SUVs - Eastern Asia

Eastern Asia

Highlights

Revenue in the SUVs market is projected to reach US$284bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.72%, resulting in a projected market volume of US$294bn by 2029.
SUVs market unit sales are expected to reach 10.8m vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$27k.
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 Eastern Asia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences in Eastern Asia have shifted towards SUVs due to their versatility and practicality. SUVs offer ample space for passengers and cargo, making them suitable for both urban and rural environments. Additionally, SUVs often have higher ground clearance and better off-road capabilities, which are appealing features in countries with diverse terrain like Eastern Asia.

Furthermore, SUVs are perceived as more prestigious and luxurious compared to other vehicle types, aligning with the growing middle class in the region who seek status symbols. Trends in the SUVs market in Eastern Asia reflect the increasing demand for these vehicles. One prominent trend is the rise of electric SUVs.

As countries in the region prioritize sustainability and reduce carbon emissions, electric SUVs have gained popularity. These vehicles offer the benefits of SUVs while also being environmentally friendly. Additionally, there has been a trend towards compact SUVs, which cater to the needs of urban dwellers who value maneuverability in crowded city streets.

Local special circumstances also play a role in the development of the SUVs market in Eastern Asia. For example, in countries like China and South Korea, government policies and incentives have encouraged the production and adoption of electric SUVs. These policies aim to reduce dependence on fossil fuels and promote the growth of the electric vehicle industry.

Additionally, in countries with harsh weather conditions or challenging terrains, SUVs are seen as a practical choice for navigating such environments. Underlying macroeconomic factors have also contributed to the growth of the SUVs market in Eastern Asia. The region has experienced rapid economic growth, resulting in increased disposable income and purchasing power.

As a result, more consumers are able to afford SUVs and are willing to invest in these vehicles. Furthermore, the expansion of urban areas in Eastern Asia has led to increased demand for SUVs as people seek vehicles that can accommodate their lifestyle needs. In conclusion, the SUVs market in Eastern Asia is developing due to customer preferences for versatile and practical vehicles, trends towards electric and compact SUVs, local special circumstances such as government policies and incentives, and underlying macroeconomic factors like economic growth and urbanization.

This growth is expected to continue as SUVs remain popular choices among consumers in the region.

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).