SUVs - Myanmar | Statista Market Forecast

SUVs - Myanmar

Myanmar

Highlights

Revenue in the SUVs market is projected to reach US$40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.87%, resulting in a projected market volume of US$38m by 2029.
SUVs market unit sales are expected to reach 1.3k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$29k.
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 Myanmar has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Myanmar, there has been a notable shift in customer preferences towards SUVs. This can be attributed to several factors. Firstly, SUVs are perceived as more stylish and prestigious compared to other vehicle types. They offer a higher driving position and a sense of security, which appeals to customers. Additionally, SUVs provide better off-road capabilities, which is particularly important in Myanmar due to its rugged terrain and underdeveloped road infrastructure. Furthermore, the spacious interiors of SUVs make them suitable for large families, which is a common household structure in Myanmar.

Trends in the market: One of the key trends in the SUVs market in Myanmar is the increasing demand for compact SUVs. These vehicles offer the benefits of an SUV, such as higher ground clearance and a commanding driving position, while being more fuel-efficient and easier to maneuver in crowded urban areas. Compact SUVs also tend to have a lower price point, making them more affordable for a wider range of customers. Another trend in the market is the growing popularity of electric SUVs. As the global trend towards sustainability and environmental consciousness gains momentum, more customers in Myanmar are opting for electric vehicles. The government has also introduced incentives and subsidies to promote the adoption of electric vehicles, further driving the demand for electric SUVs in the country.

Local special circumstances: Myanmar's unique geography and road conditions contribute to the popularity of SUVs. The country has diverse landscapes, including mountains, rivers, and rural areas, which require vehicles with robust capabilities. SUVs are well-suited to navigate these challenging terrains, making them a preferred choice for many customers in Myanmar.

Underlying macroeconomic factors: The growing middle class and improving economic conditions in Myanmar have also played a significant role in the development of the SUVs market. As disposable incomes rise, more people are able to afford SUVs, which were previously considered luxury vehicles. Additionally, the government's efforts to improve infrastructure and connectivity have made owning an SUV more practical and convenient. In conclusion, the SUVs market in Myanmar is witnessing remarkable growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for SUVs is expected to continue rising as customers seek vehicles that offer style, versatility, and performance in Myanmar's unique environment.

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).