SUVs - Iraq | Statista Market Forecast

SUVs - Iraq

Iraq

Highlights

Revenue in the SUVs market is projected to reach US$484m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.40%, resulting in a projected market volume of US$494m by 2029.
SUVs market unit sales are expected to reach 14.7k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$34k.
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 Iraq has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Iraq have shifted towards SUVs due to their versatility, durability, and ability to navigate the country's challenging terrain.

SUVs are well-suited for off-road driving, which is often necessary in Iraq's rural areas. Additionally, SUVs offer ample space for families and cargo, making them a practical choice for many Iraqi consumers. Trends in the market indicate a growing demand for SUVs in Iraq.

This can be attributed to the increasing urbanization and rising disposable incomes in the country. As more people move to cities and experience higher living standards, the demand for SUVs as a status symbol and a means of transportation is on the rise. Furthermore, the popularity of SUVs is also influenced by global trends, with automakers introducing new models and features to cater to the evolving needs and preferences of consumers.

Local special circumstances in Iraq contribute to the growth of the SUVs market. The country's infrastructure is still developing, and many roads outside major cities are in poor condition. SUVs are better equipped to handle these challenges compared to other types of vehicles.

Moreover, the security situation in Iraq has improved in recent years, leading to increased consumer confidence and willingness to invest in larger, more expensive vehicles like SUVs. Underlying macroeconomic factors also play a role in the development of the SUVs market in Iraq. The country has seen steady economic growth, driven by its oil reserves and efforts to diversify the economy.

This has resulted in a growing middle class with higher purchasing power, enabling more people to afford SUVs. Additionally, favorable government policies, such as reduced import taxes and subsidies, have made SUVs more affordable and accessible to a wider range of consumers. In conclusion, the SUVs market in Iraq is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

As more people in Iraq seek versatile and durable vehicles that can navigate the country's challenging terrain, the demand for SUVs is expected to continue rising.

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).