SUVs - Cuba | Statista Market Forecast

SUVs - Cuba

Cuba

Highlights

Revenue in the SUVs market is projected to reach US$64m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -3.08%, resulting in a projected market volume of US$55m by 2029.
SUVs market unit sales are expected to reach 1.2k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$47k.
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 Cuba is experiencing significant growth and development in recent years.

Customer preferences: In Cuba, there is a growing demand for SUVs due to their versatility and practicality. Customers are attracted to the spaciousness and cargo capacity that SUVs offer, making them suitable for both urban and rural environments. Additionally, SUVs are often seen as a symbol of status and prestige, further driving their popularity among consumers in Cuba.

Trends in the market: One of the key trends in the SUVs market in Cuba is the increasing availability of imported vehicles. As Cuba opens up to foreign trade and investment, more international automobile manufacturers are entering the market and offering a wider range of SUV models. This has led to increased competition and a greater variety of options for consumers to choose from. Another trend in the market is the shift towards more fuel-efficient SUVs. With rising fuel prices and growing concerns about environmental sustainability, consumers in Cuba are increasingly opting for SUVs that offer better fuel efficiency. This trend is driven by both economic and environmental factors, as customers seek to reduce their fuel expenses and minimize their carbon footprint.

Local special circumstances: Cuba's unique political and economic situation has also influenced the SUVs market. For many years, the importation of vehicles was heavily restricted, resulting in a limited supply of cars and high prices. However, recent reforms have relaxed these restrictions, allowing for a greater influx of SUVs into the country. This has created new opportunities for both consumers and businesses in the automotive industry.

Underlying macroeconomic factors: The development of the SUVs market in Cuba is also influenced by broader macroeconomic factors. As the Cuban economy continues to grow, there is an increasing middle class with higher disposable incomes. This has led to a rise in consumer spending and a greater demand for vehicles, including SUVs. Additionally, the government's efforts to attract foreign investment and promote tourism have boosted economic activity and created a more favorable business environment for automobile manufacturers and dealerships. In conclusion, the SUVs market in Cuba is experiencing growth and development driven by customer preferences for spacious and practical vehicles, the increasing availability of imported SUV models, the shift towards more fuel-efficient options, Cuba's unique political and economic circumstances, and underlying macroeconomic factors such as rising disposable incomes and government efforts to attract foreign investment.

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).