Large Cars - Asia
- Asia
- Revenue in the Large Cars market is projected to reach US$133,400m in 2024.
- Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.07%, resulting in a projected market volume of US$140,700m by 2029.
- Large Cars market unit sales are expected to reach 4,171.0k vehicles in 2029.
- The volume weighted average price of Large Cars market in 2024 is expected to amount to US$34k.
- From an international perspective it is shown that the most revenue will be generated in China (US$106,200m in 2024).
Analyst Opinion
The Large Cars market in Asia is experiencing steady growth, driven by changing customer preferences, emerging trends, and local special circumstances.
Customer preferences: Customers in Asia are increasingly gravitating towards large cars due to their spaciousness, comfort, and advanced features. As disposable incomes rise and urbanization continues, more people are opting for larger vehicles that provide a sense of luxury and prestige. Additionally, families with children and individuals who frequently travel long distances prefer large cars for their ample storage space and enhanced safety features.
Trends in the market: One notable trend in the Asian Large Cars market is the increasing demand for hybrid and electric vehicles. As environmental concerns gain prominence and governments implement stricter emission regulations, customers are seeking more eco-friendly options. Large car manufacturers are responding to this trend by introducing hybrid and electric models that offer both power and fuel efficiency. Another trend in the market is the integration of advanced technology and connectivity features. Asian consumers are known for their affinity towards gadgets and innovative technology. Large car manufacturers are incorporating features such as touchscreen infotainment systems, smartphone integration, and advanced driver-assistance systems to cater to these preferences. Additionally, the rise of autonomous driving technology is expected to further shape the future of the Large Cars market in Asia.
Local special circumstances: Asia is a diverse region with varying market dynamics across different countries. In China, for example, the government's push for electric vehicles and the presence of generous subsidies have significantly influenced the Large Cars market. As a result, domestic manufacturers and international brands are investing heavily in electric vehicle production and infrastructure. In Japan, a unique characteristic of the Large Cars market is the popularity of luxury brands. Japanese consumers have a strong affinity for high-end vehicles, and luxury car manufacturers have established a strong presence in the country. This has created a competitive landscape where brands strive to offer the latest technology, superior craftsmanship, and exceptional customer service.
Underlying macroeconomic factors: The economic growth in Asia, coupled with rising disposable incomes, has contributed to the expansion of the Large Cars market. As more people enter the middle class and experience an improvement in their living standards, they are increasingly able to afford larger and more expensive vehicles. Furthermore, the infrastructure development in many Asian countries has made owning and operating large cars more convenient. Improved road networks, increased availability of fuel stations, and the development of charging infrastructure for electric vehicles have all played a role in driving the growth of the Large Cars market. In conclusion, the Large Cars market in Asia is witnessing growth due to changing customer preferences, emerging trends in hybrid and electric vehicles, the integration of advanced technology, and local special circumstances such as government policies and consumer preferences for luxury brands. The underlying macroeconomic factors, including economic growth and infrastructure development, further contribute to 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).Overview
- Unit Sales
- Analyst Opinion
- Technical Specifications
- Revenue
- Price
- Global Comparison
- Methodology