Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Southern Asia has been experiencing significant growth in recent years. Customer preferences, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market.
Customer preferences in Southern Asia have shifted towards SUVs due to their versatility and practicality. SUVs offer ample space for passengers and cargo, making them ideal for families and individuals with an active lifestyle. Additionally, SUVs provide a higher driving position and better visibility, which is appealing to many customers.
The rising popularity of SUVs can also be attributed to their improved fuel efficiency and advanced safety features. Trends in the market show that SUV sales have been steadily increasing in Southern Asia. This can be attributed to several factors.
Firstly, the growing middle class in the region has led to an increase in disposable income, allowing more people to afford SUVs. Secondly, the improving road infrastructure in many countries has made SUVs a more practical choice for daily commuting. Lastly, the availability of a wide range of SUV models from both domestic and international manufacturers has contributed to the growth of the market.
Local special circumstances in Southern Asia have also played a role in the development of the SUVs market. For example, the region's diverse terrain, which includes mountains, deserts, and coastal areas, makes SUVs a popular choice for navigating different types of roads and terrains. In addition, the hot and humid climate in some countries has led to a preference for SUVs with powerful air conditioning systems.
Underlying macroeconomic factors have also contributed to the growth of the SUVs market in Southern Asia. The region has experienced strong economic growth in recent years, leading to an increase in consumer spending power. Additionally, low interest rates and favorable financing options have made it easier for customers to purchase SUVs.
Furthermore, government policies and incentives, such as lower taxes and import duties on SUVs, have also contributed to the growth of the market. In conclusion, the SUVs market in Southern Asia has been developing due to customer preferences for versatile and practical vehicles, trends in the market such as increasing sales and a wide range of models, local special circumstances like diverse terrain and hot climate, and underlying macroeconomic factors including strong economic growth and favorable financing options.
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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