SUVs - Angola | Statista Market Forecast

SUVs - Angola

Angola

Highlights

Revenue in the SUVs market is projected to reach US$90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.99%, resulting in a projected market volume of US$86m by 2029.
SUVs market unit sales are expected to reach 2.9k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$31k.
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 Angola has been experiencing significant growth in recent years, driven by changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Angolan customers have shown a growing preference for SUVs in recent years. This can be attributed to several factors, including the perceived safety and security of SUVs, their versatility and spaciousness, and their ability to handle different road conditions. Additionally, SUVs are often seen as a status symbol, reflecting the increasing affluence of the middle class in Angola.

Trends in the market: One of the key trends in the SUVs market in Angola is the increasing demand for luxury SUVs. As disposable incomes rise, more customers are willing to invest in high-end SUV models that offer advanced features, luxurious interiors, and superior performance. This trend is also influenced by the aspirational nature of luxury SUVs, as customers seek to showcase their success and social status. Another trend in the market is the growing popularity of compact SUVs. These smaller-sized SUVs offer a more affordable option for customers who want the benefits of an SUV but have budget constraints. Compact SUVs also appeal to urban dwellers who value maneuverability and fuel efficiency in congested city environments.

Local special circumstances: Angola's rugged terrain and challenging road conditions make SUVs a practical choice for many customers. The country's infrastructure is still developing, with many roads in need of repair. SUVs are better equipped to handle these conditions, offering higher ground clearance and better suspension systems compared to sedans or hatchbacks.

Underlying macroeconomic factors: Angola's improving economic conditions have contributed to the growth of the SUVs market. As the country's GDP continues to rise, so does the purchasing power of consumers. This has led to an increase in vehicle ownership, with SUVs becoming a popular choice among Angolan consumers. Furthermore, the discovery of oil reserves in Angola has boosted the country's economy and attracted foreign investment. This has resulted in the growth of the middle class and an increase in disposable incomes, driving the demand for SUVs. In conclusion, the SUVs market in Angola is experiencing significant growth due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for luxury and compact SUVs reflects the rising affluence of the middle class and the need for practical and versatile vehicles in Angola's challenging road conditions. As the country's economy continues to improve, the SUVs market is expected to further expand 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).