as they offer more space and comfort compared to smaller vehicles. In conclusion, the Large Cars market in Myanmar is experiencing growth and development due to shifting customer preferences, local special circumstances, and underlying macroeconomic factors. As disposable income increases, lifestyles change, and the middle class expands, the demand for larger and more luxurious vehicles is expected to continue to rise. With the improvement of road infrastructure and the overall economic growth of the country, the Large Cars market in Myanmar is poised for further expansion in the coming years.

Methodology

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).