SUVs - EU-27

EU-27

The SUVs market in the EU-27 is projected to generate a revenue of US$118,300m by 2024.
This represents a significant potential for growth in the region.
Looking ahead, the market is expected to exhibit an annual growth rate (CAGR 2024-2028) of -1.76%, resulting in a projected market volume of US$110,200m by 2028.
This indicates a positive outlook for the SUVs market in the EU-27.
In terms of unit sales, it is anticipated that the SUVs market will reach 3,242.0k vehicles units by 2028.
This strong demand for SUVs market reflects the popularity of these vehicles in the EU-27.
The volume weighted average price of SUVs market in the EU-27 market segment is expected to be US$34k in 2024.
This indicates the average price at which SUVs market are sold in the market segment.
From an international perspective, it is noteworthy that United States is projected to generate the highest revenue in the SUVs market, amounting to US$275bn in 2024.
This highlights the significance of the US market in the global SUVs market industry.
Germany remains the dominant market for SUVs in the EU-27, with high demand driven by the country's strong economy and preference for premium vehicles.

Key regions: United States, Germany, United Kingdom, India, China

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Analyst Opinion

The SUVs market in EU-27 is experiencing significant growth and development, driven by changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in EU-27 are increasingly gravitating towards SUVs due to their versatility, spaciousness, and perceived safety. SUVs offer ample interior space for passengers and cargo, making them ideal for families and individuals with active lifestyles. Additionally, SUVs are often equipped with advanced safety features, providing a sense of security for consumers. Furthermore, the popularity of SUVs is also influenced by their elevated driving position, which provides better visibility on the road.

Trends in the market: One of the prominent trends in the SUVs market in EU-27 is the growing demand for electric and hybrid SUVs. As the region aims to reduce carbon emissions and transition towards cleaner energy sources, more consumers are opting for electric and hybrid vehicles. This trend is further supported by government incentives and regulations promoting the adoption of electric vehicles. As a result, automakers are increasingly introducing electric and hybrid SUV models to cater to this growing demand. Another trend in the market is the emergence of compact SUVs. These smaller-sized SUVs offer the benefits of an SUV in a more compact and maneuverable package. Compact SUVs are particularly popular among urban dwellers who value the versatility and practicality of an SUV but require a vehicle that is easier to park and navigate in congested city streets.

Local special circumstances: The SUVs market in EU-27 is influenced by specific local circumstances in different countries within the region. For example, in countries with harsher weather conditions or rugged terrains, such as Sweden or Norway, SUVs are particularly popular due to their all-wheel drive capabilities and higher ground clearance. These features make SUVs well-suited for navigating through snow, ice, and uneven terrains.

Underlying macroeconomic factors: The development of the SUVs market in EU-27 is also influenced by underlying macroeconomic factors. Factors such as economic growth, consumer confidence, and disposable income levels play a significant role in driving the demand for SUVs. When the economy is performing well and consumers have higher purchasing power, they are more likely to invest in larger and more expensive vehicles like SUVs. Additionally, changes in fuel prices can also impact the SUVs market. Higher fuel prices may lead consumers to opt for more fuel-efficient vehicles, such as smaller cars or hybrid SUVs. On the other hand, lower fuel prices can make larger vehicles like SUVs more affordable to operate, leading to increased demand. In conclusion, the SUVs market in EU-27 is experiencing growth and development due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing popularity of SUVs can be attributed to their versatility, spaciousness, perceived safety, and elevated driving position. The market is also witnessing a shift towards electric and hybrid SUVs, as well as the emergence of compact SUVs. Local circumstances and underlying macroeconomic factors further contribute to the development of the SUVs market in EU-27.

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).