SUVs - Colombia | Statista Market Forecast

SUVs - Colombia

Colombia

Highlights

Revenue in the SUVs market is projected to reach US$1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.42%, resulting in a projected market volume of US$1bn by 2029.
SUVs market unit sales are expected to reach 45.1k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$29k.
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 Colombia has been experiencing significant growth in recent years.

Customer preferences: Colombian consumers have shown a strong preference for SUVs due to their versatility, spaciousness, and ruggedness. SUVs are well-suited for the country's diverse terrain, including mountainous regions and unpaved roads. Additionally, SUVs provide a sense of safety and security, which is highly valued by Colombian consumers.

Trends in the market: One of the key trends in the SUVs market in Colombia is the increasing demand for compact SUVs. These smaller-sized SUVs offer a more affordable option for consumers while still providing the benefits of a larger vehicle. This trend is driven by a desire for better fuel efficiency and lower maintenance costs. Another trend in the market is the growing popularity of electric SUVs. As environmental concerns become more prominent in Colombia, consumers are increasingly opting for electric vehicles. The government has also implemented incentives and subsidies to promote the adoption of electric vehicles, further driving the demand for electric SUVs.

Local special circumstances: Colombia's infrastructure has improved significantly in recent years, particularly in terms of road connectivity. This has made SUVs more accessible to consumers, as they can now easily navigate through different regions of the country. Additionally, the country's growing middle class has led to an increase in disposable income, allowing more consumers to afford SUVs.

Underlying macroeconomic factors: Colombia's stable economic growth has played a significant role in the development of the SUVs market. As the economy continues to expand, more consumers have the financial means to purchase SUVs. Additionally, low interest rates and favorable financing options have made SUVs more affordable for consumers, further driving the market growth. In conclusion, the SUVs market in Colombia is experiencing significant growth due to customer preferences for versatile and rugged vehicles, as well as the increasing popularity of compact and electric SUVs. The country's improving infrastructure and stable economic growth have also contributed to the market's development. As these trends continue, it is expected that the SUVs market in Colombia will continue to thrive in the coming years.

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).