Passenger Cars - Brunei Darussalam

Brunei Darussalam

Revenue in the Passenger Cars market is projected to reach US$309.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.55%, resulting in a projected market volume of US$462.0m by 2028.
The market's largest segment is SUVs with a projected market volume of US$162.8m in 2024.
Passenger Cars market unit sales are expected to reach 15.89k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$29.35k in 2024.
With a vehicle unit sales share of 28.6% in 2024, Suzuki is expected to have one of the highest market share in the selected region.
The value market share of the make Ford in the selected region is expected to stand at 30.9% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$558bn in 2024).

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

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Analyst Opinion

The Passenger Cars market in Brunei Darussalam is experiencing steady growth, driven by customer preferences for reliable and fuel-efficient vehicles.

Customer preferences: Customers in Brunei Darussalam prioritize reliability and fuel efficiency when choosing passenger cars. They value vehicles that require minimal maintenance and have low fuel consumption, as these factors contribute to lower overall costs of ownership. Additionally, customers in Brunei Darussalam tend to prefer compact and mid-size cars that are suitable for urban driving conditions and offer good maneuverability.

Trends in the market: One of the key trends in the Passenger Cars market in Brunei Darussalam is the increasing demand for hybrid and electric vehicles. As the government of Brunei Darussalam aims to reduce carbon emissions and promote sustainable transportation, there is a growing interest in eco-friendly vehicles among consumers. Hybrid and electric cars offer lower emissions and better fuel efficiency, making them an attractive choice for environmentally-conscious customers. Another trend in the market is the rising popularity of SUVs and crossovers. These vehicles offer a combination of spaciousness, versatility, and higher driving positions, which appeal to customers in Brunei Darussalam. SUVs and crossovers are well-suited for both urban and rural driving conditions, making them a practical choice for customers who value versatility and comfort.

Local special circumstances: Brunei Darussalam has a relatively small population, which limits the size of the Passenger Cars market. However, the country has a high GDP per capita and a strong economy, which supports the demand for passenger cars. Additionally, Brunei Darussalam has a well-developed road infrastructure, making it easier for customers to own and drive cars.

Underlying macroeconomic factors: The steady growth of the Passenger Cars market in Brunei Darussalam can be attributed to several underlying macroeconomic factors. The country has a stable political environment and a strong economy, which provides a favorable business environment for automotive companies. Additionally, Brunei Darussalam has a high GDP per capita, which indicates a relatively affluent population that can afford passenger cars. The government's focus on sustainable transportation and the promotion of eco-friendly vehicles also contribute to the growth of the market. In conclusion, the Passenger Cars market in Brunei Darussalam is developing in response to customer preferences for reliable and fuel-efficient vehicles. The increasing demand for hybrid and electric cars, as well as SUVs and crossovers, reflects the changing preferences of customers in Brunei Darussalam. The local special circumstances, such as the small population and well-developed road infrastructure, support the growth of the market. Additionally, the underlying macroeconomic factors, including the stable political environment and strong economy, contribute to the positive outlook for the Passenger Cars market in Brunei Darussalam.

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).