SUVs - Portugal

Portugal

Revenue in the SUVs market is projected to reach US$1,752m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.29%, resulting in a projected market volume of US$1,962m by 2029.
SUVs market unit sales are expected to reach 57.9k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$33k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$333bn in 2024).

Key regions: United States, Germany, United Kingdom, India, China

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Analyst Opinion

The SUVs market in Portugal has witnessed significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Portuguese customers have shown a growing preference for SUVs due to their versatility, spaciousness, and higher driving position. SUVs offer a combination of comfort, practicality, and style, making them popular among families and young professionals. Additionally, SUVs provide a sense of security and safety on the road, which is an important consideration for many buyers.

Trends in the market: One of the key trends in the Portuguese SUVs market is the increasing demand for compact and crossover SUVs. These vehicles offer a more affordable option compared to larger SUVs, while still providing the benefits of higher ground clearance and a commanding driving position. The compact size also makes them easier to maneuver in urban areas with narrow streets and limited parking spaces. Another trend is the growing popularity of electric and hybrid SUVs. With the increasing focus on sustainability and environmental consciousness, more customers are opting for eco-friendly vehicles. Electric and hybrid SUVs offer lower emissions and reduced fuel consumption, making them an attractive choice for environmentally conscious buyers.

Local special circumstances: Portugal's scenic landscapes and diverse terrain make SUVs a practical choice for exploring the country. From coastal roads to mountainous regions, SUVs provide a comfortable and capable driving experience. Additionally, the popularity of outdoor activities such as hiking and camping has contributed to the demand for SUVs, as they offer ample space for carrying equipment and gear.

Underlying macroeconomic factors: The improving economy in Portugal has also played a role in the growth of the SUVs market. As disposable incomes rise, more consumers are able to afford SUVs, which are generally priced higher than traditional sedans or hatchbacks. Additionally, favorable financing options and low interest rates have made it easier for customers to purchase SUVs. In conclusion, the SUVs market in Portugal is experiencing strong growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for SUVs is driven by their versatility, practicality, and sense of security. Compact and crossover SUVs, as well as electric and hybrid models, are particularly popular among Portuguese buyers. The country's diverse terrain and outdoor activities also contribute to the demand for SUVs. With a growing economy and favorable financing options, more consumers are able to afford SUVs, further fueling the market growth.

Methodology

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).