Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Sri Lanka has witnessed significant growth in recent years, driven by changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: In Sri Lanka, customer preferences have shifted towards SUVs due to their versatility, spaciousness, and ruggedness. SUVs are seen as a status symbol and a symbol of luxury, appealing to a wide range of consumers, from families to young professionals. Additionally, the higher seating position and better visibility offered by SUVs are attractive features for Sri Lankan drivers, who often have to navigate through crowded city streets and uneven rural roads.
Trends in the market: One of the key trends in the SUVs market in Sri Lanka is the increasing demand for compact SUVs. These smaller-sized SUVs offer the benefits of an SUV, such as higher ground clearance and ample cargo space, while being more fuel-efficient and easier to maneuver in urban areas. This trend is driven by the rising urbanization in Sri Lanka, as more people move to cities and require vehicles that are practical for both city driving and occasional off-road adventures. Another trend in the market is the growing popularity of hybrid and electric SUVs. Sri Lanka has been making efforts to promote sustainable and eco-friendly transportation, and the government has implemented tax incentives and subsidies for hybrid and electric vehicles. This has led to an increased interest in hybrid and electric SUVs among environmentally conscious consumers.
Local special circumstances: Sri Lanka has a unique geography and climate, with diverse terrains ranging from mountains to coastal areas. This makes SUVs an ideal choice for Sri Lankan consumers, as they offer the capability to navigate through different road conditions and handle various weather conditions. Additionally, the SUVs' ability to carry larger loads and provide a comfortable ride makes them suitable for long journeys, which are common in Sri Lanka due to the country's size and the need to travel between different regions.
Underlying macroeconomic factors: The growing middle class and increasing disposable income in Sri Lanka have also contributed to the development of the SUVs market. As more people have the financial means to afford a vehicle, they are opting for SUVs as a symbol of status and a practical choice for their transportation needs. Furthermore, the availability of financing options and attractive loan schemes from banks and financial institutions has made it easier for consumers to purchase SUVs. In conclusion, the SUVs market in Sri Lanka is experiencing significant growth due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for SUVs is driven by their versatility, spaciousness, and ruggedness, while trends such as the popularity of compact SUVs and the interest in hybrid and electric SUVs shape the market. The unique geography and climate of Sri Lanka, along with the growing middle class and increasing disposable income, further contribute to the development of the SUVs market in the country.
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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