SUVs - Australia & Oceania

Australia & Oceania

Revenue in the SUVs market is projected to reach US$7,677m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.70%, resulting in a projected market volume of US$10,330m by 2028.
SUVs market unit sales are expected to reach 306.1k vehicles in 2028.
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 in the United States (US$275bn in 2024).

Key regions: United States, Germany, United Kingdom, India, China

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Analyst Opinion

The SUVs market in Australia & Oceania is experiencing significant growth and development.

Customer preferences: Customers in Australia & Oceania have shown a strong preference for SUVs over other types of vehicles. This can be attributed to several factors, including the spaciousness and versatility of SUVs, which make them suitable for both urban and rural environments. Additionally, SUVs are perceived as safer and more comfortable compared to smaller vehicles.

Trends in the market: One notable trend in the SUVs market in Australia & Oceania is the increasing demand for hybrid and electric SUVs. This can be attributed to growing awareness of environmental issues and a desire for more fuel-efficient vehicles. As a result, many automakers are expanding their hybrid and electric SUV offerings to cater to this demand. Another trend in the market is the rise of luxury SUVs. Wealthier consumers in Australia & Oceania are increasingly opting for high-end SUV models, which offer premium features and a luxurious driving experience. This trend can be attributed to a growing middle class and increasing disposable incomes in the region.

Local special circumstances: One special circumstance in the Australian market is the popularity of ute-based SUVs, also known as "utes". These vehicles combine the practicality of a pickup truck with the comfort and features of an SUV. Utes are particularly popular in rural areas, where they are used for both work and leisure purposes. Another special circumstance in the region is the preference for off-road capable SUVs. Australia & Oceania is known for its rugged terrain and outdoor activities, such as camping and off-roading. As a result, many consumers in the region prioritize SUVs that can handle rough terrain and provide a comfortable driving experience in remote areas.

Underlying macroeconomic factors: The strong growth in the SUVs market in Australia & Oceania can be attributed to several underlying macroeconomic factors. These include a stable economy, low interest rates, and favorable government policies that promote car ownership. Additionally, the region's growing population and urbanization have led to increased demand for personal vehicles, with SUVs being a popular choice among consumers. In conclusion, the SUVs market in Australia & Oceania is witnessing significant growth and development, driven by customer preferences for spacious and versatile vehicles, as well as increasing demand for hybrid and luxury SUVs. Special circumstances such as the popularity of ute-based SUVs and the preference for off-road capable vehicles further contribute to the market's growth. Underlying macroeconomic factors such as a stable economy and favorable government policies also play a role in driving the SUVs market in the region.

Methodology

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).