Passenger Cars - Myanmar | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$74.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.05%, resulting in a projected market volume of US$66.8m by 2029.
The market's largest segment is SUVs with a projected market volume of US$39.5m in 2024.
Passenger Cars market unit sales are expected to reach 2.44k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$27.16k in 2024.
With a vehicle unit sales share of 41.0% in 2024, Suzuki is expected to have one of the highest market share in the selected region.
The value market share of the make Suzuki in the selected region is expected to stand at 29.9% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

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.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.