SUVs - Hungary | Statista Market Forecast

SUVs - Hungary

Hungary

Highlights

Revenue in the SUVs market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.58%, resulting in a projected market volume of US$2bn by 2029.
SUVs market unit sales are expected to reach 51.1k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$32k.
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 Hungary has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences have shifted towards larger, more spacious vehicles that offer versatility and comfort. Additionally, local special circumstances such as road conditions and weather have also contributed to the rise in popularity of SUVs.

Customer preferences: In Hungary, customer preferences have been shifting towards SUVs due to their larger size and increased interior space. SUVs offer more room for passengers and cargo, making them a practical choice for families and individuals who value versatility. Furthermore, SUVs are often equipped with advanced safety features, which is an important consideration for many buyers.

Trends in the market: One of the key trends in the SUVs market in Hungary is the increasing demand for hybrid and electric SUVs. As environmental concerns grow, more consumers are seeking eco-friendly alternatives to traditional gasoline-powered vehicles. Hybrid and electric SUVs offer lower emissions and better fuel efficiency, making them an attractive option for environmentally conscious buyers. Another trend in the market is the rise of luxury SUVs. With a growing affluent population in Hungary, there is a higher demand for premium vehicles that offer superior comfort and advanced technology. Luxury SUVs provide a combination of elegance and practicality, appealing to customers who value both style and functionality.

Local special circumstances: The road conditions in Hungary, particularly in rural areas, can be challenging at times. SUVs, with their higher ground clearance and robust build, are better suited to handle rough roads and adverse weather conditions. This makes SUVs a popular choice among Hungarian drivers who often encounter unpaved roads or snowy winters.

Underlying macroeconomic factors: The growing economy in Hungary has contributed to the increased demand for SUVs. As people's disposable income rises, they are more likely to invest in larger, more expensive vehicles. Additionally, low interest rates and favorable financing options have made it easier for consumers to afford SUVs. In conclusion, the SUVs market in Hungary is growing due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. Customers are increasingly opting for SUVs for their spaciousness and versatility, while also considering environmental factors. The demand for luxury SUVs is also on the rise, driven by the growing affluent population. The challenging road conditions in Hungary further contribute to the popularity of SUVs. Overall, the SUVs market in Hungary is expected to continue its growth trajectory 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).