Medium Cars - Southeast Asia

Southeast Asia

The Medium Cars market in Southeast Asia is projected to generate a revenue of US$7,328m in 2024.
This market segment is expected to experience an annual growth rate (CAGR 2024-2028) of 3.10%, resulting in a projected market volume of US$8,280m by 2028.
In 2028, the unit sales of Medium Cars market in this market segment are expected to reach 329.0k vehicles.
The volume weighted average price of Medium Cars market in this market segment is expected to be US$24k in 2024.
When looking at the international perspective, it is evident that China will generate the most revenue in the Medium Cars market, with an estimated revenue of US$90,060m in 2024.
In Southeast Asia, the demand for medium cars is on the rise, with Malaysia leading the market due to its strong automotive industry and growing middle class.

Key regions: India, United States, Germany, China, Europe

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Analyst Opinion

The Medium Cars market in Southeast Asia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medium Cars market in Southeast Asia have been shifting towards vehicles that offer a balance between affordability, fuel efficiency, and comfort.

With the rising middle class and increasing disposable incomes in the region, customers are looking for medium-sized cars that provide value for money and meet their transportation needs. Additionally, customers are becoming more conscious about the environmental impact of their vehicles and are opting for cars that are fuel-efficient and eco-friendly. One of the key trends in the Medium Cars market in Southeast Asia is the growing popularity of compact SUVs.

These vehicles offer the benefits of both a sedan and an SUV, providing ample space for passengers and cargo while still being easy to maneuver in urban environments. The compact SUV segment has seen strong growth due to its versatility and practicality, appealing to a wide range of customers. Another trend in the market is the increasing adoption of electric and hybrid vehicles.

As governments in Southeast Asia are implementing stricter emission regulations and providing incentives for eco-friendly vehicles, more customers are considering electric and hybrid cars as a viable option. The availability of charging infrastructure and the development of advanced battery technology have also contributed to the growth of this segment. Local special circumstances, such as traffic congestion and limited parking spaces in urban areas, have also influenced the Medium Cars market in Southeast Asia.

Customers are looking for cars that are compact and easy to maneuver in crowded cities. Additionally, the high cost of fuel in some countries has led customers to prioritize fuel efficiency when choosing a medium-sized car. Underlying macroeconomic factors, such as economic growth and urbanization, have played a significant role in the development of the Medium Cars market in Southeast Asia.

As economies in the region continue to grow, more people are entering the middle class and becoming potential customers for medium-sized cars. Urbanization has also led to increased demand for personal transportation, driving the growth of the market. In conclusion, the Medium Cars market in Southeast Asia is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customers are looking for affordable, fuel-efficient, and comfortable vehicles, with compact SUVs and electric/hybrid cars gaining popularity. Local factors such as traffic congestion and limited parking spaces are also influencing customer preferences. The region's economic growth and urbanization are driving the demand for medium-sized cars.

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).