SUVs - Serbia

Serbia

Revenue in the SUVs market is projected to reach US$267m in 2025.
Revenue is expected to show an annual growth rate (CAGR 2025-2029) of -0.26%, resulting in a projected market volume of US$264m by 2029.
SUVs market unit sales are expected to reach 5.7k vehicles in 2029.
The volume weighted average price of SUVs market in 2025 is expected to amount to US$46k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$337bn in 2025).

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

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Analyst Opinion

The SUVs market in Serbia has been experiencing significant growth in recent years, driven by changing customer preferences and favorable market conditions.

Customer preferences: Serbian customers have increasingly shown a preference for SUVs over traditional sedans or hatchbacks. This can be attributed to several factors, including the perceived safety and versatility of SUVs, as well as their higher driving position and spacious interiors. SUVs also offer a sense of adventure and ruggedness that appeals to many Serbian consumers.

Trends in the market: One of the key trends in the SUVs market in Serbia is the growing demand for compact SUVs. These smaller, more affordable SUVs have gained popularity among urban dwellers who value their maneuverability and fuel efficiency. Additionally, there is a trend towards SUVs with hybrid or electric powertrains, as consumers become more conscious of their environmental impact and seek more sustainable transportation options. Another notable trend is the increasing popularity of luxury SUVs in Serbia. As disposable incomes rise and the middle class expands, more consumers are opting for premium SUVs that offer a higher level of comfort, advanced technology features, and superior performance. This trend is in line with the global market, where luxury SUVs have been experiencing strong growth in recent years.

Local special circumstances: Serbia's geographic location and terrain also contribute to the popularity of SUVs in the market. The country's diverse landscape, which includes mountainous regions and rural areas, makes SUVs a practical choice for navigating different road conditions. Additionally, SUVs offer better ground clearance and off-road capabilities, which are desirable features for Serbian consumers who enjoy outdoor activities such as camping and hiking.

Underlying macroeconomic factors: The growth of the SUVs market in Serbia can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, with rising incomes and improving living standards. This has increased consumer purchasing power and made SUVs more affordable for a larger segment of the population. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase SUVs, further driving market growth. In conclusion, the SUVs market in Serbia is witnessing strong growth due to changing customer preferences, including a shift towards compact and luxury SUVs. The country's geographic characteristics and improving macroeconomic conditions also contribute to the popularity of SUVs among Serbian consumers. As the market continues to evolve, it is expected that SUVs will remain a dominant segment in the automotive industry in Serbia.

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).