Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Panama has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Panamanian customers have shown a growing preference for SUVs due to their versatility, spaciousness, and ability to navigate different types of terrain. SUVs provide a sense of safety and security, which is particularly important in a country with diverse road conditions and a high incidence of heavy rainfall. Additionally, SUVs offer ample storage space, making them ideal for families and individuals with active lifestyles.
Trends in the market: One of the key trends in the SUVs market in Panama is the increasing demand for compact and mid-size SUVs. These vehicles offer a balance between size and fuel efficiency, making them more affordable and practical for everyday use. The popularity of compact and mid-size SUVs can be attributed to their maneuverability in urban environments and their ability to provide a comfortable driving experience. Another trend in the market is the rise of electric and hybrid SUVs. As environmental concerns become more prominent worldwide, Panamanian customers are also showing an interest in eco-friendly vehicles. Electric and hybrid SUVs offer lower emissions and reduced fuel consumption, aligning with the country's commitment to sustainable development.
Local special circumstances: Panama's unique geographical location and infrastructure contribute to the growth of the SUVs market. The country is known for its diverse landscapes, including mountains, rainforests, and coastal areas. SUVs are well-suited for navigating these different terrains, providing customers with the flexibility to explore the country's natural beauty. Additionally, Panama's expanding road network and ongoing infrastructure projects make SUVs a practical choice for both urban and rural areas.
Underlying macroeconomic factors: Panama's strong economic growth and rising middle class have also played a role in the development of the SUVs market. As incomes increase, more Panamanians are able to afford SUVs, which are generally priced higher than sedans or hatchbacks. The country's stable economy and favorable business environment have attracted foreign investment, leading to a greater availability of SUV models and competitive pricing. Furthermore, low interest rates and flexible financing options have made it easier for customers to purchase SUVs, driving demand in the market. In conclusion, the SUVs market in Panama is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for compact and mid-size SUVs, as well as electric and hybrid models, reflects the need for practicality, fuel efficiency, and environmental consciousness. Panama's diverse landscapes and expanding infrastructure further contribute to the popularity of SUVs, while the country's strong economy and rising middle class make them more accessible to a larger segment of the population.
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).
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
