SUVs - Qatar | Statista Market Forecast

SUVs - Qatar

Qatar

Highlights

Revenue in the SUVs market is projected to reach US$568m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.28%, resulting in a projected market volume of US$605m by 2029.
SUVs market unit sales are expected to reach 19.1k 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 United States (US$333bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The SUVs market in Qatar has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances. Customer preferences in Qatar have shifted towards larger, more spacious vehicles like SUVs.

This can be attributed to several factors, including the desire for a comfortable and luxurious driving experience, as well as the need for ample space to accommodate families and cargo. Additionally, SUVs are often seen as a status symbol, reflecting a certain level of wealth and prestige. Trends in the market also contribute to the growth of the SUVs segment in Qatar.

One notable trend is the increasing popularity of electric and hybrid SUVs. As concerns about climate change and environmental sustainability continue to rise, more consumers are opting for eco-friendly vehicles. This trend is evident in Qatar, where there is a growing emphasis on green initiatives and reducing carbon emissions.

Another trend in the SUVs market is the integration of advanced technology and features. Qatar is known for its high-tech infrastructure and modern lifestyle, and consumers in the country are keen on having the latest innovations in their vehicles. This includes features such as touchscreen infotainment systems, advanced safety technologies, and connectivity options.

Local special circumstances also play a role in the development of the SUVs market in Qatar. The country's vast desert landscape and challenging terrain make SUVs an ideal choice for off-roading and adventure enthusiasts. Additionally, the hot climate in Qatar makes air conditioning a necessity, and SUVs often offer superior cooling systems compared to smaller vehicles.

Underlying macroeconomic factors also contribute to the growth of the SUVs market in Qatar. The country has a high per capita income and a strong economy, which enables consumers to afford luxury vehicles like SUVs. Additionally, the government's investment in infrastructure development and urbanization has led to improved road networks and increased accessibility, further driving the demand for SUVs.

Overall, the SUVs market in Qatar is experiencing growth due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As consumers in Qatar continue to prioritize comfort, luxury, and advanced technology in their vehicles, the demand for SUVs is expected to remain strong 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).