Medium Cars - ASEAN

ASEAN

Highlights

Revenue in the Medium Cars market is projected to reach US$8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.50%, resulting in a projected market volume of US$9bn by 2029.
Medium Cars market unit sales are expected to reach 357.3k vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$25k.
From an international perspective it is shown that the most revenue will be generated China (US$89bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Medium Cars market in ASEAN is experiencing significant growth and development.

Customer preferences: Customers in the ASEAN region have shown a strong preference for medium-sized cars due to their versatility and practicality. These cars offer a good balance between fuel efficiency and interior space, making them suitable for both urban and long-distance driving. Additionally, medium-sized cars often come equipped with advanced safety features and technology, which is highly valued by customers in the ASEAN region.

Trends in the market: One of the key trends in the Medium Cars market in ASEAN is the increasing demand for hybrid and electric vehicles. As concerns about environmental sustainability grow, customers are becoming more conscious of their carbon footprint and are seeking greener transportation options. This trend is particularly prominent in countries like Thailand and Malaysia, where the governments have implemented policies to promote the adoption of electric vehicles. As a result, automakers are investing in the development of hybrid and electric models to cater to this growing demand. Another trend in the Medium Cars market in ASEAN is the rise of connectivity and digital features in vehicles. Customers are increasingly looking for cars that offer seamless integration with their smartphones and other devices. Features such as Bluetooth connectivity, voice control, and advanced infotainment systems have become important selling points for medium-sized cars in the region. Automakers are responding to this trend by incorporating these features into their models to enhance the overall driving experience.

Local special circumstances: One of the unique factors influencing the Medium Cars market in ASEAN is the diversity of the region. ASEAN consists of ten countries with different economic conditions, cultural preferences, and regulatory environments. This diversity poses both challenges and opportunities for automakers operating in the region. To succeed, automakers must adapt their products and marketing strategies to cater to the specific needs and preferences of each country.

Underlying macroeconomic factors: The Medium Cars market in ASEAN is also influenced by underlying macroeconomic factors. Economic growth, rising disposable incomes, and urbanization are driving the demand for medium-sized cars in the region. As countries in ASEAN continue to develop and their middle-class populations expand, more individuals are able to afford cars, leading to an increase in sales. Additionally, the rapid urbanization in the region has resulted in increased congestion and the need for more compact and efficient vehicles, further boosting the demand for medium-sized cars. In conclusion, the Medium Cars market in ASEAN is experiencing growth and development driven by customer preferences for practical and technologically advanced vehicles, as well as underlying macroeconomic factors such as economic growth and urbanization. Automakers must adapt to the unique circumstances and preferences of each country in the region to capitalize on the opportunities presented by this growing market.

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).