Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in ASEAN has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Customers in ASEAN countries have increasingly been favoring SUVs over other types of vehicles. This can be attributed to several factors, including the perception of SUVs as being more stylish and luxurious, as well as their versatility and ability to handle different types of terrain. Additionally, SUVs often offer more interior space and seating capacity, making them a popular choice for families.
Trends in the market: One of the key trends in the SUVs market in ASEAN is the increasing demand for compact SUVs. These smaller-sized SUVs offer the benefits of a larger vehicle, such as higher ground clearance and increased cargo space, while still being easy to maneuver in urban areas with limited parking space. This trend can be attributed to the growing urbanization in ASEAN countries, as well as the increasing number of young professionals and families looking for a practical yet stylish vehicle. Another trend in the market is the rise of electric SUVs. As the global push for sustainability and reduced carbon emissions continues to gain momentum, many automakers are introducing electric SUV models to cater to the growing demand for eco-friendly vehicles. This trend is also supported by government incentives and initiatives promoting the adoption of electric vehicles in ASEAN countries.
Local special circumstances: One of the factors contributing to the growth of the SUVs market in ASEAN is the region's diverse terrain and weather conditions. Many ASEAN countries have challenging road conditions, such as uneven surfaces and unpaved roads, as well as tropical climates with heavy rainfall. SUVs are well-suited to handle these conditions, with their higher ground clearance and robust build. Additionally, SUVs often come equipped with features such as all-wheel drive and traction control, further enhancing their performance in challenging environments.
Underlying macroeconomic factors: The growth of the SUVs market in ASEAN can also be attributed to the region's economic development and rising middle class. As incomes rise and more people enter the middle class, there is an increased demand for vehicles that offer comfort, style, and practicality. SUVs, with their perceived status and versatility, are seen as aspirational vehicles for many consumers in ASEAN countries. Additionally, low interest rates and favorable financing options have made SUVs more affordable and accessible to a wider range of consumers. In conclusion, the SUVs market in ASEAN is experiencing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing demand for compact SUVs and electric SUVs, as well as the region's diverse terrain and rising middle class, are driving the growth of the market. As the SUVs market continues to evolve, automakers will need to adapt to these trends and cater to the specific needs and preferences of consumers in ASEAN countries.
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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