Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in New Zealand has experienced significant growth in recent years, driven by changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in New Zealand have shown a strong preference for 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, which enhances visibility and gives drivers a sense of safety on the road. This combination of functionality and safety has made SUVs the preferred choice for many New Zealanders.
Trends in the market: One of the key trends in the SUVs market in New Zealand is the shift towards more fuel-efficient and environmentally friendly vehicles. With increasing concerns about climate change and rising fuel prices, customers are opting for SUVs that offer better fuel efficiency and lower emissions. This trend is driven by advancements in technology, such as hybrid and electric SUVs, which provide a greener alternative to traditional petrol or diesel-powered SUVs. Another trend in the market is the growing demand for compact and mid-size SUVs. These smaller SUVs offer the benefits of an SUV, such as higher ground clearance and increased cargo space, while being more maneuverable and easier to park in urban areas. As New Zealand's population continues to grow and cities become more congested, compact and mid-size SUVs are becoming increasingly popular among urban dwellers.
Local special circumstances: New Zealand's rugged terrain and outdoor lifestyle also contribute to the popularity of SUVs. The country is known for its beautiful landscapes and outdoor recreational activities, such as hiking, camping, and skiing. SUVs are well-suited for navigating the country's diverse terrains, including mountainous regions and gravel roads. Their off-road capabilities and all-wheel drive systems make them a practical choice for those who enjoy outdoor adventures.
Underlying macroeconomic factors: New Zealand's strong economy and high disposable income levels have also played a role in the growth of the SUVs market. As the economy continues to prosper, more people have the financial means to purchase SUVs. Additionally, low interest rates and favorable financing options have made SUVs more affordable and accessible to a wider range of customers. In conclusion, the SUVs market in New Zealand has experienced significant growth due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The preference for SUVs is driven by their versatility and practicality, as well as the shift towards more fuel-efficient and environmentally friendly vehicles. The demand for compact and mid-size SUVs is also on the rise, driven by urbanization and the need for more maneuverable vehicles. New Zealand's rugged terrain and outdoor lifestyle further contribute to the popularity of SUVs. Finally, the country's strong economy and high disposable income levels have made SUVs more affordable and accessible to a wider range of customers.
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).
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