Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in the Nordics has been experiencing significant growth in recent years. Customer preferences in the Nordics have shifted towards SUVs due to their versatility, safety features, and all-weather capabilities.
SUVs offer ample cargo space, making them suitable for outdoor activities and family trips. Furthermore, the high driving position and robust build of SUVs provide a sense of security on the road. Trends in the market show that SUVs are becoming increasingly popular among Nordic consumers.
This can be attributed to the growing demand for vehicles that can handle the region's challenging weather conditions, including snow and icy roads. SUVs are equipped with advanced traction control systems and all-wheel drive, making them well-suited for navigating these conditions. Local special circumstances in the Nordics, such as the region's vast and varied landscapes, also contribute to the popularity of SUVs.
Nordic countries are known for their beautiful natural scenery, including mountains, forests, and lakes. SUVs allow residents to explore these landscapes with ease, as they offer better ground clearance and off-road capabilities compared to traditional sedans or hatchbacks. Underlying macroeconomic factors have also played a role in the growth of the SUVs market in the Nordics.
The region has experienced strong economic growth in recent years, leading to increased disposable income among consumers. As a result, more individuals are able to afford the higher price tags associated with SUVs. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase SUVs.
In conclusion, the SUVs market in the Nordics is developing rapidly due to customer preferences for versatile and safe vehicles, the region's challenging weather conditions and varied landscapes, and favorable macroeconomic factors. The popularity of SUVs is expected to continue growing in the coming years as more consumers in the Nordics recognize the benefits and appeal of these 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).
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