SUVs - Jamaica | Statista Market Forecast

SUVs - Jamaica

Jamaica

Highlights

Revenue in the SUVs market is projected to reach US$55m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -3.08%, resulting in a projected market volume of US$47m by 2029.
SUVs market unit sales are expected to reach 1.2k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$40k.
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 Jamaica has been experiencing significant growth in recent years.

Customer preferences: Jamaican customers have shown a strong preference for SUVs due to their versatility and practicality. SUVs offer ample space for passengers and cargo, making them ideal for families and individuals with active lifestyles. Additionally, the elevated driving position and robust design of SUVs provide a sense of safety and security on Jamaican roads, which are known for their challenging terrain and unpredictable driving conditions.

Trends in the market: One of the key trends in the SUVs market in Jamaica is the increasing demand for compact and mid-size SUVs. These smaller SUVs offer a more fuel-efficient alternative to larger models, making them appealing to Jamaican consumers who are conscious of rising fuel prices. Furthermore, compact and mid-size SUVs are easier to maneuver in urban areas with narrow streets and limited parking spaces. Another trend in the market is the growing popularity of luxury SUVs. Affluent Jamaican consumers are increasingly opting for high-end SUV models that offer a combination of style, comfort, and advanced features. Luxury SUVs provide a premium driving experience and are seen as a status symbol among the upper class in Jamaica.

Local special circumstances: The Jamaican landscape and road conditions play a significant role in the popularity of SUVs. The country's mountainous terrain, uneven roads, and frequent rainfall can make driving challenging, especially in rural areas. SUVs, with their higher ground clearance and ruggedness, are better suited to navigate these conditions compared to sedans or hatchbacks. This has led to a higher adoption rate of SUVs in Jamaica compared to other vehicle types.

Underlying macroeconomic factors: The growing economy of Jamaica has contributed to the increased demand for SUVs. As the country's GDP per capita continues to rise, more Jamaicans are able to afford SUVs, which are generally priced higher than other vehicle types. Additionally, the expansion of the tourism industry in Jamaica has created a demand for SUVs among rental car companies, as tourists often prefer larger vehicles for exploring the island. In conclusion, the SUVs market in Jamaica is growing due to customer preferences for versatile and practical vehicles, as well as the country's unique road conditions. Compact and mid-size SUVs are gaining popularity due to their fuel efficiency and maneuverability, while luxury SUVs are appealing to affluent consumers. The Jamaican economy and the tourism industry also play a role in driving the demand for SUVs in the country.

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).