SUVs - Kazakhstan | Statista Market Forecast

SUVs - Kazakhstan

Kazakhstan

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 0.43%, resulting in a projected market volume of US$2bn by 2029.
SUVs market unit sales are expected to reach 48.6k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$47k.
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 popularity of SUVs in Kazakhstan has been steadily increasing in recent years, driven by changing customer preferences, market trends, and local special circumstances.

Customer preferences: Kazakhstan has seen a shift in customer preferences towards SUVs due to their versatility and adaptability to various road conditions. The rugged terrain and harsh weather conditions in certain regions of the country make SUVs a practical choice for many consumers. Additionally, the spacious interiors and higher seating position of SUVs provide a sense of safety and comfort, which is highly valued by customers.

Trends in the market: One of the key trends in the SUV market in Kazakhstan is the increasing demand for compact and mid-size SUVs. These vehicles offer a good balance between size and fuel efficiency, making them suitable for both urban and rural areas. Another trend is the growing popularity of electric and hybrid SUVs, as more consumers are becoming environmentally conscious and seeking greener alternatives. This trend is in line with the global shift towards electric vehicles and reflects the increasing availability and affordability of these options in the market.

Local special circumstances: Kazakhstan's vast and diverse landscape presents unique challenges for vehicle owners. The country has a mix of well-maintained highways and rough off-road tracks, making SUVs a preferred choice for many Kazakhstani drivers. The higher ground clearance and robust build of SUVs allow them to navigate through unpaved roads and withstand the demands of long-distance travel. Moreover, the extreme weather conditions, such as heavy snowfall and icy roads during winter, make SUVs equipped with all-wheel drive systems particularly appealing.

Underlying macroeconomic factors: The growing SUV market in Kazakhstan can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and purchasing power among consumers. This has allowed more individuals and families to afford SUVs, which are generally priced higher than other vehicle segments. Additionally, the government's efforts to improve infrastructure and expand road networks have made SUVs a practical choice for both urban and rural dwellers. In conclusion, the SUV market in Kazakhstan is developing due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for SUVs is driven by their versatility, adaptability to various road conditions, and the sense of safety and comfort they provide. The increasing popularity of compact and mid-size SUVs, as well as electric and hybrid models, reflects the evolving needs and preferences of Kazakhstani consumers. The unique landscape and extreme weather conditions in Kazakhstan make SUVs a practical choice for many drivers, while favorable macroeconomic factors have contributed to the affordability and accessibility of these vehicles.

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).