SUVs - Spain | Statista Market Forecast

SUVs - Spain

Spain

Highlights

Revenue in the SUVs market is projected to reach US$15bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.52%, resulting in a projected market volume of US$15bn by 2029.
SUVs market unit sales are expected to reach 491.3k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$31k.
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 Spain has been experiencing significant growth in recent years, driven by shifting customer preferences and local special circumstances.

Customer preferences: Spanish customers have increasingly been drawn to SUVs due to their versatility, spaciousness, and higher driving position. SUVs offer a combination of comfort, style, and practicality that appeals to a wide range of consumers. Additionally, SUVs are often perceived as safer and more suitable for families, which is a key consideration for many Spanish buyers.

Trends in the market: One of the key trends in the SUVs market in Spain is the growing demand for compact SUVs. These smaller SUVs offer the benefits of an SUV in a more compact and affordable package, making them particularly popular in urban areas where parking space is limited. Another trend is the increasing popularity of hybrid and electric SUVs, as Spanish consumers become more conscious of environmental issues and seek more fuel-efficient and eco-friendly options.

Local special circumstances: Spain's geography and climate also contribute to the popularity of SUVs. The country has diverse landscapes, including mountainous regions and coastal areas, which make SUVs a practical choice for navigating different terrains. Additionally, Spain experiences a Mediterranean climate with hot summers and mild winters, which makes SUVs with air conditioning and all-weather capabilities desirable for both city and countryside driving.

Underlying macroeconomic factors: Spain's recovering economy has also played a role in the growth of the SUVs market. As the economy improves, consumers have more disposable income to spend on big-ticket items like cars. Additionally, low interest rates and favorable financing options have made it easier for Spanish consumers to purchase SUVs. The availability of financing and leasing options has expanded the customer base, allowing more people to afford SUVs. In conclusion, the SUVs market in Spain has been thriving due to customer preferences for versatility and safety, as well as local special circumstances such as geography and climate. The growing demand for compact and eco-friendly SUVs, along with the improving economy and favorable financing options, are driving the growth of the market.

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).