Executive Cars - Bangladesh

Bangladesh

Revenue in the Executive Cars market is projected to reach US$34m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.54%, resulting in a projected market volume of US$55m by 2028.
Executive Cars market unit sales are expected to reach 1.1k vehicles in 2028.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$50k.
From an international perspective it is shown that the most revenue will be generated in China (US$62,750m in 2024).

Key regions: United States, Germany, China, Worldwide, United Kingdom

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Analyst Opinion

The Executive Cars market in Bangladesh is experiencing significant growth and development in recent years.

Customer preferences: In Bangladesh, customers are increasingly opting for executive cars due to their luxurious features, advanced technology, and comfortable driving experience. These cars are seen as a symbol of status and prestige, and customers are willing to invest in them to make a statement. Additionally, executive cars often offer higher safety standards, which is a crucial factor for customers in Bangladesh.

Trends in the market: One of the key trends in the Executive Cars market in Bangladesh is the increasing demand for electric and hybrid models. As the country aims to reduce its carbon footprint and promote sustainable transportation, customers are showing a growing interest in eco-friendly vehicles. This trend is also driven by the government's initiatives to promote electric vehicles through tax incentives and subsidies. Another trend in the market is the rise of luxury SUVs. SUVs offer a combination of luxury, versatility, and practicality, making them popular choices among customers in Bangladesh. These vehicles are well-suited for both urban and rural areas, and their spacious interiors and off-road capabilities make them attractive to a wide range of customers.

Local special circumstances: Bangladesh is a densely populated country with a rapidly growing middle class. As disposable incomes rise, more people have the financial means to afford executive cars. Additionally, the country's infrastructure is improving, with better roads and highways, which further encourages people to invest in executive cars for a comfortable and enjoyable driving experience.

Underlying macroeconomic factors: The economic growth of Bangladesh plays a significant role in the development of the Executive Cars market. With a steady increase in GDP and disposable incomes, more people can afford executive cars. Moreover, the government's focus on infrastructure development and urbanization has created a conducive environment for the growth of the automotive industry. In conclusion, the Executive Cars market in Bangladesh is witnessing a surge in demand due to changing customer preferences, including a preference for eco-friendly vehicles and luxury SUVs. The country's economic growth, improving infrastructure, and rising disposable incomes are key factors driving this market's development. As the market continues to evolve, it is expected that more international and domestic automotive brands will enter the market to cater to the growing demand for executive cars.

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).