Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Israel has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: In Israel, there has been a shift in customer preferences towards larger vehicles like SUVs. This can be attributed to several factors. Firstly, SUVs offer a higher driving position, which provides a sense of safety and better visibility on the road. Additionally, SUVs are known for their spacious interiors and ample cargo space, making them a practical choice for families and individuals who require extra room. Furthermore, SUVs often come equipped with advanced safety features and technology, which is appealing to Israeli consumers who prioritize safety.
Trends in the market: One of the key trends in the SUVs market in Israel is the increasing demand for electric SUVs. As the country aims to reduce its dependence on fossil fuels and promote sustainable transportation, there has been a growing interest in electric vehicles. The combination of the SUV body style and electric powertrain offers a compelling option for consumers who want both space and eco-friendliness. This trend is likely to continue as more electric SUV models become available in the market. Another trend in the SUVs market is the rise of luxury SUVs. Israeli consumers have shown a growing affinity for premium and high-end vehicles, and luxury SUVs perfectly cater to this demand. These vehicles offer a blend of comfort, performance, and prestige, making them desirable among affluent consumers. The availability of various luxury SUV models from renowned brands has further fueled this trend.
Local special circumstances: Israel has a unique geography and climate, which contributes to the popularity of SUVs. The country has diverse landscapes, including mountainous regions and desert areas, which require vehicles with robust off-road capabilities. SUVs, with their higher ground clearance and four-wheel drive systems, are well-suited for navigating these challenging terrains. Additionally, the hot and dry climate in certain parts of Israel can make driving conditions harsh, and SUVs are known for their durability and reliability in extreme weather conditions.
Underlying macroeconomic factors: The strong economy in Israel has also played a role in the growth of the SUVs market. With a stable and prosperous economy, consumers have more disposable income to spend on vehicles. This has allowed them to consider larger and more expensive options like SUVs. Additionally, favorable financing options and low interest rates have made SUVs more affordable and accessible to a wider range of consumers. In conclusion, the SUVs market in Israel has experienced growth due to changing customer preferences towards larger vehicles, the emergence of electric SUVs, the popularity of luxury SUVs, the unique geography and climate of the country, and the strong macroeconomic factors. These trends and circumstances are likely to continue shaping the SUVs market in Israel in the foreseeable future.
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).
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