SUVs - Lithuania | Statista Market Forecast

SUVs - Lithuania

Lithuania

Highlights

Revenue in the SUVs market is projected to reach US$529m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.36%, resulting in a projected market volume of US$624m by 2029.
SUVs market unit sales are expected to reach 15.9k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$38k.
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 Lithuania has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances.

Customer preferences: Customers in Lithuania are increasingly favoring SUVs over traditional sedans and hatchbacks. This shift in preference can be attributed to several factors. Firstly, SUVs offer a higher seating position, providing better visibility and a sense of safety on the road. Additionally, SUVs have a more spacious interior, making them suitable for families and individuals who value comfort and practicality. Lastly, SUVs are often equipped with advanced safety features and technology, appealing to customers who prioritize safety.

Trends in the market: One of the key trends in the SUVs market in Lithuania is the growing demand for electric and hybrid SUVs. As customers become more environmentally conscious, there is a rising interest in vehicles that offer lower emissions and better fuel efficiency. This trend is in line with the global shift towards sustainable transportation and the increasing availability of electric and hybrid SUV models in the market. Another trend in the market is the popularity of compact SUVs. These smaller-sized SUVs offer the benefits of an SUV, such as higher ground clearance and a spacious interior, while being more maneuverable and fuel-efficient compared to larger SUVs. Compact SUVs are particularly appealing to urban dwellers who require a versatile vehicle for both city driving and occasional off-road adventures.

Local special circumstances: Lithuania's geography and climate contribute to the popularity of SUVs in the country. The country has a diverse landscape, including forests, lakes, and rural areas, where SUVs are better suited for navigating rough terrains and challenging road conditions. Additionally, Lithuania experiences harsh winters with heavy snowfall, making SUVs with all-wheel drive systems highly desirable for their superior traction and stability on icy roads.

Underlying macroeconomic factors: The growing affluence and purchasing power of the Lithuanian population have played a significant role in the development of the SUVs market. As the economy continues to grow, more individuals and families are able to afford SUVs, which are generally priced higher than other vehicle segments. Additionally, favorable financing options and leasing programs offered by manufacturers and financial institutions have made SUVs more accessible to a wider range of customers. In conclusion, the SUVs market in Lithuania is experiencing growth due to changing customer preferences, the popularity of electric and hybrid vehicles, the demand for compact SUVs, local special circumstances, and the country's improving economic conditions. With these factors in play, the SUVs market in Lithuania is expected to continue its upward trajectory in the coming years.

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).