Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Americas is experiencing significant growth and development in recent years. Customer preferences, market trends, local special circumstances, and underlying macroeconomic factors have all contributed to this positive trend.
Customer preferences in the Americas have shifted towards SUVs for several reasons. Firstly, SUVs offer a versatile and spacious interior, making them suitable for families and individuals with active lifestyles. Additionally, SUVs provide a higher driving position, which enhances visibility and gives drivers a sense of safety and control on the road.
Moreover, SUVs often come equipped with advanced safety features and technology, appealing to customers who prioritize safety in their vehicle choice. Trends in the market further support the growth of SUVs in the Americas. One prominent trend is the increasing demand for smaller and more fuel-efficient SUVs.
As consumers become more conscious of their environmental impact and rising fuel prices, they are opting for compact SUVs that offer better fuel efficiency without compromising on space and functionality. Another trend is the rise of luxury SUVs, driven by the growing affluence of consumers in the region. Luxury SUVs offer premium features, comfort, and performance, attracting customers who are willing to invest in a high-end vehicle.
Local special circumstances also play a role in the development of the SUVs market in the Americas. In North America, for example, the popularity of SUVs can be attributed to the region's vast landscapes and long distances between cities. The rugged terrain and harsh weather conditions in certain parts of the Americas also make SUVs a practical choice for customers who require a vehicle with off-road capabilities and all-wheel drive.
Underlying macroeconomic factors have also contributed to the growth of the SUVs market in the Americas. Favorable economic conditions, such as low interest rates and stable employment levels, have increased consumer confidence and purchasing power. This has made it easier for customers to afford SUVs, which are typically priced higher than sedans or hatchbacks.
Additionally, the availability of financing options and attractive lease deals have made SUVs more accessible to a wider range of customers. In conclusion, the SUVs market in the Americas is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards SUVs is driven by customer preferences for versatility, safety, and advanced features.
Market trends such as the demand for smaller and more fuel-efficient SUVs and the rise of luxury SUVs further contribute to the growth. Local special circumstances, such as the vast landscapes and harsh weather conditions in the Americas, make SUVs a practical choice. Finally, favorable macroeconomic factors, including low interest rates and stable employment levels, have increased consumer confidence and purchasing power, making SUVs more affordable and accessible to customers.
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).
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