SUVs - Sweden

Sweden

Revenue in the SUVs market is projected to reach US$5,228m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.97%, resulting in a projected market volume of US$5,486m by 2029.
SUVs market unit sales are expected to reach 137.3k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$40k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$333bn in 2024).

Key regions: United States, Germany, United Kingdom, India, China

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Analyst Opinion

The SUVs market in Sweden has been experiencing significant growth in recent years, driven by changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Sweden, customers have shown a strong preference for SUVs due to their versatility, safety features, and spacious interiors. SUVs are seen as practical vehicles that can handle different weather conditions and rough terrains, making them popular among Swedish consumers who enjoy outdoor activities and need a reliable vehicle for their daily commute.

Trends in the market: One of the key trends in the SUVs market in Sweden is the increasing demand for electric and hybrid SUVs. As the country aims to reduce carbon emissions and promote sustainable transportation, more consumers are opting for eco-friendly SUVs that offer lower fuel consumption and reduced environmental impact. This trend is further supported by the availability of government incentives and subsidies for electric and hybrid vehicles. Another trend is the introduction of compact SUVs in the market. These smaller-sized SUVs offer the benefits of an SUV, such as higher ground clearance and a spacious interior, while being more maneuverable and fuel-efficient than larger SUVs. Compact SUVs have gained popularity among urban dwellers who value both style and practicality.

Local special circumstances: Sweden's unique geography and climate contribute to the popularity of SUVs in the country. The country experiences long and harsh winters, with heavy snowfall in many regions. SUVs are well-suited for these conditions, as they offer better traction and handling on slippery roads. Additionally, the country's vast countryside and abundance of natural landscapes make SUVs an attractive choice for outdoor enthusiasts who need a vehicle that can handle off-road adventures.

Underlying macroeconomic factors: The strong economy and high disposable income levels in Sweden have played a significant role in driving the growth of the SUVs market. With a robust economy, consumers have more purchasing power and are willing to invest in higher-priced vehicles like SUVs. Additionally, low interest rates and favorable financing options have made it easier for consumers to afford SUVs. In conclusion, the SUVs market in Sweden is experiencing growth due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for electric and hybrid SUVs, as well as compact SUVs, is on the rise, driven by the country's focus on sustainability and practicality. The unique geography and climate of Sweden, along with its strong economy and high disposable income levels, further contribute to the popularity of SUVs in the country.

Methodology

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).