Passenger Cars - Kazakhstan

Kazakhstan

Revenue in the Passenger Cars market is projected to reach US$3,443.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -0.59%, resulting in a projected market volume of US$3,362.0m by 2028.
The market's largest segment is SUVs with a projected market volume of US$1,468.0m in 2024.
Passenger Cars market unit sales are expected to reach 97.53k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$35.05k in 2024.
With a vehicle unit sales share of 24.5% in 2024, Chevrolet is expected to have one of the highest market share in the selected region.
The value market share of the make Chevrolet in the selected region is expected to stand at 20.0% 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 Kazakhstan is experiencing significant growth and development.

Customer preferences: Customers in Kazakhstan have shown a strong preference for passenger cars, as they provide a convenient and comfortable mode of transportation. The demand for passenger cars is driven by several factors, including the increasing disposable income of the population, improving road infrastructure, and the desire for personal mobility.

Trends in the market: One of the key trends in the passenger cars market in Kazakhstan is the growing popularity of SUVs and crossover vehicles. These types of vehicles offer a combination of style, comfort, and practicality, making them a preferred choice for many customers. Additionally, there is a rising demand for electric and hybrid vehicles, driven by the increasing awareness of environmental issues and the government's efforts to promote sustainable transportation.

Local special circumstances: Kazakhstan is a vast country with diverse geographical features, including mountains, deserts, and steppe regions. This diversity creates specific requirements for passenger cars, such as the need for vehicles with good off-road capabilities. As a result, there is a strong demand for SUVs and 4x4 vehicles in the market. Additionally, the harsh winter conditions in some parts of the country make features like all-wheel drive and heated seats highly desirable for customers.

Underlying macroeconomic factors: The growth of the passenger cars market in Kazakhstan is also influenced by several macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This, in turn, has fueled the demand for passenger cars. Furthermore, the government has implemented policies to support the automotive industry, such as reducing import tariffs on vehicles and providing incentives for the production of electric and hybrid cars. These measures have contributed to the growth and development of the passenger cars market in Kazakhstan. In conclusion, the passenger cars market in Kazakhstan is witnessing significant growth and development, driven by customer preferences for convenience and personal mobility. The market is characterized by a growing demand for SUVs, crossover vehicles, and electric/hybrid cars. The local special circumstances, such as the diverse geography and harsh winter conditions, contribute to the specific preferences of customers. Additionally, the underlying macroeconomic factors, including economic growth and government support, play a crucial role in the expansion of the 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).