SUVs - Mauritius

Mauritius

The projected revenue for the SUVs market in Mauritius is expected to reach US$75m in 2024.
It is anticipated that the revenue will experience an annual growth rate of 10.71% (CAGR 2024-2028), resulting in a projected market volume of US$112m by 2028.
The unit sales for the SUVs market in Mauritius are expected to reach 3.3k vehicles in 2028.
Additionally, the volume weighted average price of the SUVs market in 2024 is projected to be US$35k.
From an international perspective, it is evident that United States will generate the most revenue in the SUVs market, with an estimated revenue of US$275bn in 2024.
Mauritius is experiencing a growing demand for luxury SUVs due to its prosperous tourism industry and affluent consumer base.

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

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Analyst Opinion

The SUVs market in Mauritius has been experiencing significant growth in recent years. Customer preferences have shifted towards larger vehicles with more space and versatility, leading to an increase in demand for SUVs. This trend is driven by several factors, including changing lifestyles, increasing disposable incomes, and the desire for a higher level of comfort and luxury.

Customer preferences: Mauritians are increasingly opting for SUVs due to their spacious interiors and versatility. The larger size of SUVs allows for more seating capacity and ample storage space, making them ideal for families and individuals who require extra room for their belongings. Additionally, SUVs offer a higher driving position, providing a better view of the road and a sense of safety.

Trends in the market: One of the key trends in the SUVs market in Mauritius is the growing popularity of compact SUVs. These vehicles offer a combination of the benefits of a traditional SUV, such as higher ground clearance and a rugged appearance, with the compact size and fuel efficiency of a smaller car. Compact SUVs are particularly appealing to urban dwellers who value maneuverability and fuel economy. Another trend in the market is the increasing demand for luxury SUVs. As disposable incomes rise, more consumers are willing to invest in premium vehicles that offer a higher level of comfort, advanced features, and cutting-edge technology. Luxury SUVs cater to this demand by providing a luxurious driving experience and a wide range of high-end amenities.

Local special circumstances: Mauritius is known for its diverse terrain, which includes both urban areas and rugged landscapes. SUVs are well-suited to navigate these varying conditions, making them a popular choice among Mauritians. Additionally, the country's tourism industry plays a significant role in driving the demand for SUVs, as tourists often prefer to rent or hire these vehicles for their trips.

Underlying macroeconomic factors: The growing SUVs market in Mauritius can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth over the years, resulting in an increase in disposable incomes. This has allowed more individuals and families to afford SUVs, which are generally priced higher than smaller cars. Furthermore, the government of Mauritius has implemented policies to promote the automotive industry, including tax incentives and favorable financing options. These measures have made it easier for consumers to purchase SUVs and have contributed to the growth of the market. In conclusion, the SUVs market in Mauritius is developing due to changing customer preferences, including a desire for more space and versatility. The popularity of compact SUVs and luxury SUVs is on the rise, driven by factors such as urban lifestyles, increasing disposable incomes, and the country's diverse terrain. Additionally, underlying macroeconomic factors, such as economic growth and government policies, have further fueled the growth of the market.

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).