SUVs - Uganda

Uganda

Revenue in the SUVs market is projected to reach US$23m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.19%, resulting in a projected market volume of US$25m by 2029.
SUVs market unit sales are expected to reach 483.0vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$51k.
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

Market

Make

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Currency

Analyst Opinion

The SUVs market in Uganda has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Ugandan customers have shown a growing preference for SUVs due to their versatility and ruggedness. SUVs are well-suited for the country's challenging terrain, making them a popular choice among both urban and rural residents. Additionally, SUVs offer ample space for passengers and cargo, which is highly valued by Ugandan families and businesses.

Trends in the market: One of the key trends in the SUVs market in Uganda is the increasing demand for used vehicles. Many Ugandans opt for used SUVs due to their affordability compared to brand new models. This trend is driven by the relatively high import taxes and tariffs imposed on new vehicles, making used SUVs a more accessible option for the majority of the population. Another trend in the market is the rise of compact SUVs. These smaller-sized SUVs have gained popularity among urban dwellers who value their maneuverability and fuel efficiency. Compact SUVs provide a balance between the ruggedness of traditional SUVs and the practicality of smaller cars, making them an attractive choice for city driving in Uganda.

Local special circumstances: The unique geography and climate of Uganda contribute to the growth of the SUVs market. The country is known for its diverse landscapes, including national parks, mountains, and rural areas with unpaved roads. SUVs are well-suited for navigating these challenging terrains, providing a sense of security and reliability to Ugandan drivers. Moreover, the tropical climate in Uganda often requires vehicles with high ground clearance to navigate through flooded or muddy roads during the rainy season.

Underlying macroeconomic factors: The SUVs market in Uganda is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income among the population. As a result, more Ugandans are able to afford SUVs, driving up demand in the market. Additionally, the government has implemented policies to promote local vehicle assembly and manufacturing, which has contributed to the availability and affordability of SUVs in the country. In conclusion, the SUVs market in Uganda is witnessing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for SUVs is driven by their versatility, ruggedness, and suitability for the country's challenging terrain. The rise of used SUVs and the popularity of compact models further contribute to the market's development. As Uganda continues to experience economic growth and improve its infrastructure, the SUVs market is expected to continue its upward trajectory.

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).