Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Bhutan has been experiencing significant growth in recent years.
Customer preferences: One of the key reasons for the increasing demand for SUVs in Bhutan is the changing preferences of customers. SUVs are known for their spacious interiors, higher ground clearance, and ruggedness, which make them suitable for Bhutan's challenging terrains and weather conditions. Additionally, SUVs offer a sense of security and safety to customers, which is particularly appealing in a country where road conditions can be unpredictable.
Trends in the market: Another trend in the SUVs market in Bhutan is the growing popularity of electric SUVs. As the government of Bhutan has been actively promoting the use of electric vehicles to reduce carbon emissions and improve air quality, more customers are opting for electric SUVs. These vehicles not only offer the benefits of traditional SUVs but also contribute to a cleaner and greener environment.
Local special circumstances: Bhutan's unique geography and topography play a significant role in the development of the SUVs market. The country is known for its mountainous terrain and challenging road conditions, which require vehicles with higher ground clearance and better off-road capabilities. SUVs are well-suited for these conditions, making them a popular choice among Bhutanese customers.
Underlying macroeconomic factors: The growing economy of Bhutan is also contributing to the development of the SUVs market. As the disposable income of the population increases, more people can afford to purchase SUVs. Additionally, the government's focus on infrastructure development, including the construction of better roads, has made SUVs a practical choice for commuting and traveling within the country. In conclusion, the SUVs market in Bhutan is witnessing significant growth due to changing customer preferences, the popularity of electric vehicles, the country's unique geography, and the growing economy. These factors have created a favorable environment for the development of the SUVs market in Bhutan, and it is expected to continue 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).
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