SUVs - Croatia | Statista Market Forecast

SUVs - Croatia

Croatia

Highlights

Revenue in the SUVs market is projected to reach US$633m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.58%, resulting in a projected market volume of US$719m by 2029.
SUVs market unit sales are expected to reach 23.0k 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

SUVs have become increasingly popular in Croatia in recent years, with a growing number of consumers opting for these vehicles over traditional sedans or hatchbacks. This trend can be attributed to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Croatian consumers have shown a strong preference for SUVs due to their versatility and practicality. SUVs offer ample space for passengers and cargo, making them ideal for family outings and outdoor activities. Additionally, SUVs are often equipped with advanced safety features, which is a key consideration for many buyers in Croatia. The rugged and sporty aesthetic of SUVs also appeals to the adventurous spirit of Croatian consumers.

Trends in the market: One of the key trends driving the growth of the SUV market in Croatia is the increasing demand for vehicles with higher ground clearance and all-wheel drive capabilities. This can be attributed to the country's diverse terrain, which includes mountainous regions and unpaved roads. SUVs are well-suited to navigate these challenging conditions, providing consumers with a sense of security and confidence while driving. Another trend in the market is the rising popularity of compact SUVs. These vehicles offer the benefits of an SUV, such as increased cargo space and higher seating position, while being more compact and fuel-efficient compared to their larger counterparts. Compact SUVs are particularly appealing to urban dwellers in Croatia, who value maneuverability and fuel economy in congested city streets.

Local special circumstances: Croatia's tourism industry plays a significant role in driving the demand for SUVs. The country is known for its beautiful coastal landscapes and national parks, attracting a large number of tourists each year. SUVs are often preferred by tourists for their ability to comfortably transport both passengers and luggage, making them an ideal choice for exploring Croatia's scenic routes and off-road destinations.

Underlying macroeconomic factors: Croatia has experienced steady economic growth in recent years, which has contributed to an increase in disposable income and consumer spending. As a result, more individuals and families are able to afford SUVs, which are generally priced higher than other types of vehicles. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase SUVs, further driving the growth of the market. In conclusion, the SUV market in Croatia is experiencing significant growth due to customer preferences for versatile and practical vehicles, market trends favoring higher ground clearance and compact SUVs, local special circumstances related to tourism, and underlying macroeconomic factors such as economic growth and favorable financing options. As these factors continue to shape the automotive industry in Croatia, it is expected that the SUV market 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).