Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Estonia has experienced significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances.
Customer preferences: Estonian customers have shown a growing preference for SUVs due to their versatility, practicality, and spaciousness. SUVs offer a higher driving position, which provides a better view of the road and a sense of safety. Additionally, SUVs often come equipped with advanced safety features and technologies, which are highly valued by Estonian consumers. Furthermore, SUVs are perceived as stylish and prestigious vehicles, appealing to customers who seek both functionality and luxury.
Trends in the market: One of the key trends in the SUVs market in Estonia is the increasing demand for electric and hybrid SUVs. This trend is in line with the global shift towards more sustainable and eco-friendly transportation options. Estonian customers are becoming more conscious of their carbon footprint and are actively seeking vehicles that offer lower emissions and better fuel efficiency. Electric and hybrid SUVs not only provide environmental benefits but also offer the same level of performance and comfort as traditional SUVs. Another trend observed in the Estonian SUVs market is the rise of compact SUVs. These smaller-sized SUVs are gaining popularity due to their agility and maneuverability in urban environments. Estonian cities are known for their narrow streets and limited parking spaces, making compact SUVs a practical choice for daily commuting. Compact SUVs also tend to have lower fuel consumption and emissions, aligning with the growing emphasis on sustainability.
Local special circumstances: Estonia's geographical landscape and climate contribute to the popularity of SUVs in the market. The country has a diverse terrain, including forests, lakes, and rural areas, where SUVs are better suited for off-road adventures and outdoor activities. Moreover, Estonia experiences long and harsh winters, with heavy snowfall and icy roads. SUVs with their higher ground clearance and all-wheel drive capabilities are preferred by Estonian drivers for their better traction and stability in such conditions.
Underlying macroeconomic factors: The growing affluence and purchasing power of Estonian consumers have also played a role in the development of the SUVs market. As the economy continues to grow, more individuals and families have the financial means to afford SUVs, which are generally priced higher than other vehicle segments. Additionally, favorable financing options and competitive leasing deals offered by manufacturers and financial institutions have made SUVs more accessible to a wider range of customers. In conclusion, the SUVs market in Estonia is experiencing growth due to changing customer preferences, market trends such as the demand for electric and compact SUVs, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is expected that SUVs will remain a popular choice among Estonian consumers.
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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