SUVs - Puerto Rico

Puerto Rico

Highlights

Revenue in the SUVs market is projected to reach US$828m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.93%, resulting in a projected market volume of US$868m by 2029.
SUVs market unit sales are expected to reach 24.3k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$35k.
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 Puerto Rico has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for this growth is the changing preferences of customers in Puerto Rico. SUVs offer a combination of style, versatility, and functionality that appeals to a wide range of consumers. With their spacious interiors, higher seating positions, and advanced safety features, SUVs are becoming the vehicle of choice for families and individuals alike. Additionally, the rugged design of SUVs appeals to those who enjoy outdoor activities and off-road adventures.

Trends in the market: Another trend driving the growth of the SUVs market in Puerto Rico is the increasing demand for vehicles with better fuel efficiency. SUVs have traditionally been known for their higher fuel consumption compared to smaller vehicles. However, advancements in technology have led to the development of more fuel-efficient SUV models. This has made SUVs a more attractive option for consumers who want the versatility and space of an SUV without compromising on fuel economy.

Local special circumstances: Puerto Rico's unique geography and climate also contribute to the popularity of SUVs in the market. The island's rugged terrain and frequent rain showers make SUVs a practical choice for navigating through uneven roads and inclement weather conditions. Additionally, the higher ground clearance of SUVs allows for better maneuverability on Puerto Rico's narrow streets and uneven surfaces.

Underlying macroeconomic factors: The growth of the SUVs market in Puerto Rico is also influenced by underlying macroeconomic factors. As the economy continues to recover, consumers have more disposable income to spend on big-ticket items like vehicles. Additionally, low interest rates and flexible financing options make it easier for consumers to purchase SUVs. The availability of financing options also allows consumers to spread out the cost of purchasing an SUV over a longer period of time, making it more affordable for many. In conclusion, the SUVs market in Puerto Rico is experiencing significant growth due to changing customer preferences, increasing demand for fuel-efficient vehicles, local special circumstances, and underlying macroeconomic factors. As SUVs continue to offer a versatile and practical option for consumers in Puerto Rico, the market is expected to continue its upward trajectory in the coming years.

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).