Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Romania has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances.
Customer preferences: Romanian customers have shown a growing preference for SUVs due to their versatility, spaciousness, and higher driving position. SUVs offer a combination of comfort and practicality, making them suitable for both urban and rural environments. Additionally, SUVs are perceived as safer vehicles, which is an important factor for many Romanian consumers.
Trends in the market: One of the key trends in the SUVs market in Romania is the increasing demand for compact SUVs. These vehicles offer the benefits of an SUV in a smaller and more affordable package, making them attractive to a wider range of customers. Compact SUVs also tend to have better fuel efficiency compared to larger models, which is an important consideration for Romanian consumers who are conscious of rising fuel prices. Another trend in the market is the growing popularity of electric and hybrid SUVs. As environmental concerns and regulations become more prominent, Romanian consumers are increasingly looking for greener alternatives. Electric and hybrid SUVs offer lower emissions and reduced fuel consumption, making them an attractive option for eco-conscious buyers.
Local special circumstances: Romania has a diverse landscape, ranging from mountainous regions to coastal areas. This diverse terrain often requires vehicles with off-road capabilities, making SUVs a practical choice for many Romanian consumers. SUVs are well-suited for navigating rough roads and handling various weather conditions, which is particularly important in rural areas where infrastructure may be less developed. Additionally, Romania has experienced economic growth in recent years, leading to an increase in disposable income for many households. This has allowed more people to afford SUVs, which are typically priced higher than other vehicle segments.
Underlying macroeconomic factors: The growth of the SUVs market in Romania is also influenced by several underlying macroeconomic factors. These include a stable economy, low unemployment rates, and favorable lending conditions. A stable economy and low unemployment rates give consumers the confidence to make larger purchases, such as SUVs. Favorable lending conditions, such as low interest rates and flexible repayment options, make it easier for consumers to finance their SUV purchases. In conclusion, the SUVs market in Romania is experiencing growth due to changing customer preferences, market trends, and local special circumstances. Romanian consumers are increasingly opting for SUVs due to their versatility, safety features, and off-road capabilities. The market is also witnessing a shift towards compact and electric/hybrid SUVs, driven by factors such as affordability and environmental concerns. The diverse landscape and improving economic conditions in Romania further contribute to the popularity of SUVs.
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).
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