SUVs - Argentina | Statista Market Forecast

SUVs - Argentina

Argentina

Highlights

Revenue in the SUVs market is projected to reach US$24bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 56.47%, resulting in a projected market volume of US$230bn by 2029.
SUVs market unit sales are expected to reach 558.1k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$136k.
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 Argentina has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Argentina, customers are increasingly opting for SUVs due to their versatility and practicality. SUVs offer a higher seating position, which provides a better view of the road and a sense of safety. Additionally, SUVs have ample cargo space, making them suitable for families and individuals who require extra storage capacity. Furthermore, SUVs are often equipped with advanced safety features and technology, which are highly valued by consumers.

Trends in the market: One of the key trends in the SUVs market in Argentina is the shift towards smaller and more fuel-efficient SUV models. As fuel prices continue to rise, customers are seeking vehicles that offer better fuel economy. This has led to an increase in the demand for compact and subcompact SUVs, which are more fuel-efficient compared to larger models. Additionally, the growing popularity of electric and hybrid vehicles globally has also influenced the SUVs market in Argentina, with an increasing number of manufacturers introducing electric and hybrid SUV models to cater to environmentally-conscious customers. Another trend in the market is the rise of luxury SUVs. As the economy in Argentina improves, there is a growing segment of affluent consumers who are willing to spend more on premium vehicles. Luxury SUVs offer a combination of comfort, performance, and advanced features, making them particularly appealing to this segment of customers. Manufacturers are capitalizing on this trend by introducing high-end SUV models with luxurious interiors, powerful engines, and cutting-edge technology.

Local special circumstances: Argentina's geography and road conditions also contribute to the growth of the SUVs market. The country has diverse landscapes, including mountains, deserts, and rural areas, which often require vehicles with higher ground clearance and better off-road capabilities. SUVs are well-suited for navigating these challenging terrains, making them a popular choice among Argentinean consumers.

Underlying macroeconomic factors: The SUVs market in Argentina is also influenced by macroeconomic factors, such as income levels and financing options. As the economy improves and disposable incomes rise, more consumers are able to afford SUVs. Additionally, the availability of financing options, such as low-interest loans and flexible payment plans, makes it easier for customers to purchase SUVs. In conclusion, the SUVs market in Argentina is experiencing growth due to changing customer preferences, including the demand for smaller and more fuel-efficient models, as well as luxury SUVs. The country's geography and road conditions also contribute to the popularity of SUVs. Moreover, underlying macroeconomic factors, such as rising incomes and financing options, further drive the growth of the market.

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).