Luxury Cars - Eastern Asia

Eastern Asia

Highlights

Revenue in the Luxury Cars market is projected to reach US$46m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.86%, resulting in a projected market volume of US$44m by 2029.
Luxury Cars market unit sales are expected to reach 395.0vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$113k.
From an international perspective it is shown that the most revenue will be generated United States (US$7bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Luxury Cars market in Eastern Asia is experiencing significant growth and development. Customer preferences in the Luxury Cars market in Eastern Asia are shifting towards more environmentally friendly and technologically advanced vehicles.

Customers are increasingly looking for luxury cars that offer hybrid or electric options, as well as advanced features such as autonomous driving and connectivity. This is driven by a growing awareness of environmental issues and a desire for the latest technological innovations. Trends in the Luxury Cars market in Eastern Asia include an increasing demand for luxury SUVs and compact luxury cars.

SUVs are popular due to their versatility and spaciousness, which is particularly appealing to families and individuals who value comfort and practicality. Compact luxury cars, on the other hand, are favored by urban dwellers who value style and maneuverability in congested city environments. Local special circumstances in the Luxury Cars market in Eastern Asia include government regulations and incentives that promote the adoption of electric and hybrid vehicles.

Many countries in the region have implemented policies to reduce carbon emissions and encourage the use of clean energy. This has led to an increase in the availability and affordability of luxury electric and hybrid cars, making them more attractive to customers. Underlying macroeconomic factors driving the growth of the Luxury Cars market in Eastern Asia include a rising middle class with increasing disposable income.

As incomes rise, more individuals and families are able to afford luxury cars, leading to an increase in demand. Additionally, economic stability and strong economic growth in the region have created a favorable environment for luxury car sales. In conclusion, the Luxury Cars market in Eastern Asia is experiencing growth and development driven by changing customer preferences, trends towards environmentally friendly and technologically advanced vehicles, local special circumstances such as government regulations and incentives, and underlying macroeconomic factors such as rising incomes and strong economic growth.

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).