SUVs - Luxembourg

Luxembourg

Revenue in the SUVs market is projected to reach US$879m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.06%, resulting in a projected market volume of US$973m by 2029.
SUVs market unit sales are expected to reach 23,310.0vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$41k.
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

Market

Make

Region

Region comparison

Currency

Analyst Opinion

The SUVs market in Luxembourg has been experiencing steady growth in recent years, driven by changing customer preferences and favorable market conditions.

Customer preferences: Luxembourg, being a prosperous and affluent country, has seen a shift in customer preferences towards larger and more luxurious vehicles. SUVs provide a combination of comfort, versatility, and prestige, making them a popular choice among consumers. The SUV segment offers a wide range of options, from compact crossovers to full-size luxury SUVs, catering to different customer needs and budgets. Additionally, SUVs are known for their higher seating position, which provides a sense of safety and better visibility on the road, appealing to families and individuals alike.

Trends in the market: One of the key trends in the SUVs market in Luxembourg is the increasing demand for electric and hybrid SUVs. As the country strives to reduce its carbon footprint and promote sustainable transportation, there has been a growing interest in eco-friendly vehicles. Electric and hybrid SUVs offer lower emissions and better fuel efficiency compared to their conventional counterparts, making them an attractive option for environmentally-conscious consumers. Another trend in the market is the rise of compact SUVs. These vehicles offer a balance between the practicality of an SUV and the agility of a smaller car, making them well-suited for urban driving conditions in Luxembourg. Compact SUVs also tend to have more affordable price tags compared to larger SUVs, making them accessible to a wider range of consumers.

Local special circumstances: Luxembourg's small size and well-developed infrastructure contribute to the popularity of SUVs in the country. The compact size of the country makes SUVs a practical choice for navigating both urban and rural roads. Additionally, Luxembourg's high standard of living and strong economy enable consumers to afford the higher price tags associated with SUVs.

Underlying macroeconomic factors: The stable and prosperous economy of Luxembourg plays a significant role in the growth of the SUVs market. With a high GDP per capita and low unemployment rates, consumers have the financial means to purchase SUVs. Additionally, the availability of favorable financing options and low interest rates further incentivize consumers to invest in SUVs. In conclusion, the SUVs market in Luxembourg is experiencing growth due to changing customer preferences towards larger and more luxurious vehicles, as well as favorable market conditions. The increasing demand for electric and hybrid SUVs, as well as the popularity of compact SUVs, are notable trends in the market. Luxembourg's small size, well-developed infrastructure, and strong economy contribute to the appeal and practicality of SUVs in the country.

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).