SUVs - Equatorial Guinea

Equatorial Guinea

Revenue in the SUVs market is projected to reach US$11m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.50%, resulting in a projected market volume of US$11m by 2029.
SUVs market unit sales are expected to reach 333.0vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$35k.
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 Equatorial Guinea has been experiencing significant growth in recent years.

Customer preferences: Equatorial Guinea has seen a surge in demand for SUVs as customers are increasingly drawn to their versatility, spaciousness, and ruggedness. SUVs are well-suited for the country's diverse terrain, which includes both urban areas and rural regions with challenging road conditions. Customers in Equatorial Guinea also value the elevated driving position and sense of security that SUVs provide. Additionally, SUVs are often associated with status and luxury, making them desirable for those who can afford them.

Trends in the market: One of the key trends in the SUVs market in Equatorial Guinea is the growing popularity of compact and mid-size SUVs. These vehicles offer a balance between size and fuel efficiency, making them attractive to customers who prioritize both practicality and economy. Another trend is the increasing demand for SUVs with advanced safety features and technology. Customers in Equatorial Guinea are becoming more conscious of safety and are willing to invest in vehicles that offer the latest safety innovations.

Local special circumstances: Equatorial Guinea's oil and gas industry plays a significant role in the country's economy, and this has had an impact on the SUVs market. The industry has contributed to a rise in disposable income among the population, enabling more people to afford SUVs. Additionally, the presence of international companies and expatriates in the country has created a demand for luxury SUVs, further driving the market.

Underlying macroeconomic factors: The growth of the SUVs market in Equatorial Guinea can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, fueled by its natural resources and infrastructure development. This has led to an increase in disposable income and consumer spending. Additionally, the government has implemented policies to attract foreign investment, which has further boosted the economy and contributed to the growth of the SUVs market. In conclusion, the SUVs market in Equatorial Guinea is developing due to customer preferences for versatile and rugged vehicles, as well as the country's unique terrain. The growing popularity of compact and mid-size SUVs, as well as the demand for advanced safety features, are key trends in the market. The presence of the oil and gas industry and the resulting increase in disposable income, along with steady economic growth and government policies to attract foreign investment, are underlying macroeconomic factors contributing to the growth of the SUVs market in Equatorial Guinea.

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).