SUVs - Senegal

Senegal

Revenue in the SUVs market is projected to reach US$40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.67%, resulting in a projected market volume of US$41m by 2029.
SUVs market unit sales are expected to reach 1,145.0vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$36k.
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 Senegal 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 Senegal. SUVs offer a combination of style, comfort, and functionality that appeals to a wide range of consumers. With their spacious interiors and rugged exteriors, SUVs are well-suited for both urban and rural environments in Senegal. Additionally, SUVs provide a higher driving position and better visibility, which is particularly important on the country's often poorly maintained roads.

Trends in the market: Another trend driving the growth of the SUVs market in Senegal is the increasing availability of affordable SUV models. As more manufacturers enter the market, competition has intensified, leading to lower prices and more options for consumers. This has made SUVs more accessible to a larger segment of the population in Senegal. Additionally, the rise of online car marketplaces and the availability of financing options have made it easier for consumers to purchase SUVs.

Local special circumstances: Senegal's unique geography and climate also contribute to the popularity of SUVs. The country has a diverse landscape that includes both urban areas and rural regions, as well as a coastline and national parks. SUVs are well-suited for navigating these different terrains and provide a sense of security and versatility to drivers. Furthermore, Senegal experiences a rainy season, which often leads to flooded roads and muddy conditions. SUVs with higher ground clearance and four-wheel drive capabilities are better equipped to handle these challenging conditions.

Underlying macroeconomic factors: The growth of the SUVs market in Senegal is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in an expanding middle class with increased purchasing power. As a result, more people are able to afford SUVs and are willing to invest in a vehicle that offers both practicality and status. Additionally, the government has implemented policies to promote the automotive industry, including tax incentives and import restrictions, which have stimulated the local production and sales of SUVs. In conclusion, the SUVs market in Senegal is growing due to changing customer preferences, the availability of affordable models, the country's unique geography and climate, and underlying macroeconomic factors. As the market continues to evolve, it is likely that SUVs will remain a popular choice among consumers in Senegal.

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).