SUVs - Pakistan | Statista Market Forecast

SUVs - Pakistan

Pakistan

Highlights

Revenue in the SUVs market is projected to reach US$1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.64%, resulting in a projected market volume of US$1bn by 2029.
SUVs market unit sales are expected to reach 45.4k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$28k.
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 Pakistan has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Pakistan are increasingly opting for SUVs due to their versatility and ruggedness. SUVs offer ample space for families and their belongings, making them ideal for long journeys and outdoor activities. Additionally, SUVs are seen as a status symbol in Pakistan, with consumers associating them with luxury and prestige. As a result, there is a growing demand for SUVs in the country.

Trends in the market: One of the key trends in the SUVs market in Pakistan is the increasing popularity of compact SUVs. These smaller-sized SUVs offer the benefits of a traditional SUV, such as higher ground clearance and a commanding driving position, while also being more fuel-efficient and easier to maneuver in congested urban areas. This trend is driven by the rising number of urban dwellers in Pakistan who are looking for a practical and stylish vehicle that can navigate through the city streets. Another trend in the market is the introduction of electric SUVs. As the global automotive industry shifts towards electric vehicles, Pakistan is also witnessing a growing interest in electric SUVs. This trend is driven by increasing environmental consciousness among consumers and government initiatives to promote electric vehicles in the country. Electric SUVs offer the benefits of zero-emission driving and lower operating costs, making them an attractive option for environmentally conscious consumers.

Local special circumstances: Pakistan has a challenging terrain with rough roads and uneven surfaces, especially in rural areas. This makes SUVs a popular choice among consumers as they are better equipped to handle such conditions compared to sedans or hatchbacks. SUVs offer higher ground clearance and a sturdy build, allowing them to navigate through rough terrains with ease. Additionally, the monsoon season in Pakistan brings heavy rainfall and flooding, further highlighting the need for vehicles that can handle such conditions. SUVs with their larger size and higher ground clearance are better suited to tackle these challenges.

Underlying macroeconomic factors: The growing middle class in Pakistan is one of the key macroeconomic factors driving the SUVs market. As incomes rise and disposable income increases, more consumers are able to afford SUVs. Additionally, easy financing options provided by banks and financial institutions have made it more accessible for consumers to purchase SUVs. The government's focus on infrastructure development and improving road connectivity is also contributing to the growth of the SUVs market in Pakistan. As road conditions improve, consumers are more inclined to invest in SUVs that can provide a comfortable and safe driving experience. In conclusion, the SUVs market in Pakistan is witnessing significant growth due to changing customer preferences, including the demand for compact SUVs and electric vehicles. The challenging terrain and weather conditions in the country further contribute to the popularity of SUVs. Additionally, macroeconomic factors such as the growing middle class and infrastructure development are driving the growth of the SUVs market in Pakistan.

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).