SUVs - Azerbaijan | Statista Market Forecast

SUVs - Azerbaijan

Azerbaijan

Highlights

Revenue in the SUVs market is projected to reach US$143m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.62%, resulting in a projected market volume of US$138m by 2029.
SUVs market unit sales are expected to reach 3.8k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$37k.
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 Azerbaijan has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Azerbaijani customers have shown a growing preference for SUVs due to their versatility, spaciousness, and off-road capabilities. SUVs are seen as practical vehicles that can handle various terrains and weather conditions, making them suitable for both urban and rural areas. Additionally, SUVs are often associated with a higher social status and luxury, which appeals to a certain segment of the population.

Trends in the market: One of the key trends in the SUVs market in Azerbaijan is the increasing demand for electric and hybrid SUVs. As global concerns about climate change and environmental sustainability grow, more customers are opting for vehicles that have lower emissions and better fuel efficiency. This trend is also influenced by government incentives and regulations promoting the adoption of electric and hybrid vehicles. Another trend in the market is the rise of compact SUVs. These smaller-sized SUVs offer the benefits of an SUV, such as higher seating position and cargo space, while being more fuel-efficient and easier to maneuver in urban environments. This trend is driven by the growing urbanization in Azerbaijan, where compact SUVs are seen as a practical choice for navigating through congested city streets.

Local special circumstances: Azerbaijan's geographical location and diverse landscapes contribute to the popularity of SUVs. The country has a mix of urban areas, rugged mountainous regions, and rural areas with challenging road conditions. SUVs are well-suited for navigating through these diverse terrains, making them a popular choice among Azeri customers.

Underlying macroeconomic factors: The growing economy of Azerbaijan has played a significant role in the development of the SUVs market. As disposable incomes rise, more customers have the financial means to purchase SUVs. Additionally, the availability of financing options and favorable interest rates make it easier for customers to afford SUVs. In conclusion, the SUVs market in Azerbaijan is experiencing growth due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for electric and hybrid SUVs, as well as compact SUVs, reflects a global shift towards more sustainable and practical vehicles. The diverse landscapes and challenging road conditions in Azerbaijan make SUVs a popular choice among customers. The growing economy and favorable financing options also contribute to the development of the SUVs market in the country.

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).