SUVs - Bangladesh

Bangladesh

Revenue in the SUVs market is projected to reach US$223m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.87%, resulting in a projected market volume of US$362m by 2028.
SUVs market unit sales are expected to reach 10.4k vehicles in 2028.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$34k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$275bn in 2024).

Key regions: United Kingdom, China, Worldwide, Germany, United States

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Analyst Opinion

The SUVs market in Bangladesh has been experiencing significant growth in recent years.

Customer preferences: Customers in Bangladesh are increasingly opting for SUVs due to their versatility, spaciousness, and ruggedness. SUVs offer a higher driving position, which provides a better view of the road, and their larger size makes them suitable for navigating the country's challenging road conditions. Additionally, SUVs often come equipped with advanced safety features, which is a key consideration for customers in Bangladesh.

Trends in the market: One of the key trends in the SUVs market in Bangladesh is the increasing demand for compact SUVs. These smaller-sized SUVs offer the benefits of an SUV in a more compact and affordable package. They are particularly popular among urban dwellers who value the higher driving position and spaciousness of an SUV but require a vehicle that is easier to maneuver and park in congested city streets. Another trend in the market is the growing popularity of electric SUVs. As the global shift towards electric vehicles continues, Bangladesh is also witnessing an increase in the availability and adoption of electric SUVs. These vehicles offer the benefits of zero-emissions driving and lower operating costs, which are appealing to environmentally conscious customers.

Local special circumstances: Bangladesh is a densely populated country with a growing middle class. As the economy continues to develop, more people are able to afford SUVs, leading to an increase in demand. Additionally, the country's road infrastructure has been improving, with the government investing in the construction of new highways and roads. This has made it easier for SUV owners to travel long distances, further driving the demand for these vehicles.

Underlying macroeconomic factors: The growing GDP and disposable income levels in Bangladesh have contributed to the increased demand for SUVs. As people's purchasing power increases, they are more inclined to invest in larger and more expensive vehicles like SUVs. Additionally, the availability of financing options and attractive loan schemes have made it easier for customers to purchase SUVs. In conclusion, the SUVs market in Bangladesh is experiencing significant growth due to customer preferences for versatile and spacious vehicles, the increasing demand for compact and electric SUVs, local special circumstances such as improved road infrastructure, and underlying macroeconomic factors like growing GDP and disposable income levels.

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).