SUVs - Ivory Coast

Ivory Coast

Revenue in the SUVs market is projected to reach US$52m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.02%, resulting in a projected market volume of US$55m by 2029.
SUVs market unit sales are expected to reach 1,219.0vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$45k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$333bn in 2024).

Key regions: United States, Germany, United Kingdom, India, China

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Analyst Opinion

The SUVs market in Ivory Coast has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the development of the SUVs market in Ivory Coast is the changing preferences of customers. SUVs are known for their spaciousness, comfort, and versatility, making them highly desirable for families and individuals looking for a reliable and practical vehicle. Additionally, SUVs often have a higher ground clearance, which is advantageous on the country's sometimes uneven and unpaved roads.

Trends in the market: The increasing popularity of SUVs in Ivory Coast can be attributed to several trends. Firstly, there is a growing middle class in the country, which has led to an increase in disposable income and purchasing power. As a result, more people are able to afford SUVs, which are generally priced higher than smaller vehicles. Secondly, the rise of urbanization in Ivory Coast has contributed to the demand for SUVs. As cities become more congested, customers are looking for vehicles that offer better maneuverability and can handle the challenges of urban driving. SUVs provide a higher driving position, giving drivers better visibility and a sense of security on crowded roads.

Local special circumstances: Ivory Coast is known for its diverse terrain, which includes both urban areas and rural regions. SUVs are well-suited to navigate the country's varied landscapes, from city streets to off-road adventures. Additionally, Ivory Coast experiences a tropical climate, with heavy rainfall during certain seasons. The higher ground clearance of SUVs makes them more capable of handling flooded or muddy roads.

Underlying macroeconomic factors: The growth of the SUVs market in Ivory Coast is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an increase in consumer spending. As a result, more people are able to afford SUVs and are willing to invest in a vehicle that offers both functionality and status. Furthermore, the government of Ivory Coast has been implementing policies to promote the automotive industry and attract foreign investment. This has led to the establishment of local assembly plants, making SUVs more accessible and affordable for consumers. In conclusion, the SUVs market in Ivory Coast is developing due to changing customer preferences, urbanization trends, local special circumstances, and underlying macroeconomic factors. As the country continues to experience economic growth and urbanization, the demand for SUVs is expected to further increase in the coming years.

Methodology

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).