SUVs - Burkina Faso

Burkina Faso

Highlights

Revenue in the SUVs market is projected to reach US$7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.47%, resulting in a projected market volume of US$7m by 2029.
SUVs market unit sales are expected to reach 211.0vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$35k.
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 Burkina Faso is experiencing significant growth and development.

Customer preferences: Burkina Faso, like many other countries in the region, has seen a shift in customer preferences towards SUVs. This can be attributed to several factors. Firstly, SUVs are known for their versatility and ability to handle rough terrains, which is particularly important in a country like Burkina Faso where road conditions can be challenging. Additionally, SUVs offer ample space and comfort, making them suitable for both urban and rural environments.

Trends in the market: One of the key trends in the SUVs market in Burkina Faso is the increasing demand for fuel-efficient models. With rising fuel prices and a growing awareness of environmental issues, customers are looking for SUVs that offer good fuel economy without compromising on performance. Manufacturers have responded to this trend by introducing hybrid and electric SUV models, which are gaining popularity in the market. Another trend in the market is the growing popularity of compact SUVs. These vehicles offer the benefits of an SUV, such as higher ground clearance and increased cargo space, while being more compact and easier to maneuver in urban areas. Compact SUVs are particularly appealing to young professionals and families who need a practical and versatile vehicle for their daily needs.

Local special circumstances: Burkina Faso has a unique set of circumstances that contribute to the development of the SUVs market. The country has a rapidly growing middle class, which has led to an increase in disposable income and purchasing power. As a result, more people are able to afford SUVs and are choosing them as their preferred mode of transportation. Additionally, Burkina Faso has a large rural population, and SUVs are well-suited for navigating the country's rugged terrain. The ability to drive off-road and carry heavy loads makes SUVs a popular choice among farmers and other rural residents.

Underlying macroeconomic factors: The growth of the SUVs market in Burkina Faso can also be attributed to several macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in consumer spending. This has created a favorable environment for the automotive industry, including the SUVs market. Furthermore, the government has implemented policies to promote the automotive sector, such as reducing import tariffs on vehicles. This has made SUVs more affordable and accessible to a wider range of customers. In conclusion, the SUVs market in Burkina Faso is developing due to customer preferences for versatile and comfortable vehicles, as well as the growing demand for fuel-efficient and compact models. The country's unique circumstances, such as challenging road conditions and a large rural population, further contribute to the popularity of SUVs. Additionally, favorable macroeconomic factors, such as economic growth and government policies, have created a conducive environment for the SUVs market to thrive.

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).