SUVs - Zimbabwe | Statista Market Forecast

SUVs - Zimbabwe

Zimbabwe

Highlights

Revenue in the SUVs market is projected to reach US$172m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 256.70%, resulting in a projected market volume of US$99bn by 2029.
SUVs market unit sales are expected to reach 2.6m vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$39k.
From an international perspective it is shown that the most revenue will be generated United States (US$333bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The SUVs market in Zimbabwe has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in Zimbabwe have shifted towards SUVs due to their versatility, spaciousness, and ruggedness.

SUVs are seen as a practical choice for both urban and rural areas, as they can navigate through rough terrain and provide ample space for passengers and cargo. Additionally, SUVs are often perceived as a status symbol, contributing to their popularity among consumers in Zimbabwe. Trends in the market indicate that SUV sales have been steadily increasing in Zimbabwe.

This can be attributed to several factors, including improvements in infrastructure and road conditions. As the government invests in road upgrades and maintenance, consumers are more inclined to purchase SUVs that can handle the sometimes challenging driving conditions in the country. Furthermore, the rise in tourism in Zimbabwe has also contributed to the demand for SUVs, as tourists often prefer to explore the country's natural attractions in vehicles that can handle off-road adventures.

Local special circumstances also play a role in the development of the SUVs market in Zimbabwe. The country's vast rural areas and limited public transportation options make owning a personal vehicle a necessity for many individuals. SUVs offer a practical solution for navigating through rural areas and provide a sense of security and reliability.

Underlying macroeconomic factors have also contributed to the growth of the SUVs market in Zimbabwe. The country has experienced economic growth in recent years, leading to an increase in disposable income for many consumers. This has allowed more individuals to afford SUVs, which are often priced higher than other vehicle types.

Additionally, the availability of financing options and flexible payment plans has made SUV ownership more accessible to a wider range of consumers. In conclusion, the SUVs market in Zimbabwe is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. As consumers in Zimbabwe prioritize versatility, spaciousness, and reliability, SUVs have become a popular choice for both urban and rural areas.

With improvements in infrastructure and road conditions, as well as an increase in disposable income, the demand for SUVs is expected to continue to rise in Zimbabwe.

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).