SUVs - Central & Western Europe

Central & Western Europe

Revenue in the SUVs market is projected to reach US$128,300m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.66%, resulting in a projected market volume of US$132,600m by 2029.
SUVs market unit sales are expected to reach 3,637.0k 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 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 Central & Western Europe has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the increasing popularity of SUVs in Central & Western Europe is the changing customer preferences. SUVs offer a combination of versatility, comfort, and style that appeals to a wide range of consumers. Many customers are attracted to the higher driving position and the sense of safety and security that SUVs provide. Additionally, SUVs offer ample space for both passengers and cargo, making them a practical choice for families and individuals with active lifestyles.

Trends in the market: The SUVs market in Central & Western Europe is characterized by several key trends. Firstly, there has been a shift towards smaller and more fuel-efficient SUVs. This can be attributed to the rising fuel prices and increasing environmental awareness among consumers. Manufacturers have responded to this trend by introducing hybrid and electric SUV models, which offer lower emissions and better fuel economy. Another trend in the market is the increasing demand for luxury SUVs. Affluent consumers in Central & Western Europe are willing to pay a premium for SUVs that offer a high level of comfort, advanced technology, and superior performance. This trend has led to the introduction of luxury SUV models from various automakers, which cater to the specific needs and preferences of this segment.

Local special circumstances: The SUVs market in Central & Western Europe is also influenced by local special circumstances. For example, in countries with harsh winters and rugged terrains, such as Switzerland and Austria, SUVs are particularly popular due to their all-wheel drive capabilities and ability to handle challenging road conditions. On the other hand, in countries with congested urban areas, such as the Netherlands and Belgium, smaller SUV models are preferred due to their maneuverability and ease of parking.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the development of the SUVs market in Central & Western Europe. Firstly, the overall economic growth in the region has led to an increase in disposable income, enabling more consumers to afford SUVs. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase SUVs. Furthermore, government policies and regulations have also played a role in shaping the SUVs market. Incentives and subsidies for electric and hybrid vehicles have encouraged consumers to choose eco-friendly SUV models. Similarly, stricter emission standards have prompted automakers to develop more fuel-efficient SUVs in order to comply with regulations and avoid penalties. In conclusion, the SUVs market in Central & Western Europe is driven by changing customer preferences, such as the demand for versatility and comfort, as well as the desire for more fuel-efficient and environmentally friendly vehicles. The market is also influenced by local special circumstances, such as weather conditions and urban congestion. Lastly, macroeconomic factors, including economic growth, financing options, and government policies, contribute to the development of the SUVs market in the region.

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).