SUVs - Germany | Statista Market Forecast

SUVs - Germany

Germany

Highlights

Revenue in the SUVs market is projected to reach US$48bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.57%, resulting in a projected market volume of US$50bn by 2029.
SUVs market unit sales are expected to reach 1.4m vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$38k.
From an international perspective it is shown that the most revenue will be generated United States (US$333bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The SUVs market in Germany has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: German customers have shown a growing preference for SUVs due to their versatility, spaciousness, and higher driving position. SUVs offer a combination of comfort, safety, and practicality that appeals to a wide range of consumers. Additionally, the availability of advanced technology features and luxurious amenities in SUV models has further attracted German customers.

Trends in the market: One of the key trends in the SUVs market in Germany is the increasing demand for electric and hybrid SUVs. As the country strives to reduce its carbon footprint and promote sustainable transportation, more consumers are opting for eco-friendly vehicles. The availability of electric and hybrid SUV models from various manufacturers has contributed to this trend. Another trend in the market is the rise of compact SUVs. These smaller SUV models offer a more affordable option for consumers who want the benefits of an SUV but with a smaller footprint. Compact SUVs are particularly popular among urban dwellers who value maneuverability and fuel efficiency.

Local special circumstances: Germany's road infrastructure and driving conditions play a role in the popularity of SUVs. The country has well-maintained roads, but also a significant number of rural areas and off-road opportunities. SUVs are well-suited for navigating these diverse driving conditions, making them a practical choice for German consumers. Additionally, Germany's climate and weather conditions also contribute to the demand for SUVs. With changing seasons and the possibility of snowfall in certain regions, SUVs provide better traction and stability, making them a preferred choice for many German drivers.

Underlying macroeconomic factors: Germany's strong economy and high disposable income levels have also contributed to the growth of the SUVs market. As consumers have more purchasing power, they are able to afford larger, more expensive vehicles like SUVs. The availability of favorable financing options and leasing programs has also made SUVs more accessible to a wider range of consumers. In conclusion, the SUVs market in Germany has witnessed significant growth due to changing customer preferences, the availability of electric and compact models, local driving conditions, and Germany's strong economy. As these trends continue, it is likely that the SUVs market in Germany will continue to expand in the coming years.

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).