Large Cars - Guatemala

Guatemala

Highlights

Revenue in the Large Cars market is projected to reach US$62m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.01%, resulting in a projected market volume of US$62m by 2029.
Large Cars market unit sales are expected to reach 1.4k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$44k.
From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Large Cars market in Guatemala has been experiencing steady growth in recent years, driven by customer preferences for spacious and powerful vehicles.

Customer preferences: Guatemalan customers have shown a strong preference for large cars, as they provide ample space for families and cargo. In a country where road infrastructure is not always optimal, large cars offer a sense of safety and stability. Additionally, many Guatemalans value the prestige and status associated with owning a large car, as it is often seen as a symbol of success.

Trends in the market: One of the key trends in the Large Cars market in Guatemala is the increasing demand for SUVs. SUVs offer the combination of a spacious interior, powerful engine, and off-road capabilities, making them popular among Guatemalan customers. This trend is in line with the global market, where SUVs have been growing in popularity due to their versatility and practicality. Another trend in the market is the rising interest in electric and hybrid large cars. While the adoption of electric vehicles in Guatemala is still relatively low compared to other countries, there is a growing awareness of the environmental impact of traditional fuel-powered cars. This has led to an increased demand for electric and hybrid large cars, as customers seek more sustainable transportation options.

Local special circumstances: Guatemala is a country with diverse terrain, including mountainous regions and unpaved roads. This creates a need for large cars that can navigate these challenging conditions. Additionally, the high crime rate in some areas of Guatemala has led to a demand for large cars with enhanced safety features, such as reinforced doors and advanced security systems.

Underlying macroeconomic factors: The growing economy of Guatemala has contributed to the development of the Large Cars market. As disposable incomes rise, more Guatemalans are able to afford large cars. Additionally, the availability of financing options and the presence of international car manufacturers in the country have made large cars more accessible to a wider range of customers. In conclusion, the Large Cars market in Guatemala is experiencing growth due to customer preferences for spacious and powerful vehicles. The increasing demand for SUVs and electric/hybrid cars reflects global trends, while the country's unique terrain and security concerns create a specific demand for certain features in large cars. The growing economy and improved accessibility to financing options have also contributed to the market's development.

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).