SUVs - Albania | Statista Market Forecast

SUVs - Albania

Albania

Highlights

Revenue in the SUVs market is projected to reach US$29m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.91%, resulting in a projected market volume of US$26m by 2029.
SUVs market unit sales are expected to reach 852.0vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$30k.
From an international perspective it is shown that the most revenue will be generated United States (US$333bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The SUVs market in Albania has been experiencing significant growth in recent years, driven by changing customer preferences and favorable market conditions.

Customer preferences: Albanian customers have shown a growing preference for SUVs due to their versatility, practicality, and perceived safety. SUVs offer ample space for passengers and cargo, making them suitable for both urban and rural environments. Additionally, SUVs are often equipped with advanced safety features, which appeal to Albanian consumers who prioritize the safety of their families.

Trends in the market: One of the key trends in the SUVs market in Albania is the increasing demand for compact and mid-size SUVs. These smaller SUVs are more affordable and fuel-efficient compared to their larger counterparts, making them attractive options for budget-conscious consumers. Additionally, compact and mid-size SUVs are easier to maneuver in Albania's narrow streets and crowded urban areas. Another trend in the market is the rising popularity of electric and hybrid SUVs. As the global automotive industry shifts towards sustainability, Albanian consumers are also showing an interest in eco-friendly vehicles. Electric and hybrid SUVs offer lower emissions and reduced fuel consumption, aligning with the country's efforts to promote environmental sustainability.

Local special circumstances: Albania's rugged terrain and challenging road conditions contribute to the popularity of SUVs. The country's mountainous landscapes and unpaved roads require vehicles with higher ground clearance and robust suspension systems. SUVs are well-suited for these conditions, providing better traction and stability compared to sedans or hatchbacks.

Underlying macroeconomic factors: The growing economy and rising disposable incomes in Albania have also played a role in the development of the SUVs market. As more Albanians have the means to purchase vehicles, they are increasingly opting for SUVs as their preferred mode of transportation. The availability of financing options and favorable interest rates have further facilitated the purchase of SUVs, making them more accessible to a wider range of customers. In conclusion, the SUVs market in Albania is witnessing significant growth due to changing customer preferences, including a preference for compact and mid-size SUVs, as well as electric and hybrid options. The country's challenging road conditions and increasing disposable incomes have also contributed to the rising demand for SUVs. With these trends and favorable market conditions, the SUVs market in Albania is expected to continue its upward trajectory in the coming years.

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).