Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in South America has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market.
Customer preferences in South America have shifted towards SUVs due to their versatility and practicality. SUVs offer ample space for both passengers and cargo, making them ideal for families and individuals with active lifestyles. Additionally, SUVs provide a higher driving position, which enhances visibility and gives drivers a sense of security on the region's often challenging road conditions.
Trends in the market indicate that SUVs are becoming increasingly popular in South America. This can be attributed to several factors. Firstly, SUVs are now available in a wider range of price points, making them more accessible to a larger segment of the population.
Secondly, automakers have been introducing new models with improved fuel efficiency and lower emissions, addressing concerns about environmental impact. Finally, the growing popularity of SUVs in other regions, such as North America and Europe, has influenced consumer preferences in South America. Local special circumstances also contribute to the growth of the SUVs market in South America.
The region's diverse geography, which includes mountains, jungles, and coastlines, demands vehicles that can handle various terrains. SUVs are well-suited for these conditions, offering features such as all-wheel drive and increased ground clearance. Additionally, South America's large population and expanding middle class have created a growing demand for vehicles that provide both comfort and utility.
Underlying macroeconomic factors further support the development of the SUVs market in South America. Economic growth in the region has led to increased disposable income and consumer spending power. As a result, more individuals are able to afford SUVs and are willing to invest in a higher-priced vehicle.
Furthermore, favorable financing options and government incentives for the purchase of eco-friendly vehicles have made SUVs even more attractive to consumers. In conclusion, the SUVs market in South America is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The versatility and practicality of SUVs, coupled with the region's diverse geography and expanding middle class, have contributed to the rising demand for these vehicles.
As the market continues to evolve, automakers are likely to introduce more SUV models tailored to the specific needs and preferences of South American consumers.
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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