SUVs - Belgium

Belgium

Revenue in the SUVs market is projected to reach US$5,892m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -1.78%, resulting in a projected market volume of US$5,484m by 2028.
SUVs market unit sales are expected to reach 154.2k vehicles in 2028.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$36k.
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 Belgium has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances.

Customer preferences: Belgian customers have shown a growing preference for SUVs due to their versatility, practicality, and higher driving position. SUVs offer ample space for both passengers and cargo, making them suitable for families and individuals with active lifestyles. Additionally, SUVs are often equipped with advanced safety features and technology, providing a sense of security and comfort to customers.

Trends in the market: One of the key trends in the SUVs market in Belgium is the increasing demand for electric and hybrid SUVs. As environmental concerns and regulations become more prominent, customers are seeking greener alternatives to traditional gasoline-powered vehicles. Electric and hybrid SUVs offer lower emissions and reduced fuel consumption, aligning with the country's sustainability goals. Another trend in the market is the rise of compact SUVs. These smaller-sized SUVs provide the benefits of an SUV, such as higher ground clearance and a spacious interior, while being more maneuverable and fuel-efficient compared to larger models. Compact SUVs are particularly popular among urban dwellers who need a practical and versatile vehicle for city driving.

Local special circumstances: Belgium's geographical location and infrastructure play a significant role in the popularity of SUVs. The country has a diverse landscape, including urban areas, countryside, and coastal regions. SUVs are well-suited for navigating different terrains and weather conditions, making them a practical choice for Belgian customers. Additionally, Belgium's well-maintained road network and efficient public transportation system make SUVs a viable option for daily commuting and long-distance travel.

Underlying macroeconomic factors: Belgium's stable economy and high standard of living contribute to the growth of the SUVs market. With a strong purchasing power, Belgian consumers have the financial means to invest in higher-priced vehicles like SUVs. Moreover, low interest rates and favorable financing options make it easier for customers to afford SUVs. In conclusion, the SUVs market in Belgium is witnessing growth due to changing customer preferences, including a preference for electric and compact models. The country's geographical features, infrastructure, and stable economy also contribute to the popularity of SUVs. As the market continues to evolve, manufacturers and dealers should focus on offering a diverse range of SUV models that cater to the specific needs and preferences of Belgian customers.

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).