SUVs - Ukraine

Ukraine

Revenue in the SUVs market is projected to reach US$1,423m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.10%, resulting in a projected market volume of US$1,430m by 2029.
SUVs market unit sales are expected to reach 30.5k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$48k.
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 Ukraine has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the SUVs market in Ukraine is the changing preferences of customers. SUVs are becoming increasingly popular among Ukrainian consumers due to their versatility and practicality. SUVs offer a higher driving position, which provides better visibility on the road, and they also have more spacious interiors compared to traditional sedans. Additionally, SUVs are known for their off-road capabilities, which is appealing to customers who enjoy outdoor activities and adventures.

Trends in the market: There are several trends in the SUVs market in Ukraine that are contributing to its development. Firstly, there has been a shift towards smaller and more fuel-efficient SUVs. This trend is driven by increasing fuel prices and a growing awareness of environmental issues. Customers are looking for SUVs that offer good fuel economy without compromising on performance or comfort. As a result, manufacturers are introducing more compact SUV models with efficient engines to cater to this demand. Another trend in the SUVs market is the increasing popularity of electric and hybrid SUVs. As the global trend towards electric vehicles gains momentum, Ukrainian consumers are also showing interest in electric and hybrid SUVs. These vehicles offer lower emissions and reduced fuel consumption, making them a more sustainable choice for environmentally-conscious customers. Automakers are responding to this trend by introducing more electric and hybrid SUV models to the Ukrainian market.

Local special circumstances: The political and economic situation in Ukraine has also had an impact on the SUVs market. In recent years, there has been a gradual recovery of the Ukrainian economy, leading to an increase in disposable incomes and consumer confidence. As a result, more Ukrainians are able to afford SUVs and are willing to invest in these vehicles. Additionally, the ongoing conflict in Eastern Ukraine has created a sense of insecurity among the population, leading to a higher demand for SUVs, which are perceived as safer and more reliable in uncertain times.

Underlying macroeconomic factors: The growth of the SUVs market in Ukraine can also be attributed to underlying macroeconomic factors. The Ukrainian government has implemented various measures to stimulate the automotive industry, such as reducing import duties and taxes on vehicles. These policies have made SUVs more affordable for Ukrainian consumers, leading to an increase in sales. Furthermore, the availability of financing options and attractive lease deals has made it easier for customers to purchase SUVs. In conclusion, the SUVs market in Ukraine is developing due to changing customer preferences, such as a preference for versatile and practical vehicles. The market is also influenced by trends towards smaller and more fuel-efficient SUVs, as well as the increasing popularity of electric and hybrid models. The local special circumstances, including the political and economic situation in Ukraine, have also contributed to the growth of the SUVs market. Finally, underlying macroeconomic factors, such as government policies and financing options, have made SUVs more accessible to Ukrainian consumers.

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).