SUVs - Cameroon | Statista Market Forecast

SUVs - Cameroon

Cameroon

Highlights

Revenue in the SUVs market is projected to reach US$16m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.52%, resulting in a projected market volume of US$16m by 2029.
SUVs market unit sales are expected to reach 419.0vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$39k.
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 Cameroon has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Cameroonian consumers have shown a growing preference for SUVs due to their versatility, spaciousness, and ruggedness. SUVs are seen as status symbols and are often associated with luxury and prestige. Additionally, the higher driving position and improved safety features of SUVs appeal to customers who prioritize safety on the country's often poorly maintained roads.

Trends in the market: One of the key trends in the SUVs market in Cameroon is the increasing demand for compact and mid-size SUVs. These smaller SUVs offer a more affordable option for consumers who want the benefits of an SUV but have a limited budget. The compact size also makes them more maneuverable in urban areas with narrow streets. Another trend in the market is the rising popularity of hybrid and electric SUVs. As global concerns about climate change and environmental sustainability continue to grow, Cameroonian consumers are becoming more conscious of their carbon footprint. Hybrid and electric SUVs offer a greener alternative to traditional fuel-powered vehicles, and their popularity is expected to increase further in the coming years.

Local special circumstances: Cameroon's diverse terrain and challenging road conditions make SUVs a practical choice for many consumers. The country has a mix of well-paved highways and rough, unpaved roads, particularly in rural areas. SUVs are better equipped to handle these conditions, providing a smoother and more comfortable ride. Additionally, the high ground clearance of SUVs is advantageous in areas prone to flooding or heavy rainfall. During the rainy season, many roads become impassable for smaller vehicles, making SUVs the preferred choice for transportation.

Underlying macroeconomic factors: Cameroon's growing economy and rising middle class have contributed to the increasing demand for SUVs. As disposable incomes rise, more consumers are able to afford the higher price tags associated with SUVs. The availability of financing options and the presence of international car manufacturers in the country have also made SUVs more accessible to a wider range of consumers. Furthermore, the government's efforts to improve infrastructure and expand road networks have made owning an SUV a more viable option for many Cameroonians. As road conditions improve, SUVs become a more attractive choice for daily commuting and long-distance travel. In conclusion, the SUVs market in Cameroon is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for compact and mid-size SUVs, as well as hybrid and electric SUVs, is on the rise. The country's diverse terrain and challenging road conditions make SUVs a practical choice, while the growing economy and rising middle class have increased affordability. With ongoing infrastructure development, the SUVs market in Cameroon is expected to continue its upward trajectory.

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).