SUVs - Kenya

Kenya

In 2024, the projected revenue in the SUVs market in Kenya is expected to reach US$20m.
This indicates a positive growth trend for the market.
Furthermore, it is estimated that the revenue will continue to increase at a compound annual growth rate (CAGR) of 15.70% from 2024 to 2028, resulting in a projected market volume of US$35m by 2028.
This growth is indicative of the rising demand for SUVs market in Kenya.
Additionally, the unit sales in the SUVs market are predicted to reach 744.0vehicles by 2028, reflecting the increasing popularity of SUVs market among consumers.
The volume weighted average price of SUVs market in 2024 is projected to be US$47k.
This figure represents the average price at which SUVs market are sold in the market.
From an international perspective, it is evident that United States is the leading market in terms of revenue generation.
In 2024, United States is expected to generate a revenue of US$275bn in the SUVs market.
This highlights the significant market potential and consumer demand for SUVs market United States.
Overall, the SUVs market in Kenya is experiencing growth and is expected to continue expanding in the coming years.
The projected revenue, market volume, and unit sales demonstrate the positive outlook for the SUVs market in Kenya.
With the growing demand for off-road capability and spaciousness in Kenya, SUVs have become the preferred choice for adventurous families.

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

Market

Make

Region

Region comparison

Currency

Analyst Opinion

The SUVs market in Kenya has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Kenyan customers have shown a growing preference for SUVs due to their versatility and ruggedness. SUVs are well-suited for both urban and off-road driving, making them a popular choice for Kenyan consumers who often encounter rough terrain and unpaved roads. Additionally, SUVs offer ample space and seating capacity, which is highly valued by Kenyan families who often travel with extended family members or large groups of friends.

Trends in the market: One notable trend in the Kenyan SUVs market is the increasing demand for compact SUVs. These smaller-sized SUVs offer better fuel efficiency and maneuverability in congested urban areas, which is particularly important in Kenya's major cities like Nairobi and Mombasa. This trend is driven by the need for practical and economical vehicles that can navigate through traffic and tight parking spaces. Another trend in the market is the rise of luxury SUVs. Affluent Kenyan consumers are increasingly opting for high-end SUVs that offer premium features, comfort, and prestige. This trend is fueled by the growing middle class and the desire for status symbols among the upper echelons of society.

Local special circumstances: Kenya's diverse geography and varied climate also contribute to the popularity of SUVs. The country has a mix of urban and rural areas, with many regions experiencing challenging road conditions. SUVs are well-suited to handle these conditions, making them a practical choice for Kenyan consumers. Additionally, Kenya's tourism industry plays a significant role in the demand for SUVs, as tourists often prefer to explore the country's national parks and wildlife reserves in rugged vehicles.

Underlying macroeconomic factors: Kenya's improving economy and rising disposable incomes have also contributed to the growth of the SUVs market. As more Kenyans have the financial means to purchase vehicles, the demand for SUVs has increased. Additionally, the availability of financing options and the expansion of dealership networks have made SUVs more accessible to a wider range of consumers. In conclusion, the SUVs market in Kenya is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. Kenyan consumers are increasingly opting for SUVs that offer versatility, space, and ruggedness. The demand for compact SUVs and luxury SUVs is particularly noteworthy. The country's diverse geography, challenging road conditions, and thriving tourism industry also contribute to the popularity of SUVs. With Kenya's improving economy and rising disposable incomes, the SUVs market is expected to continue its upward trajectory.

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).