SUVs - Uruguay

Uruguay

Revenue in the SUVs market is projected to reach US$226m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.58%, resulting in a projected market volume of US$233m by 2029.
SUVs market unit sales are expected to reach 8.2k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$28k.
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 Uruguay has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances. Customer preferences in Uruguay have shifted towards SUVs due to their versatility, spaciousness, and perceived safety.

SUVs offer a higher driving position, which provides better visibility on the road and a sense of security. Additionally, SUVs are often equipped with advanced safety features, such as lane departure warning and blind spot detection systems, which appeal to safety-conscious consumers. Furthermore, SUVs provide ample space for passengers and cargo, making them suitable for families and individuals who prioritize practicality.

Trends in the market also contribute to the growth of SUVs in Uruguay. Globally, SUVs have gained popularity due to their stylish designs and improved fuel efficiency compared to traditional large sedans. This trend has influenced the Uruguayan market, with consumers increasingly opting for SUVs over other vehicle types.

Additionally, SUVs are often associated with a higher social status, which appeals to consumers looking to make a statement with their vehicle choice. Local special circumstances further support the growth of the SUVs market in Uruguay. The country's geography and road conditions make SUVs a practical choice.

Uruguay has a diverse landscape, including rural areas and unpaved roads, where SUVs perform better than sedans or smaller vehicles. Moreover, SUVs are well-suited for Uruguay's climate, as they provide better traction and stability in adverse weather conditions, such as heavy rain or snow. Underlying macroeconomic factors also play a role in the development of the SUVs market in Uruguay.

The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer purchasing power. As a result, more consumers are able to afford SUVs, which tend to have higher price tags compared to other vehicle types. Additionally, favorable financing options and low interest rates have made SUVs more accessible to a wider range of consumers.

In conclusion, the SUVs market in Uruguay is growing due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Consumers are increasingly drawn to the versatility, spaciousness, and perceived safety of SUVs. Furthermore, global trends and the country's geography and road conditions contribute to the popularity of SUVs.

With favorable economic conditions and increased purchasing power, more consumers in Uruguay are able to afford SUVs, further driving market growth.

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).