SUVs - Moldova

Moldova

Revenue in the SUVs market is projected to reach US$70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.81%, resulting in a projected market volume of US$64m by 2029.
SUVs market unit sales are expected to reach 1,408.0vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$46k.
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

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Analyst Opinion

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

Customer preferences: Customers in Moldova are increasingly opting for SUVs due to their versatility, spaciousness, and higher driving position. SUVs offer a sense of security and are well-suited for both urban and rural environments. Additionally, SUVs are perceived as more prestigious and luxurious compared to other vehicle types. These customer preferences align with the global trend of SUVs dominating the automotive market.

Trends in the market: The SUVs market in Moldova has witnessed a surge in demand, with an increasing number of consumers choosing SUVs over sedans and hatchbacks. This trend can be attributed to several factors. Firstly, the growing middle class in Moldova has led to an increase in disposable income, allowing more individuals to afford SUVs. Secondly, the improved road infrastructure in the country has made SUVs a more practical choice for daily commuting and long-distance travel. Finally, the availability of a wide range of SUV models from various manufacturers has provided consumers with ample choices, further fueling the growth of the market.

Local special circumstances: Moldova's geographical location and terrain contribute to the popularity of SUVs in the country. The presence of rural areas and unpaved roads necessitates a vehicle that can handle rough terrains, making SUVs an ideal choice for many Moldovan consumers. Moreover, the country experiences harsh winters, with heavy snowfall and icy roads, which makes SUVs with their all-wheel drive capabilities highly desirable.

Underlying macroeconomic factors: The overall economic stability and steady GDP growth in Moldova have played a crucial role in the development of the SUVs market. As the economy continues to improve, more individuals have the financial means to purchase SUVs. Additionally, favorable financing options and low-interest rates have made it easier for consumers to afford SUVs. The government's efforts to attract foreign investment and promote economic development have also contributed to the growth of the automotive industry, including the SUVs market. In conclusion, the SUVs market in Moldova is witnessing significant growth due to changing customer preferences, global trends, and local special circumstances. The increasing demand for SUVs can be attributed to their versatility, perceived prestige, and suitability for both urban and rural environments. The availability of a wide range of models, improved road infrastructure, and the country's geographical factors further drive the growth of the market. The overall economic stability and favorable financing options also play a crucial role in the development of the SUVs market in Moldova.

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).