SUVs - Brunei Darussalam

Brunei Darussalam

Highlights

Revenue in the SUVs market is projected to reach US$198m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.17%, resulting in a projected market volume of US$220m by 2029.
SUVs market unit sales are expected to reach 6.6k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$33k.
From an international perspective it is shown that the most revenue will be generated United States (US$333bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The SUVs market in Brunei Darussalam has been experiencing significant growth in recent years.

Customer preferences: Customers in Brunei Darussalam have shown a strong preference for SUVs due to their versatility and functionality. SUVs are popular among families and individuals who value spaciousness, comfort, and off-road capabilities. The high driving position and increased ground clearance of SUVs also contribute to their appeal in the local market. Additionally, customers in Brunei Darussalam appreciate the perceived safety and prestige associated with owning an SUV.

Trends in the market: One of the key trends in the SUVs market in Brunei Darussalam is the increasing demand for luxury SUVs. Affluent consumers in the country are willing to invest in premium SUV models that offer advanced features, luxurious interiors, and superior performance. This trend can be attributed to the growing disposable income and changing lifestyles of consumers in Brunei Darussalam. Another trend in the market is the rising popularity of hybrid and electric SUVs. As environmental concerns become more prominent, customers in Brunei Darussalam are seeking greener alternatives for their transportation needs. Hybrid and electric SUVs offer lower emissions and better fuel efficiency compared to traditional gasoline-powered models. The government's efforts to promote sustainable transportation and reduce carbon emissions have also contributed to the increasing demand for hybrid and electric SUVs in the country.

Local special circumstances: Brunei Darussalam's small geographical size and well-maintained road infrastructure make SUVs a practical choice for navigating both urban and rural areas. The country's tropical climate and occasional heavy rainfall also make SUVs desirable due to their higher ground clearance and better traction on wet roads. Moreover, Brunei Darussalam's strong cultural preference for larger vehicles, including SUVs, has further fueled the demand in the market.

Underlying macroeconomic factors: The strong economic growth and high disposable income levels in Brunei Darussalam have played a significant role in driving the SUVs market. The country's oil and gas industry, along with government initiatives to diversify the economy, has resulted in a prosperous population with the means to afford SUVs. Additionally, favorable financing options and low interest rates have made it easier for consumers to purchase SUVs, further contributing to the market's growth. In conclusion, the SUVs market in Brunei Darussalam is experiencing growth due to customer preferences for spacious and versatile vehicles, the increasing demand for luxury and eco-friendly models, local special circumstances such as road conditions and cultural preferences, and the underlying macroeconomic factors of strong economic growth and high disposable income levels.

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).