Executive Cars - United Arab Emirates

United Arab Emirates

Revenue in the Executive Cars market is projected to reach €479m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.81%, resulting in a projected market volume of €498m by 2029.
Executive Cars market unit sales are expected to reach 6.5k vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to €76k.
From an international perspective it is shown that the most revenue will be generated in China (€57,830m in 2024).

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

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Analyst Opinion

The Executive Cars market in United Arab Emirates is experiencing steady growth due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Executive Cars market in United Arab Emirates are heavily influenced by a desire for luxury and prestige.

The affluent population in the country values high-end vehicles that offer superior comfort, advanced technology, and exceptional performance. The preference for executive cars is also driven by the need for spacious and comfortable transportation options, as many individuals in the UAE travel long distances for work or leisure. Trends in the market reflect the increasing demand for electric and hybrid executive cars.

As the UAE government prioritizes sustainability and environmental conservation, there has been a push for the adoption of electric and hybrid vehicles. This trend is further supported by the availability of charging infrastructure and incentives such as tax breaks and reduced registration fees for eco-friendly vehicles. Additionally, there is a growing emphasis on connectivity and digital features in executive cars, with customers seeking advanced infotainment systems and smart connectivity options.

Local special circumstances in the UAE contribute to the development of the Executive Cars market. The country's status as a global business hub attracts a large number of expatriates and business travelers who require reliable and luxurious transportation options. The UAE is also known for its luxury tourism industry, with visitors seeking exclusive experiences and transportation.

These factors create a favorable market environment for executive car manufacturers and dealerships. Underlying macroeconomic factors play a significant role in the growth of the Executive Cars market in the UAE. The country has a strong and stable economy, driven by industries such as oil and gas, finance, and tourism.

The high disposable income of the population, coupled with low fuel prices, makes executive cars an affordable and attractive option for many individuals. Additionally, the UAE government's focus on diversifying the economy and reducing dependence on oil revenue has led to increased investment in infrastructure and transportation, further driving the demand for executive cars. In conclusion, the Executive Cars market in the United Arab Emirates is thriving due to customer preferences for luxury and comfort, market trends towards electric and connected vehicles, special circumstances such as the country's status as a business and tourism hub, and underlying macroeconomic factors like a strong economy and high disposable income.

These factors are likely to continue driving the growth of the market in the coming years.

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).