SUVs - Cambodia

Cambodia

Revenue in the SUVs market is projected to reach US$11m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.53%, resulting in a projected market volume of US$12m by 2029.
SUVs market unit sales are expected to reach 448.0vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$27k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$333bn in 2024).

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

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Analyst Opinion

The SUVs market in Cambodia has been experiencing significant growth in recent years.

Customer preferences: Cambodian customers have shown a strong preference for SUVs due to their versatility and practicality. SUVs offer ample space for both passengers and cargo, making them suitable for families or individuals with active lifestyles. Additionally, the higher seating position and rugged design of SUVs appeal to Cambodian customers who value a sense of security and adventure.

Trends in the market: One of the key trends in the SUVs market in Cambodia is the increasing demand for compact SUVs. These smaller-sized SUVs are more fuel-efficient and easier to maneuver in the congested city streets of Cambodia. As urbanization continues to accelerate in the country, compact SUVs have become a popular choice among city dwellers. Another trend in the market is the growing popularity of luxury SUVs. With a rising middle class and increasing disposable income, more Cambodian consumers are able to afford higher-end vehicles. Luxury SUVs offer a combination of comfort, prestige, and advanced features, making them an attractive option for affluent buyers.

Local special circumstances: Cambodia's road infrastructure has been improving in recent years, with the government investing in the construction and maintenance of roads across the country. This has made it easier for SUV owners to navigate through both urban and rural areas, further fueling the demand for SUVs. Moreover, Cambodia's tourism industry has been growing rapidly, attracting a large number of international visitors. SUVs are often preferred by tourists for their ability to handle different terrains and provide a comfortable travel experience. This has led to an increase in the rental market for SUVs, contributing to the overall growth of the SUVs market in Cambodia.

Underlying macroeconomic factors: The Cambodian economy has been experiencing steady growth, with a rising GDP and increasing consumer spending. This economic stability has provided consumers with more purchasing power, allowing them to consider higher-priced vehicles such as SUVs. Additionally, the availability of flexible financing options has made it easier for consumers to afford SUVs through installment plans or loans. In conclusion, the SUVs market in Cambodia is driven by customer preferences for versatile and practical vehicles, as well as local special circumstances such as improving road infrastructure and a growing tourism industry. The trends in the market include a preference for compact SUVs and an increasing demand for luxury SUVs. These trends are supported by underlying macroeconomic factors such as economic growth and rising consumer spending. The SUVs market in Cambodia is expected to continue growing in the coming years as more consumers seek the benefits and features offered by SUVs.

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).