SUVs - Italy | Statista Market Forecast

SUVs - Italy

Italy

Highlights

Revenue in the SUVs market is projected to reach US$23bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.21%, resulting in a projected market volume of US$23bn by 2029.
SUVs market unit sales are expected to reach 681.0k 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 Italy has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Italian customers have shown a growing preference for SUVs due to their versatility, spaciousness, and higher driving position. SUVs are seen as a practical choice for families, offering ample storage space and comfortable seating for both passengers and drivers. Additionally, SUVs are considered more suitable for rough terrain and adverse weather conditions, which is particularly relevant in Italy where mountainous regions and unpredictable weather are common.

Trends in the market: One of the key trends in the SUVs market in Italy is the increasing demand for smaller and more compact SUV models. This trend can be attributed to several factors, including the need for fuel efficiency and maneuverability in crowded urban areas. Smaller SUVs also tend to have a lower price point, making them more accessible to a wider range of customers. Another trend in the market is the growing popularity of hybrid and electric SUVs. As environmental concerns become more prominent, many Italian customers are looking for greener alternatives to traditional petrol or diesel-powered vehicles. Hybrid and electric SUVs offer lower emissions and better fuel efficiency, making them an attractive option for eco-conscious consumers.

Local special circumstances: Italy's unique geography and climate contribute to the popularity of SUVs in the country. The mountainous terrain and unpredictable weather conditions in certain regions make SUVs a practical choice for navigating challenging roads and adverse weather. Additionally, the popularity of outdoor activities such as skiing and hiking further drives the demand for SUVs, as they offer ample space for carrying equipment and gear.

Underlying macroeconomic factors: The growing SUV market in Italy can also be attributed to favorable macroeconomic factors. Italy has experienced a period of economic stability in recent years, with steady GDP growth and low unemployment rates. This has increased consumer confidence and disposable income, allowing more Italians to consider purchasing SUVs. Additionally, low interest rates and attractive financing options have made it easier for customers to afford SUVs, further driving market growth. In conclusion, the SUVs market in Italy is experiencing significant growth due to changing customer preferences, local special circumstances, and favorable macroeconomic factors. Italian customers are increasingly opting for smaller and more compact SUV models, as well as hybrid and electric options. The country's unique geography and climate also contribute to the popularity of SUVs, while favorable macroeconomic conditions have made SUVs more accessible to a wider range of customers.

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).