Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Australia has experienced significant growth in recent years, with a strong demand for these vehicles across the country.
Customer preferences: Australian consumers have shown a clear preference for SUVs over other types of vehicles. This can be attributed to several factors. Firstly, SUVs offer a higher driving position and better visibility, which is particularly appealing to many Australian drivers who often navigate through rugged terrains and long distances. Additionally, SUVs provide ample space and versatility, allowing families to comfortably transport both passengers and cargo. Finally, the increasing popularity of outdoor activities and adventure tourism in Australia has also contributed to the rise in demand for SUVs, as these vehicles are well-suited for off-road adventures.
Trends in the market: One of the key trends in the Australian SUVs market is the shift towards smaller and more fuel-efficient models. This can be attributed to rising fuel prices and a growing awareness of environmental issues. As a result, compact SUVs have become increasingly popular, offering a balance between fuel efficiency and practicality. Another trend in the market is the integration of advanced technology features in SUVs, such as touchscreen infotainment systems, driver-assistance features, and connectivity options. These features are highly valued by Australian consumers, who prioritize convenience and connectivity in their vehicles.
Local special circumstances: Australia's unique geography and climate have played a significant role in shaping the SUVs market in the country. With vast open spaces, rugged terrains, and a variety of weather conditions, Australian drivers require vehicles that can handle diverse road conditions. SUVs are well-suited for these challenges, providing a comfortable and capable driving experience. Additionally, Australia's relatively high vehicle import taxes and strict safety regulations have limited the availability of certain vehicle models, making SUVs a popular choice due to their wide range of options.
Underlying macroeconomic factors: The strong growth in the Australian SUVs market can also be attributed to favorable macroeconomic factors. Australia has experienced a period of economic stability and sustained growth, which has increased consumer confidence and purchasing power. Additionally, low interest rates and flexible financing options have made it easier for consumers to afford SUVs. Furthermore, the country's growing population and urbanization have also contributed to the increased demand for SUVs, as more people seek vehicles that can accommodate their lifestyle needs. In conclusion, the SUVs market in Australia has witnessed significant growth due to customer preferences for higher driving position, space, and versatility. The market has also been influenced by trends towards smaller and more fuel-efficient models, as well as the integration of advanced technology features. Australia's unique geography, climate, and strict safety regulations have further contributed to the popularity of SUVs. Favorable macroeconomic factors, such as economic stability, low interest rates, and population growth, have also played a role in driving the growth of the SUVs market in Australia.
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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