Passenger Cars - Cambodia

Cambodia

Revenue in the Passenger Cars market is projected to reach US$18.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 17.95%, resulting in a projected market volume of US$35.5m by 2028.
The market's largest segment is SUVs with a projected market volume of US$8.0m in 2024.
Passenger Cars market unit sales are expected to reach 1,503.00vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$23.43k in 2024.
With a vehicle unit sales share of 38.6% in 2024, Toyota is expected to have one of the highest market share in the selected region.
The value market share of the make Toyota in the selected region is expected to stand at 53.0% 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 Cambodia has been experiencing significant growth in recent years.

Customer preferences: Cambodian consumers are increasingly opting for passenger cars as their preferred mode of transportation. This shift in preference can be attributed to several factors. Firstly, the rising disposable incomes of Cambodian consumers have allowed them to afford personal vehicles. As a result, there has been a growing demand for passenger cars in the country. Additionally, the convenience and comfort offered by passenger cars compared to other modes of transportation, such as motorcycles or public transportation, have also contributed to their popularity.

Trends in the market: One of the key trends in the Cambodian Passenger Cars market is the increasing demand for eco-friendly vehicles. As environmental concerns become more prominent globally, Cambodian consumers are also becoming more conscious of the impact of their transportation choices on the environment. This has led to a growing demand for electric and hybrid cars in the country. Car manufacturers have responded to this trend by introducing more eco-friendly models into the Cambodian market. Another trend in the market is the growing popularity of SUVs and crossovers. These types of vehicles offer a combination of space, comfort, and versatility, which appeals to Cambodian consumers who value practicality and functionality in their cars. The demand for SUVs and crossovers is expected to continue growing in the coming years.

Local special circumstances: The Cambodian Passenger Cars market is unique in several ways. Firstly, the country has a relatively small population compared to other countries in the region. This means that the market size is limited, and car manufacturers need to carefully consider their pricing and marketing strategies to attract customers. Additionally, Cambodia has a developing infrastructure, particularly in rural areas. This can pose challenges for car owners, as the road conditions may not be suitable for certain types of vehicles. As a result, consumers often prioritize cars that are durable and can withstand the country's road conditions.

Underlying macroeconomic factors: The growth of the Passenger Cars market in Cambodia can be attributed to several macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, which has resulted in an increase in disposable incomes. This has allowed more Cambodian consumers to afford passenger cars. Furthermore, Cambodia has seen a rise in urbanization, with more people moving to cities in search of better job opportunities. This has increased the demand for personal transportation, leading to the growth of the Passenger Cars market. In conclusion, the Passenger Cars market in Cambodia is experiencing significant growth due to the increasing disposable incomes of consumers, changing customer preferences, and the country's economic development. The market is characterized by a growing demand for eco-friendly vehicles, SUVs, and crossovers. However, car manufacturers need to consider the country's unique circumstances, such as the limited market size and developing infrastructure, when entering the Cambodian market.

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).