SUVs - Algeria | Statista Market Forecast

SUVs - Algeria

Algeria

Highlights

Revenue in the SUVs market is projected to reach US$894m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.33%, resulting in a projected market volume of US$955m by 2029.
SUVs market unit sales are expected to reach 29.4k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$33k.
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 Algeria has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Algerian consumers have shown a growing preference for SUVs due to their versatility, spaciousness, and ruggedness. SUVs are well-suited for the country's diverse terrain, which includes both urban and rural areas. Additionally, Algerians value the perceived safety and status associated with owning an SUV. These customer preferences have contributed to the increasing demand for SUVs in the market.

Trends in the market: One of the key trends in the SUVs market in Algeria is the shift towards more fuel-efficient and environmentally friendly models. As global concerns about climate change and rising fuel prices continue to grow, Algerian consumers are increasingly opting for SUVs with hybrid or electric powertrains. This trend is also driven by government initiatives and incentives to promote the adoption of eco-friendly vehicles. Another trend in the market is the emergence of compact SUVs. These smaller-sized SUVs offer a more affordable option for consumers who desire the benefits of an SUV but have budget constraints. Compact SUVs also appeal to urban dwellers who value maneuverability and ease of parking in crowded city streets.

Local special circumstances: Algeria's vast and diverse landscape, which includes deserts, mountains, and coastal regions, creates unique driving conditions. SUVs are well-suited to navigate these challenging terrains, making them a popular choice among Algerian consumers. Additionally, the country's infrastructure development and road network expansion have made SUVs more accessible and practical for both urban and rural areas.

Underlying macroeconomic factors: Algeria's economic growth and increasing disposable income levels have contributed to the growing demand for SUVs. As the country's middle class expands, more consumers are able to afford SUVs, which were previously considered luxury vehicles. Additionally, favorable financing options and affordable insurance rates have made SUV ownership more attainable for a wider range of consumers. In conclusion, the SUVs market in Algeria is experiencing significant growth due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Algerian consumers are increasingly opting for SUVs due to their versatility, ruggedness, and perceived safety. The market is also witnessing a shift towards more fuel-efficient and environmentally friendly models, as well as the emergence of compact SUVs. Algeria's diverse landscape and expanding road network further contribute to the popularity of SUVs. The country's economic growth and increasing disposable income levels have made SUV ownership more attainable for a larger segment of the population.

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).