Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Eastern Europe has been experiencing significant growth in recent years. Customer preferences have shifted towards larger vehicles that offer more space, versatility, and a higher driving position. This trend can be attributed to several factors, including changing lifestyles, increased disposable income, and improved road infrastructure. Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the development of the SUVs market in Eastern Europe.
Customer preferences: In Eastern Europe, customer preferences have shifted towards SUVs due to their practicality and versatility. SUVs offer more space for passengers and cargo, making them ideal for families and individuals with an active lifestyle. The higher driving position of SUVs provides better visibility and a sense of safety on the road. Moreover, SUVs are often equipped with advanced safety features and technology, which further attract customers.
Trends in the market: One of the key trends in the SUVs market in Eastern Europe is the increasing demand for compact SUVs. These vehicles offer a smaller footprint compared to traditional SUVs, making them more suitable for urban environments with limited parking space. Compact SUVs also tend to be more fuel-efficient, which is an important consideration for customers in Eastern Europe where fuel prices can be high. Another trend in the market is the growing popularity of electric SUVs. As environmental concerns become more prominent, customers in Eastern Europe are increasingly opting for electric vehicles that offer lower emissions and reduced dependence on fossil fuels. The development of charging infrastructure and government incentives for electric vehicles have further accelerated the adoption of electric SUVs in the region.
Local special circumstances: Eastern Europe is known for its harsh winters and challenging road conditions. SUVs are well-suited for these conditions due to their higher ground clearance and all-wheel drive capabilities. Customers in Eastern Europe value the ruggedness and off-road capabilities of SUVs, as they provide a sense of security and reliability in adverse weather conditions.
Underlying macroeconomic factors: The development of the SUVs market in Eastern Europe can also be attributed to underlying macroeconomic factors. Over the past decade, Eastern European countries have experienced significant economic growth, resulting in increased disposable income for consumers. This has allowed more individuals and families to afford SUVs, which are typically priced higher than smaller vehicles. Furthermore, improvements in road infrastructure have made SUVs more accessible and practical for customers in Eastern Europe. The expansion of highways and the development of rural areas have made it easier for SUV owners to travel long distances and explore outdoor recreational activities. In conclusion, the SUVs market in Eastern Europe has been growing due to changing customer preferences, including a shift towards larger vehicles that offer more space and versatility. The increasing demand for compact and electric SUVs reflects the evolving needs and concerns of customers in the region. Additionally, local special circumstances such as harsh winters and challenging road conditions, along with underlying macroeconomic factors such as increased disposable income and improved road infrastructure, have also contributed to the development of the SUVs market in Eastern Europe.
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).
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