SUVs - Ireland | Statista Market Forecast

SUVs - Ireland

Ireland

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 1.62%, resulting in a projected market volume of US$2bn by 2029.
SUVs market unit sales are expected to reach 53.6k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$33k.
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 Ireland has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: One of the key factors driving the growth of the SUVs market in Ireland is the changing preferences of customers. SUVs offer a combination of style, space, and utility, making them an attractive choice for many consumers. In addition, SUVs are often perceived as safer and more versatile vehicles, which appeals to families and individuals with active lifestyles.

Trends in the market: The SUVs market in Ireland has seen a surge in demand for smaller and more fuel-efficient models. This trend can be attributed to rising fuel prices and increasing environmental concerns. Customers are now seeking SUVs that offer better fuel efficiency without compromising on performance and comfort. Manufacturers have responded to this demand by introducing hybrid and electric SUVs, which have gained popularity in the market. Another trend in the SUVs market in Ireland is the growing popularity of luxury SUVs. As disposable incomes have increased, more consumers are willing to invest in premium SUVs that offer superior comfort, advanced technology, and luxury features. This trend is driven by the desire for a higher level of sophistication and status among consumers.

Local special circumstances: Ireland's unique geography and weather conditions also play a role in the development of the SUVs market. The country's rural areas and uneven terrain make SUVs a practical choice for many residents. SUVs offer better ground clearance and traction, making them suitable for driving on rough roads and in adverse weather conditions. Additionally, Ireland experiences a significant amount of rainfall throughout the year, and SUVs are often equipped with all-wheel drive systems that provide better stability and control on wet roads.

Underlying macroeconomic factors: The growth of the SUVs market in Ireland is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable incomes and consumer spending. This has allowed more individuals to afford SUVs and contribute to the overall growth of the market. Additionally, low interest rates and attractive financing options have made it easier for consumers to purchase SUVs, further driving the demand in the market. In conclusion, the SUVs market in Ireland is growing due to changing customer preferences, including a demand for smaller and more fuel-efficient models, as well as a preference for luxury SUVs. The country's unique geography and weather conditions also contribute to the popularity of SUVs, while underlying macroeconomic factors, such as economic growth and favorable financing options, support the overall growth of the market.

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).