SUVs - Gambia

Gambia

Revenue in the SUVs market is projected to reach US$5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.64%, resulting in a projected market volume of US$4m by 2029.
SUVs market unit sales are expected to reach 88.0vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$50k.
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 Gambia has been experiencing steady growth in recent years.

Customer preferences: Customers in Gambia have shown a strong preference for SUVs due to their versatility and ruggedness. SUVs are well-suited for the country's challenging terrain, which includes both urban areas and rural regions with unpaved roads. Additionally, SUVs provide ample space for passengers and cargo, making them ideal for families and individuals who require extra storage capacity.

Trends in the market: One of the key trends in the SUVs market in Gambia is the increasing demand for compact SUVs. These smaller-sized SUVs offer the benefits of a traditional SUV, such as higher ground clearance and a spacious interior, while also being more fuel-efficient and easier to maneuver in urban areas. This trend can be attributed to the rising urbanization in Gambia, as more people are moving to cities and require vehicles that are suitable for both city driving and occasional off-road adventures. Another trend in the market is the growing popularity of electric and hybrid SUVs. As global awareness of climate change and environmental issues increases, more consumers are seeking eco-friendly alternatives to traditional gasoline-powered vehicles. Electric and hybrid SUVs not only offer lower emissions but also provide a smoother and quieter driving experience. This trend is in line with the global shift towards sustainable transportation solutions.

Local special circumstances: Gambia's tourism industry plays a significant role in driving the demand for SUVs. The country is known for its beautiful landscapes and wildlife reserves, attracting tourists who want to explore the country's natural beauty. SUVs are often preferred by tourists as they can comfortably navigate through various terrains, allowing them to access remote areas and enjoy off-road adventures. Additionally, SUVs provide a sense of safety and security for tourists, especially when traveling in unfamiliar areas.

Underlying macroeconomic factors: Gambia's growing economy has contributed to the development of the SUVs market. As disposable incomes increase, more individuals and families are able to afford SUVs, which are generally more expensive than smaller vehicles. The government's efforts to improve infrastructure, including road networks, have also played a role in the market's growth. Better road connectivity has made SUVs more accessible and appealing to consumers, as they can now travel to previously inaccessible areas with ease. In conclusion, the SUVs market in Gambia is experiencing growth due to customer preferences for versatile and rugged vehicles, as well as the increasing demand for compact and eco-friendly SUVs. The country's tourism industry and improving economy are also contributing factors to the market's development.

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).