Key regions: United Kingdom, Europe, United States, Germany, Worldwide
The Sports Cars market in ASEAN has been experiencing significant growth in recent years, driven by changing customer preferences and favorable local circumstances.
Customer preferences: Customers in ASEAN countries have shown a growing interest in sports cars, as they are seen as a symbol of status and luxury. The younger generation, in particular, is attracted to the sleek design, powerful engines, and advanced technology that sports cars offer. Additionally, the rise of social media has further fueled the desire for sports cars, as individuals showcase their lifestyle and success through these platforms.
Trends in the market: One of the key trends in the ASEAN sports cars market is the increasing demand for electric and hybrid sports cars. As the region focuses on sustainability and reducing carbon emissions, customers are seeking greener alternatives without compromising on performance. This trend is in line with the global shift towards electric vehicles and is expected to continue growing in the coming years. Another trend in the market is the rise of luxury sports car brands entering the ASEAN market. International brands such as Ferrari, Lamborghini, and Porsche have expanded their presence in the region, catering to the growing demand for high-end sports cars. This trend has been driven by the increasing purchasing power of consumers in ASEAN countries and their desire to own prestigious and iconic brands.
Local special circumstances: ASEAN countries have experienced rapid urbanization and economic growth, leading to an increase in disposable income and a growing middle class. This has created a larger consumer base for sports cars, as more individuals can afford to purchase these vehicles. Additionally, the region's favorable climate and well-maintained road infrastructure make it an ideal environment for sports car enthusiasts to enjoy their vehicles.
Underlying macroeconomic factors: The strong economic growth in ASEAN countries has contributed to the development of the sports cars market. As economies expand and incomes rise, consumers have more discretionary income to spend on luxury goods, including sports cars. Furthermore, the increasing urbanization and infrastructure development in the region have made sports cars more accessible and appealing to a wider audience. In conclusion, the Sports Cars market in ASEAN is experiencing growth due to changing customer preferences, including a demand for electric and hybrid sports cars, as well as the entry of luxury brands into the market. The region's favorable local circumstances, such as rapid urbanization and economic growth, along with underlying macroeconomic factors, have further contributed to this development.
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).
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