SUVs - Slovakia | Statista Market Forecast

SUVs - Slovakia

Slovakia

Highlights

Revenue in the SUVs market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.19%, resulting in a projected market volume of US$2bn by 2029.
SUVs market unit sales are expected to reach 48.1k vehicles 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 United States (US$333bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The SUVs market in Slovakia has witnessed significant growth in recent years, with a rising demand for these vehicles among consumers. Customer preferences, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market.

Customer preferences: One of the main reasons for the increasing popularity of SUVs in Slovakia is the changing customer preferences. Consumers are now seeking vehicles that offer a combination of comfort, space, and versatility. SUVs provide ample seating capacity, a higher driving position, and a spacious cargo area, making them suitable for families and individuals with an active lifestyle. Additionally, the rugged and sporty look of SUVs appeals to many customers, giving them a sense of adventure and style.

Trends in the market: The SUVs market in Slovakia has experienced a surge in demand due to several trends. Firstly, there has been a shift towards SUVs as a replacement for traditional sedans and hatchbacks. This trend can be attributed to the increasing availability of SUV models in various price ranges, making them more accessible to a wider range of customers. Additionally, the growing popularity of electric and hybrid SUVs has contributed to the market growth, as consumers are becoming more conscious of their environmental impact and seeking greener alternatives. Another prominent trend in the SUVs market is the rise of compact SUVs. These smaller-sized SUVs offer the benefits of an SUV, such as increased seating capacity and cargo space, while still being easy to maneuver in urban environments. This trend is driven by the need for practicality and versatility in a compact package.

Local special circumstances: Slovakia's geographical landscape and weather conditions also play a role in the development of the SUVs market. The country's mountainous terrain and harsh winters make SUVs a practical choice for many residents. The higher ground clearance and all-wheel drive capabilities of SUVs provide better traction and stability on slippery roads, ensuring safer and more comfortable driving experiences.

Underlying macroeconomic factors: The overall economic growth in Slovakia has contributed to the increasing demand for SUVs. As the country's economy continues to develop, consumers have more disposable income to spend on purchasing vehicles. Additionally, favorable financing options and low interest rates have made it easier for consumers to afford SUVs. In conclusion, the SUVs market in Slovakia is experiencing significant growth due to changing customer preferences, the emergence of new trends, local special circumstances, and underlying macroeconomic factors. The demand for SUVs is expected to continue rising as consumers prioritize comfort, versatility, and style in their vehicle choices.

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).