SUVs - Nicaragua | Statista Market Forecast

SUVs - Nicaragua

Nicaragua

Highlights

Revenue in the SUVs market is projected to reach US$135m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -3.19%, resulting in a projected market volume of US$115m by 2029.
SUVs market unit sales are expected to reach 2.6k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$45k.
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 Nicaragua has been experiencing significant growth in recent years. Customer preferences have shifted towards larger vehicles due to their versatility and perceived safety. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the SUVs market in Nicaragua.

Customer preferences: Nicaraguan customers have shown a strong preference for SUVs over other vehicle types. This can be attributed to several factors. Firstly, SUVs are seen as more versatile and practical compared to smaller cars. They offer more cargo space and seating capacity, making them suitable for families and individuals with active lifestyles. Moreover, SUVs are often perceived as safer vehicles due to their larger size and higher driving position. This is particularly important in a country with challenging road conditions and limited infrastructure.

Trends in the market: The SUVs market in Nicaragua has been growing steadily in recent years. This can be attributed to the increasing purchasing power of the middle class and the availability of financing options. As the economy has improved, more Nicaraguans have been able to afford SUVs, leading to an increase in demand. Additionally, the introduction of new models and the expansion of dealership networks have made SUVs more accessible to a wider range of customers.

Local special circumstances: Nicaragua's unique geography and road conditions have contributed to the popularity of SUVs in the country. The rugged terrain and unpaved roads in many parts of Nicaragua make SUVs a practical choice for navigating these challenging environments. Moreover, the country's coastal areas and tourist destinations attract visitors who often prefer to rent SUVs for their vacations. This has created a demand for rental SUVs, further driving the growth of the market.

Underlying macroeconomic factors: The improving economy and stable political situation in Nicaragua have created a favorable environment for the development of the SUVs market. As the country's GDP has grown, so has the disposable income of Nicaraguan consumers. This has allowed more people to afford SUVs and contribute to the market's growth. Additionally, the availability of financing options, such as loans and leasing, has made SUVs more affordable and attractive to potential buyers. In conclusion, the SUVs market in Nicaragua has experienced significant growth due to customer preferences for larger vehicles, local special circumstances such as challenging road conditions, and underlying macroeconomic factors including an improving economy and increased purchasing power. The future of the SUVs market in Nicaragua looks promising as more Nicaraguans aspire to own these versatile and practical vehicles.

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).