Key regions: United States, Germany, United Kingdom, India, China
Norway, known for its breathtaking landscapes and outdoor activities, has seen a significant rise in the popularity of SUVs in recent years. This trend can be attributed to a combination of customer preferences, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Norwegians have always had a strong affinity for outdoor activities such as hiking, skiing, and camping. SUVs provide the perfect vehicle for these pursuits, as they offer ample space for equipment and are well-suited for navigating Norway's rugged terrain. Additionally, SUVs are often perceived as safer and more reliable, which appeals to families and individuals looking for a versatile vehicle that can handle various weather conditions.
Trends in the market: One of the key trends in the SUV market in Norway is the increasing demand for electric SUVs. Norway is a global leader in electric vehicle adoption, with generous government incentives and a well-developed charging infrastructure. As a result, many Norwegians are opting for electric SUVs to reduce their carbon footprint and take advantage of the financial benefits, such as lower taxes and toll fees. Another trend is the growing popularity of compact SUVs. These smaller-sized SUVs offer the benefits of a higher seating position and increased cargo space, while still being maneuverable in urban environments. With Norway's urban population on the rise, compact SUVs are becoming a preferred choice for city dwellers who value both practicality and style.
Local special circumstances: Norway's unique geography and climate play a significant role in the popularity of SUVs. The country's vast and varied landscapes, including mountains, fjords, and forests, require a vehicle that can handle different terrains and weather conditions. SUVs provide the necessary capabilities for exploring Norway's natural wonders and embarking on outdoor adventures. Furthermore, Norway experiences long, dark winters with heavy snowfall. SUVs with all-wheel drive and higher ground clearance are highly sought after during this time, as they offer better traction and stability on icy and snowy roads. The ability to confidently navigate these challenging conditions is a major factor in the preference for SUVs among Norwegian drivers.
Underlying macroeconomic factors: Norway's strong economy and high disposable income levels have contributed to the growth of the SUV market. With a prosperous population, many Norwegians are able to afford the higher price tags associated with SUVs. Additionally, low interest rates and favorable financing options make purchasing a new SUV more accessible to a wider range of consumers. The SUV market in Norway is expected to continue its upward trajectory as customer preferences, local special circumstances, and underlying macroeconomic factors remain favorable. The demand for electric SUVs is likely to increase further as the country continues to prioritize sustainability and environmental consciousness. Furthermore, as more Norwegians embrace an active outdoor lifestyle, the versatility and capabilities offered by SUVs will continue to resonate with consumers.
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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