SUVs - Fiji

Fiji

Revenue in the SUVs market is projected to reach US$9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 15.55%, resulting in a projected market volume of US$17m by 2028.
SUVs market unit sales are expected to reach 477.0vehicles 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 Fiji has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances.

Customer preferences: Fijian customers have shown a growing preference for SUVs due to their versatility, spaciousness, and ability to handle rough terrains. SUVs are particularly popular among families and outdoor enthusiasts who value the combination of comfort and functionality that these vehicles offer. Additionally, SUVs are seen as a status symbol in Fiji, reflecting a certain level of wealth and success.

Trends in the market: One of the key trends in the SUVs market in Fiji is the increasing demand for hybrid and electric SUVs. As global concerns about climate change and environmental sustainability continue to grow, Fijian consumers are becoming more conscious of their carbon footprint and are seeking greener alternatives. Hybrid and electric SUVs offer lower emissions and better fuel efficiency, making them an attractive choice for environmentally conscious buyers. Another trend in the market is the rise of compact SUVs. With limited parking spaces and narrow roads in many parts of Fiji, compact SUVs provide a practical solution for urban driving. These smaller SUVs offer the same benefits of larger models, such as higher ground clearance and increased cargo space, while being more maneuverable in congested city streets.

Local special circumstances: Fiji's geography and infrastructure also play a role in the development of the SUVs market. The country's rugged terrain and occasional rough road conditions make SUVs a preferred choice for many Fijians. Moreover, the lack of an extensive public transportation system in Fiji further drives the demand for private vehicles, including SUVs, as the primary mode of transportation.

Underlying macroeconomic factors: The growing SUVs market in Fiji can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income levels. This has allowed more Fijians to afford SUVs, which are generally priced higher than other vehicle segments. Additionally, the availability of financing options and competitive interest rates have made it easier for consumers to purchase SUVs, further stimulating market growth. In conclusion, the SUVs market in Fiji is growing due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As Fijian consumers increasingly prioritize versatility, comfort, and environmental sustainability, the demand for SUVs, particularly hybrid and compact models, is expected to continue to rise.

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).