Large Cars - Mongolia

Mongolia

Revenue in the Large Cars market is projected to reach US$12m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.59%, resulting in a projected market volume of US$17m by 2028.
Large Cars market unit sales are expected to reach 444.0vehicles in 2028.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$39k.
From an international perspective it is shown that the most revenue will be generated in China (US$106,900m in 2024).

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

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Analyst Opinion

The Large Cars market in Mongolia has been experiencing steady growth in recent years. Customer preferences have shifted towards larger vehicles due to a variety of factors.

Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market. Customer preferences in Mongolia have been influenced by a desire for spacious and comfortable vehicles. Large cars provide ample seating capacity and cargo space, making them ideal for families or individuals who require extra room.

Moreover, the rugged terrain and harsh weather conditions in Mongolia make larger vehicles more practical and reliable. Customers prioritize safety and durability, which are often associated with larger cars. Trends in the market indicate a growing demand for large cars in Mongolia.

This can be attributed to the increasing affluence of the population and the desire for status symbols. As disposable incomes rise, more individuals are able to afford larger vehicles as a symbol of their success. Furthermore, the popularity of off-road adventures and outdoor activities has led to a surge in the demand for SUVs and 4x4 vehicles.

Local special circumstances in Mongolia have also contributed to the development of the Large Cars market. The vast and sparsely populated landscape necessitates vehicles that can handle long distances and rough terrain. Large cars with powerful engines and high ground clearance are better suited for navigating the country's challenging roads, including unpaved tracks and mountainous areas.

Additionally, the extreme weather conditions, such as heavy snowfall and low temperatures, make larger vehicles more reliable and capable of handling adverse conditions. Underlying macroeconomic factors have played a significant role in the growth of the Large Cars market in Mongolia. The country has experienced steady economic growth in recent years, resulting in an increase in disposable incomes.

This has allowed more individuals to afford larger vehicles and has fueled the demand for luxury and premium brands. Additionally, the government's investment in infrastructure development, including road improvements, has made it easier for individuals to own and operate large cars in Mongolia. In conclusion, the Large Cars market in Mongolia has been developing due to customer preferences for spacious and comfortable vehicles, trends in the market towards status symbols and outdoor activities, local special circumstances requiring vehicles capable of navigating challenging terrain and weather conditions, as well as underlying macroeconomic factors such as economic growth and infrastructure development.

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).