Key regions: China, Europe, Worldwide, United States, United Kingdom
The Large Cars market in Jordan has been experiencing steady growth in recent years, driven by changing customer preferences and favorable local circumstances.
Customer preferences: In Jordan, customers have shown a growing preference for large cars due to their spaciousness, comfort, and safety features. Large cars are often seen as a status symbol and are associated with luxury and prestige. Additionally, the rugged terrain and challenging road conditions in some parts of the country make large cars a practical choice for many Jordanian customers.
Trends in the market: One of the key trends in the Large Cars market in Jordan is the increasing demand for SUVs. SUVs offer a combination of ample space, off-road capabilities, and a higher driving position, which makes them appealing to customers in Jordan. The popularity of SUVs can be attributed to their versatility, as they can be used for both urban commuting and off-road adventures. This trend is in line with the global market, where SUVs have gained significant popularity in recent years. Another trend in the market is the growing interest in electric and hybrid large cars. As the global automotive industry shifts towards more sustainable and environmentally friendly solutions, Jordan is also witnessing an increase in the adoption of electric and hybrid vehicles. The government of Jordan has implemented various incentives and initiatives to promote the use of electric vehicles, such as tax exemptions and subsidies. This has led to a surge in the availability and demand for electric and hybrid large cars in the country.
Local special circumstances: Jordan has a relatively high GDP per capita compared to other countries in the region, which has contributed to the growth of the Large Cars market. The country has a stable economy and a growing middle class, which has increased the purchasing power of consumers. Additionally, the government has implemented policies to attract foreign investment and promote economic development, which has further supported the growth of the automotive industry in Jordan.
Underlying macroeconomic factors: Several macroeconomic factors have influenced the development of the Large Cars market in Jordan. The stability of the political and economic environment in the country has provided a conducive environment for business growth and investment. Additionally, the low interest rates and easy access to financing have made it more affordable for consumers to purchase large cars. The availability of a well-developed infrastructure, including a network of highways and roads, has also facilitated the growth of the Large Cars market in Jordan. In conclusion, the Large Cars market in Jordan is experiencing growth due to changing customer preferences, including the increasing demand for SUVs and the growing interest in electric and hybrid vehicles. The local special circumstances, such as the stable economy and favorable government policies, have also contributed to the development of the market. The underlying macroeconomic factors, including the stability of the political and economic environment and the availability of financing, have further supported the growth of the Large Cars market in Jordan.
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).
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