SUVs - Chile | Statista Market Forecast

SUVs - Chile

Chile

Highlights

Revenue in the SUVs market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.05%, resulting in a projected market volume of US$2bn by 2029.
SUVs market unit sales are expected to reach 78.7k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$31k.
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 Chile has experienced significant growth in recent years, driven by changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Chile have shifted towards SUVs due to their versatility, spaciousness, and higher driving position.

SUVs offer a combination of comfort, practicality, and off-road capabilities, making them suitable for both urban and rural environments. Additionally, SUVs are perceived as safer vehicles compared to smaller cars, which is an important consideration for Chilean consumers. Trends in the market have also contributed to the growth of the SUVs segment in Chile.

One trend is the increasing popularity of crossover SUVs, which combine the benefits of traditional SUVs with the fuel efficiency and maneuverability of smaller cars. Crossover SUVs appeal to a wider range of customers, including urban dwellers who value compactness and fuel economy. Another trend is the introduction of electric and hybrid SUVs in the Chilean market.

As environmental concerns become more prominent, there is a growing demand for eco-friendly vehicles. Electric and hybrid SUVs offer lower emissions and reduced fuel consumption, making them attractive options for environmentally-conscious consumers. Local special circumstances have also played a role in the development of the SUVs market in Chile.

The country's geography, with its diverse landscapes and challenging terrains, makes SUVs a practical choice for many Chileans. Whether it's navigating through the city streets or venturing off-road in the countryside, SUVs provide the necessary performance and capability. Underlying macroeconomic factors have further supported the growth of the SUVs market in Chile.

The country has experienced steady economic growth, which has increased disposable income and purchasing power among consumers. This has allowed more Chileans to afford SUVs, which are generally priced higher than smaller cars. In conclusion, the SUVs market in Chile has seen significant growth due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

As consumers increasingly prioritize versatility, safety, and environmental consciousness, SUVs have become the vehicle of choice for many Chileans. With ongoing developments in the market and continued economic growth, the SUVs segment is expected to maintain its upward trajectory in Chile.

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).