Large Cars - Western Asia

Western Asia

Revenue in the Large Cars market is projected to reach US$5,316m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.40%, resulting in a projected market volume of US$6,077m by 2028.
Large Cars market unit sales are expected to reach 177.9k vehicles in 2028.
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$106,900m in 2024).

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

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Analyst Opinion

The Large Cars market in Western Asia is experiencing significant growth and development.

Customer preferences: Customers in Western Asia are increasingly opting for large cars due to their spacious interiors, luxurious features, and powerful performance. The growing affluence in the region has led to an increase in demand for high-end vehicles that provide comfort and prestige. Moreover, large cars are seen as a status symbol and a reflection of social status, which further drives their popularity among consumers in Western Asia.

Trends in the market: One of the key trends in the Large Cars market in Western Asia is the increasing demand for SUVs. SUVs offer a combination of luxury, versatility, and off-road capabilities, making them highly desirable among consumers. The popularity of SUVs can be attributed to their higher seating position, which provides a commanding view of the road, as well as their spacious interiors and advanced safety features. Additionally, SUVs are favored by consumers in Western Asia due to their ability to navigate challenging terrains, such as desert landscapes. Another trend in the market is the growing adoption of electric and hybrid large cars. As environmental concerns become more prominent, consumers in Western Asia are seeking greener alternatives to traditional gasoline-powered vehicles. Electric and hybrid large cars offer lower emissions and reduced fuel consumption, making them an attractive choice for environmentally conscious consumers. The advancements in battery technology and the expanding charging infrastructure in the region have also contributed to the increased acceptance and adoption of electric and hybrid large cars.

Local special circumstances: The unique geographical and climatic conditions in Western Asia influence the demand for large cars. The region is known for its extreme weather conditions, including high temperatures and sandstorms. As a result, consumers in Western Asia prioritize vehicles that can withstand these challenging conditions. Large cars, particularly SUVs, are designed to handle such conditions, with features like robust suspension systems, all-wheel drive capabilities, and advanced cooling systems. This makes them a popular choice among consumers in the region.

Underlying macroeconomic factors: The growth of the Large Cars market in Western Asia can be attributed to several underlying macroeconomic factors. The region has experienced rapid economic development in recent years, leading to an increase in disposable income and purchasing power. This has enabled consumers to afford larger and more luxurious vehicles. Additionally, favorable government policies, such as low import duties and tax incentives, have encouraged the growth of the automotive industry in Western Asia. These factors, combined with the cultural preference for large cars, have created a conducive environment for the expansion of the Large Cars market in the region.

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).