SUVs - Czechia

Czechia

Revenue in the SUVs market is projected to reach US$3,416m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.01%, resulting in a projected market volume of US$3,962m by 2029.
SUVs market unit sales are expected to reach 115.6k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$34k.
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 Czechia has been experiencing significant growth in recent years.

Customer preferences: Customers in Czechia have shown a strong preference for SUVs due to their versatility and practicality. SUVs offer spacious interiors, comfortable seating, and ample cargo space, making them suitable for both daily commuting and family trips. Additionally, SUVs are often equipped with advanced safety features, which is a key consideration for many Czech consumers. The popularity of SUVs is further fueled by their perceived status and prestige, as they are often associated with a higher social standing.

Trends in the market: One of the key trends in the SUVs market in Czechia is the increasing demand for electric and hybrid SUVs. As environmental concerns become more prominent, many consumers are looking for greener alternatives to traditional gasoline-powered vehicles. Electric and hybrid SUVs offer lower emissions and better fuel efficiency, making them an attractive choice for eco-conscious buyers. This trend is expected to continue as the government and automotive industry in Czechia promote the adoption of electric vehicles through incentives and infrastructure development. Another trend in the market is the rise of compact SUVs. These smaller-sized SUVs offer a more affordable option for consumers who want the benefits of an SUV but with a smaller footprint. Compact SUVs are easier to maneuver in urban areas and offer better fuel efficiency compared to larger models. This trend is driven by the increasing urbanization in Czechia, where compact SUVs provide a practical solution for city dwellers.

Local special circumstances: Czechia has a strong automotive manufacturing industry, which has contributed to the growth of the SUVs market. Local production of SUVs by major automakers has made these vehicles more accessible to Czech consumers. Additionally, the presence of a well-developed dealership network and after-sales service infrastructure has further facilitated the growth of the SUVs market.

Underlying macroeconomic factors: The strong economic growth in Czechia has played a significant role in the development of the SUVs market. As disposable incomes rise, more consumers have the financial means to purchase SUVs, which are generally more expensive than other vehicle segments. Furthermore, low interest rates and favorable financing options have made it easier for consumers to afford SUVs. In conclusion, the SUVs market in Czechia is experiencing growth due to customer preferences for versatile and practical vehicles, the increasing demand for electric and hybrid models, the rise of compact SUVs, the presence of a strong automotive manufacturing industry, and the favorable macroeconomic conditions in the country.

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).