SUVs - Montenegro | Statista Market Forecast

SUVs - Montenegro

Montenegro

Highlights

Revenue in the SUVs market is projected to reach US$18m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.08%, resulting in a projected market volume of US$17m by 2029.
SUVs market unit sales are expected to reach 389.0vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$44k.
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 Montenegro has been experiencing significant growth in recent years, driven by changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Montenegro have shifted towards SUVs due to their versatility and practicality.

SUVs offer ample space for passengers and cargo, making them ideal for families and outdoor enthusiasts. Additionally, SUVs provide a higher driving position and improved visibility, which is appealing to many consumers. Furthermore, SUVs are often equipped with advanced safety features and technology, enhancing the overall driving experience.

Trends in the market also contribute to the growth of the SUVs market in Montenegro. Globally, there has been a rise in the popularity of SUVs, and this trend has extended to Montenegro. As SUVs become more affordable and fuel-efficient, more consumers are opting for these vehicles over traditional sedans or hatchbacks.

The availability of a wide range of SUV models from various manufacturers also contributes to the market growth, as consumers have more options to choose from. Local special circumstances in Montenegro further drive the demand for SUVs. The country's rugged terrain and mountainous regions make SUVs a practical choice for navigating difficult roads and off-road adventures.

Additionally, Montenegro attracts a significant number of tourists who visit for its natural beauty and outdoor activities. SUVs are often preferred by tourists for exploring the country's diverse landscapes, further driving the demand for these vehicles. Underlying macroeconomic factors also play a role in the growth of the SUVs market in Montenegro.

The country has experienced steady economic growth in recent years, resulting in an increase in disposable income for many consumers. This allows them to afford larger and more expensive vehicles like SUVs. Moreover, Montenegro has seen a rise in tourism, which contributes to the overall economic growth and consumer spending.

In conclusion, the SUVs market in Montenegro is developing due to changing customer preferences, global market trends, local special circumstances, and underlying macroeconomic factors. The versatility and practicality of SUVs, along with their popularity worldwide, make them an attractive choice for consumers in Montenegro. The country's rugged terrain and tourist attractions further drive the demand for SUVs.

Additionally, Montenegro's economic growth and increasing disposable income contribute to the affordability and purchase of SUVs.

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).