Passenger Cars - Myanmar

Myanmar

In 2024, it is projected that the revenue in the Passenger Cars market in Myanmar will reach US$59.0m.
Looking ahead, the market is expected to experience an annual growth rate of 11.26% (CAGR 2024-2028), resulting in a projected market volume of US$90.4m by 2028.
It is worth noting that the largest segment within this market is SUVs, which is projected to reach a market volume of US$32.3m in 2024.
Looking specifically at unit sales, it is expected that the Passenger Cars market in Myanmar will see 3,286.00vehicles units sold in 2028.
Furthermore, the volume weighted average price of Passenger Cars market in this market is projected to amount to US$27.02k in 2024.
When examining market share, it is anticipated that Suzuki will have one of the highest shares in the selected region, with a vehicle unit sales share of 40.8% in 2024.
Similarly, the value market share of Suzuki is expected to stand at 29.6% in the same year.
On an international scale, it is noteworthy that United States is projected to generate the highest revenue, amounting to US$558bn in 2024.
This highlights the significance of the US market in the global Passenger Cars market industry.
Myanmar's passenger car market is experiencing rapid growth due to increasing urbanization and a growing middle class.

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

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Analyst Opinion

The Passenger Cars market in Myanmar has been experiencing significant growth in recent years.

Customer preferences: Myanmar is a developing country with a growing middle class and increasing urbanization. As a result, there is a rising demand for passenger cars as more people are able to afford them. In addition, there is a strong preference for foreign brands, particularly Japanese and Korean cars, due to their perceived reliability and durability.

Trends in the market: One of the key trends in the Passenger Cars market in Myanmar is the shift towards more fuel-efficient and environmentally friendly vehicles. With increasing concerns about air pollution and global warming, consumers are becoming more conscious of the environmental impact of their vehicles. As a result, there is a growing demand for hybrid and electric cars in the country. Another trend in the market is the increasing popularity of SUVs and crossovers. These vehicles offer a combination of comfort, practicality, and off-road capabilities, which are well-suited for the rugged terrain and challenging road conditions in Myanmar.

Local special circumstances: Myanmar has a unique set of circumstances that impact the Passenger Cars market. One of the key factors is the country's limited infrastructure. Many roads in Myanmar are poorly maintained or unpaved, which can be challenging for certain types of vehicles. As a result, there is a preference for cars with higher ground clearance and robust suspension systems that can handle rough roads. Another special circumstance is the high import taxes and tariffs imposed on imported cars. This has led to a significant price difference between locally assembled cars and imported cars. As a result, there is a strong preference for locally assembled cars, which are more affordable for the average consumer.

Underlying macroeconomic factors: The growth of the Passenger Cars market in Myanmar can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced a period of political stability and economic reforms, which has attracted foreign investment and boosted consumer confidence. This has led to an increase in disposable income and purchasing power. Secondly, the government has implemented policies to promote the automotive industry, such as reducing import restrictions and providing incentives for local car assembly. These policies have encouraged both domestic and foreign car manufacturers to invest in the country, leading to an increase in car production and availability. In conclusion, the Passenger Cars market in Myanmar is experiencing significant growth due to the rising middle class, increasing urbanization, and changing consumer preferences. The shift towards more fuel-efficient and environmentally friendly vehicles, as well as the popularity of SUVs and crossovers, are key trends in the market. The country's limited infrastructure and high import taxes also play a role in shaping customer preferences. The underlying macroeconomic factors, such as political stability, economic reforms, and government policies, have created a favorable environment for the growth of the Passenger Cars market in Myanmar.

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).