SUVs - Austria | Statista Market Forecast

SUVs - Austria

Austria

Highlights

Revenue in the SUVs market is projected to reach US$4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.55%, resulting in a projected market volume of US$4bn by 2029.
SUVs market unit sales are expected to reach 104.9k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$38k.
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 Austria has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Austrian customers have shown a growing preference for SUVs due to their versatility and practicality. SUVs offer ample space for both passengers and cargo, making them well-suited for family use and outdoor activities. Additionally, SUVs provide a higher driving position and better visibility, which many customers find appealing. Furthermore, the perceived safety and robustness of SUVs have also contributed to their popularity among Austrian consumers.

Trends in the market: One of the key trends in the SUVs market in Austria is the increasing demand for electric and hybrid SUV models. As the country strives to reduce carbon emissions and promote sustainable transportation, many customers are opting for eco-friendly SUVs that offer lower fuel consumption and reduced environmental impact. This trend aligns with the global shift towards electric and hybrid vehicles and reflects the growing awareness of environmental issues among Austrian consumers. Another trend in the SUVs market is the rise of compact SUVs. These smaller-sized SUVs offer the benefits of SUVs in a more compact and maneuverable package, making them suitable for urban environments with limited parking spaces. Compact SUVs also tend to have better fuel efficiency compared to larger models, which appeals to customers looking for a balance between size and fuel economy.

Local special circumstances: Austria's mountainous terrain and harsh winters make SUVs particularly desirable for navigating challenging road conditions. The all-wheel drive capabilities and higher ground clearance of SUVs provide better traction and stability on snowy and icy roads, making them a popular choice among Austrian drivers. Additionally, the spacious interiors of SUVs allow for the transportation of ski equipment and other winter gear, further enhancing their appeal in this market.

Underlying macroeconomic factors: Austria's strong economy and high disposable income levels have contributed to the growth of the SUVs market. As consumers have more purchasing power, they are able to afford the higher price tags associated with SUVs. Moreover, low interest rates and attractive financing options have made it easier for customers to finance their SUV purchases, further fueling the market growth. In conclusion, the SUVs market in Austria is experiencing growth due to changing customer preferences, including a preference for electric and hybrid models, as well as compact SUVs. The country's unique terrain and weather conditions, along with its strong economy and high disposable income levels, have also contributed to the market's development. As Austrian consumers continue to prioritize versatility, practicality, and environmental sustainability, the SUVs market is expected to thrive 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).