SUVs - Guatemala | Statista Market Forecast

SUVs - Guatemala

Guatemala

Highlights

Revenue in the SUVs market is projected to reach US$199m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.37%, resulting in a projected market volume of US$203m by 2029.
SUVs market unit sales are expected to reach 4.5k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$45k.
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 Guatemala has been experiencing significant growth in recent years.

Customer preferences: Guatemalan customers have shown a strong preference for SUVs due to their versatility and practicality. SUVs offer ample space for passengers and cargo, making them ideal for families and individuals with active lifestyles. Additionally, SUVs are often equipped with advanced safety features, which is a key consideration for Guatemalan consumers.

Trends in the market: One of the key trends in the SUVs market in Guatemala is the increasing demand for smaller and more fuel-efficient SUV models. As fuel prices continue to rise, Guatemalan consumers are looking for vehicles that offer better fuel economy without compromising on performance and comfort. This trend is driven by both economic and environmental factors, as consumers seek to reduce their fuel expenses and minimize their carbon footprint. Another trend in the market is the growing popularity of luxury SUVs. As the Guatemalan economy continues to grow, there is an increasing number of affluent consumers who are willing to spend more on high-end vehicles. Luxury SUVs offer a combination of comfort, performance, and prestige, making them an attractive choice for this segment of the market.

Local special circumstances: Guatemala is known for its challenging road conditions, with many areas lacking proper infrastructure. SUVs are well-suited for these conditions, as they offer higher ground clearance and better off-road capabilities compared to sedans or hatchbacks. This makes SUVs a practical choice for Guatemalan consumers who frequently encounter rough terrain or unpaved roads.

Underlying macroeconomic factors: The growing SUVs market in Guatemala is also influenced by several underlying macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an expanding middle class with increased purchasing power. As a result, more Guatemalan consumers are able to afford SUVs and are willing to invest in these vehicles. Additionally, the availability of financing options has made it easier for consumers to purchase SUVs. Banks and financial institutions in Guatemala offer competitive interest rates and flexible payment plans, making SUV ownership more accessible to a wider range of consumers. In conclusion, the SUVs market in Guatemala is growing due to customer preferences for versatile and practical vehicles, as well as the increasing demand for smaller and more fuel-efficient models. Luxury SUVs are also gaining popularity among affluent consumers. The challenging road conditions in Guatemala make SUVs a practical choice, and the country's steady economic growth and availability of financing options further contribute to the market's development.

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).