SUVs - Southeast Asia

Southeast Asia

Highlights

Revenue in the SUVs market is projected to reach US$22bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.69%, resulting in a projected market volume of US$24bn by 2029.
SUVs market unit sales are expected to reach 795.0k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$30k.
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 Southeast Asia has been experiencing significant growth in recent years. Customer preferences in Southeast 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 are perceived as safer and more comfortable compared to other vehicle types. As a result, consumers in Southeast Asia are increasingly opting for SUVs as their preferred mode of transportation.

Trends in the SUVs market in Southeast Asia vary across different countries in the region. In countries like Thailand and Indonesia, SUVs have become the top-selling vehicle segment. This can be attributed to the growing middle class and their increasing purchasing power.

As disposable incomes rise, consumers are looking for vehicles that offer a combination of style, performance, and utility, which SUVs are able to provide. In Malaysia, the trend is slightly different. While SUVs are gaining popularity, sedans still dominate the market.

This can be attributed to the relatively lower price point of sedans compared to SUVs. Additionally, sedans are seen as more fuel-efficient and better suited for urban driving conditions. However, as SUV prices become more competitive and fuel efficiency improves, the market share of SUVs in Malaysia is expected to increase in the coming years.

Local special circumstances also play a role in shaping the SUVs market in Southeast Asia. In countries like the Philippines and Indonesia, where road infrastructure is often subpar, SUVs are preferred due to their higher ground clearance and off-road capabilities. This allows consumers to navigate through rough terrains and flooded areas more easily.

Additionally, SUVs are seen as status symbols in these countries, further driving their popularity. Underlying macroeconomic factors also contribute to the growth of the SUVs market in Southeast Asia. Economic growth in the region has led to an increase in disposable incomes, allowing more consumers to afford SUVs.

Additionally, urbanization and the expansion of cities have created a need for larger vehicles that can accommodate growing families and their belongings. As a result, SUVs have become a popular choice for consumers in Southeast Asia. Overall, the SUVs market in Southeast Asia is experiencing significant growth due to customer preferences for versatile and practical vehicles, as well as local special circumstances and underlying macroeconomic factors.

As the region continues to develop and consumer preferences evolve, the SUVs market is expected to continue its upward trajectory.

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).