Small Cars - Brunei Darussalam

Brunei Darussalam

Highlights

Revenue in the Small Cars market is projected to reach US$38m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.80%, resulting in a projected market volume of US$39m by 2029.
Small Cars market unit sales are expected to reach 2.5k vehicles in 2029.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$16k.
From an international perspective it is shown that the most revenue will be generated China (US$13bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Small Cars market in Brunei Darussalam is experiencing steady growth and development.

Customer preferences: In Brunei Darussalam, customers have shown a strong preference for small cars due to their affordability, fuel efficiency, and compact size. Small cars are popular among urban dwellers who value easy maneuverability and parking in congested areas. Additionally, the younger generation is attracted to small cars for their modern features and technology.

Trends in the market: One of the key trends in the Small Cars market in Brunei Darussalam is the increasing demand for electric and hybrid small cars. As the government promotes sustainability and environmental consciousness, more customers are opting for eco-friendly vehicles. The availability of electric charging stations and government incentives for electric vehicle ownership have further fueled this trend. Another trend is the rise of online car shopping platforms. Customers in Brunei Darussalam are increasingly turning to online platforms to research and purchase small cars. These platforms offer convenience, a wide range of options, and transparent pricing. This trend is particularly popular among tech-savvy customers who value the ease of online transactions.

Local special circumstances: Brunei Darussalam's small geographical size and well-developed infrastructure contribute to the popularity of small cars. The compact size of small cars makes them ideal for navigating the country's narrow roads and tight parking spaces. Additionally, the availability of affordable fuel and low import taxes on small cars make them an attractive choice for customers.

Underlying macroeconomic factors: The stable economic growth and rising disposable incomes in Brunei Darussalam have played a significant role in the development of the Small Cars market. As more individuals and families have the financial means to purchase a car, the demand for small cars has increased. Furthermore, the government's efforts to diversify the economy and promote the automotive industry have created a favorable environment for the growth of the Small Cars market. In conclusion, the Small Cars market in Brunei Darussalam is growing steadily due to customer preferences for affordability, fuel efficiency, and compact size. The increasing demand for electric and hybrid small cars, the rise of online car shopping platforms, and the country's special circumstances such as its small size and well-developed infrastructure contribute to the market's development. The stable economic growth and rising disposable incomes in Brunei Darussalam further support the growth of the Small Cars 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).