Passenger Cars - Western Asia

Western Asia

The Passenger Cars market in Western Asia is projected to generate a revenue of US$68.5bn in 2024.
This market is expected to exhibit an annual growth rate (CAGR 2024-2028) of 5.49%, leading to a projected market volume of US$84.8bn by 2028.
Among the various segments within this market, SUVs are anticipated to dominate with a projected market volume of US$32.3bn in 2024.
Looking ahead, the unit sales of Passenger Cars market are estimated to reach 2,495.00k vehicles by 2028.
The volume weighted average price of Passenger Cars market is expected to reach US$33.76k in 2024.
In terms of market share, Other is predicted to have one of the highest shares in the selected region with a vehicle unit sales share of 25.5% in 2024.
Meanwhile, Other is expected to hold a value market share of 27.6% in the selected region in the same year.
From an international perspective, it is evident that United States will generate the highest revenue, amounting to US$558bn in 2024.
The demand for luxury SUVs in Western Asia, particularly in countries like Qatar and the United Arab Emirates, is on the rise due to increased affluence and a desire for status symbols.

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in Western Asia is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory.

Customer preferences in Western Asia are driving the growth of the Passenger Cars market. Consumers in this region are increasingly prioritizing comfort, safety, and advanced features when purchasing a car. They are also showing a preference for environmentally-friendly vehicles, such as electric and hybrid cars.

This shift in customer preferences is influenced by global trends towards sustainability and technological advancements in the automotive industry. Trends in the market also contribute to the growth of the Passenger Cars market in Western Asia. One notable trend is the increasing demand for SUVs and crossovers.

These vehicles offer a combination of spaciousness, versatility, and off-road capability, which resonate with consumers in this region. Another trend is the rising popularity of luxury cars, as a growing number of affluent individuals seek high-end vehicles that showcase their status and wealth. Local special circumstances further support the growth of the Passenger Cars market in Western Asia.

The region benefits from a strong infrastructure network, including well-maintained roads and highways, which makes car ownership and usage convenient. Additionally, Western Asia has a young and rapidly growing population, which translates into a larger consumer base for the automotive industry. The region also has a high urbanization rate, with more people moving to cities and increasing their need for personal transportation.

Underlying macroeconomic factors also play a role in the development of the Passenger Cars market in Western Asia. Economic growth in the region has led to an increase in disposable income, allowing more individuals to afford cars. Additionally, favorable government policies and incentives, such as tax breaks and subsidies for electric vehicles, encourage car ownership and contribute to market growth.

Furthermore, Western Asia is a hub for oil production, which provides a steady supply of fuel and supports the demand for cars. In conclusion, the Passenger Cars market in Western Asia is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As consumers prioritize comfort, safety, and sustainability, and as SUVs and luxury cars gain popularity, the market in Western Asia is poised for continued expansion.

With a strong infrastructure network, a growing population, and favorable economic conditions, the region presents significant opportunities for automotive manufacturers and suppliers.

Methodology

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).