Large Cars - Southeast Asia

Southeast Asia

Highlights

Revenue in the Large Cars market is projected to reach US$6bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.64%, resulting in a projected market volume of US$6bn by 2029.
Large Cars market unit sales are expected to reach 137.7k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$44k.
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 Southeast Asia has been experiencing significant growth in recent years.

Customer preferences: Customers in Southeast Asia have shown a strong preference for large cars due to their spacious interiors and powerful engines. These cars are often seen as a symbol of status and luxury, and are popular among affluent individuals and families. Additionally, the region's growing middle class has also contributed to the increasing demand for large cars as more people are able to afford these vehicles.

Trends in the market: One of the key trends in the Large Cars market in Southeast Asia is the shift towards more fuel-efficient and environmentally friendly vehicles. With increasing concerns about climate change and rising fuel prices, customers are becoming more conscious of the environmental impact of their vehicles and are opting for cars that offer better fuel efficiency. As a result, car manufacturers in the region are focusing on developing hybrid and electric large cars to cater to this growing demand. Another trend in the market is the integration of advanced technology and connectivity features in large cars. Customers in Southeast Asia are increasingly seeking cars that offer the latest infotainment systems, smartphone integration, and advanced safety features. As a result, car manufacturers are incorporating these features into their large car models to attract customers and stay competitive in the market.

Local special circumstances: One of the special circumstances in the Southeast Asian market is the high import taxes and tariffs imposed on large cars. This has led to a higher price point for these vehicles compared to other regions, making them less affordable for some customers. However, despite the higher prices, the demand for large cars remains strong due to the region's growing affluence and the desire for luxury and status symbols.

Underlying macroeconomic factors: The growing economy in Southeast Asia is a key driver of the Large Cars market. As the region continues to experience economic growth, more people are able to afford large cars, leading to an increase in demand. Additionally, the rising disposable income and changing lifestyles in the region have also contributed to the growth of the market. Furthermore, government initiatives to promote the automotive industry and attract foreign investment have also played a role in the development of the Large Cars market in Southeast Asia. Governments in the region have implemented policies and incentives to encourage the production and sale of large cars, leading to an increase in manufacturing facilities and a wider range of models available to customers. In conclusion, the Large Cars market in Southeast Asia is experiencing significant growth due to customer preferences for spacious and powerful vehicles, the shift towards fuel efficiency and advanced technology, local special circumstances such as high import taxes, and underlying macroeconomic factors including economic growth and government initiatives.

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).