SUVs - Switzerland

Switzerland

Revenue in the SUVs market is projected to reach US$2,568m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.62%, resulting in a projected market volume of US$2,649m by 2029.
SUVs market unit sales are expected to reach 66.7k 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 Switzerland has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growing popularity of SUVs in Switzerland is the preference for spacious and versatile vehicles. Swiss customers value the practicality and functionality of SUVs, as they offer ample cargo space and the ability to handle various road conditions. Additionally, SUVs provide a higher driving position, which is preferred by many customers for better visibility on the road.

Trends in the market: The demand for SUVs in Switzerland has been driven by several trends. Firstly, there has been a shift in consumer preferences towards larger vehicles, as SUVs offer a sense of security and stability on the road. This trend is also influenced by the increasing number of families and outdoor enthusiasts who require vehicles with more space and capability. Secondly, the availability of a wide range of SUV models and options in the Swiss market has contributed to the growing demand. Customers can choose from compact SUVs, mid-size SUVs, and luxury SUVs, catering to different needs and budgets. Lastly, the advancements in technology and safety features in SUVs have made them more appealing to customers. Features such as advanced driver assistance systems and connectivity options have become increasingly important factors in the purchasing decision.

Local special circumstances: Switzerland's unique geography and climate also play a role in the popularity of SUVs. The country is known for its mountainous terrain and harsh winters, which require vehicles with good traction and stability. SUVs are well-suited for navigating Switzerland's challenging road conditions, making them a practical choice for Swiss customers. Additionally, the country's high standard of living and disposable income levels have enabled many customers to afford the higher price tags associated with SUVs.

Underlying macroeconomic factors: The strong Swiss economy and stable job market have contributed to the growth of the SUVs market. With a high GDP per capita and low unemployment rate, Swiss consumers have the financial means to purchase SUVs. Moreover, low interest rates and favorable financing options have made it easier for customers to afford these vehicles. The availability of leasing and financing options has also made SUVs more accessible to a wider range of customers. In conclusion, the SUVs market in Switzerland has been growing due to customer preferences for spacious and versatile vehicles, as well as the availability of a wide range of models and advanced features. The country's unique geography and climate, along with its strong economy and stable job market, have further contributed to the popularity of SUVs among Swiss customers.

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).