Key regions: United Kingdom, China, Worldwide, Germany, United States
The SUVs market in Jordan has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: In Jordan, customer preferences for SUVs have been shifting towards larger and more luxurious models. This can be attributed to the increasing affluence of the population and the desire for a comfortable and spacious vehicle that can accommodate larger families and provide a higher level of safety and security. Additionally, SUVs are seen as a status symbol and a reflection of social status, further driving their popularity among consumers in Jordan.
Trends in the market: One of the key trends in the SUVs market in Jordan is the increasing demand for hybrid and electric SUVs. This can be attributed to the growing awareness of environmental issues and the desire to reduce carbon emissions. Additionally, the government of Jordan has been implementing policies and incentives to promote the adoption of electric vehicles, further fueling the demand for hybrid and electric SUVs in the country. Another trend in the SUVs market in Jordan is the growing popularity of luxury SUVs. This can be attributed to the increasing affluence of the population and the desire for a higher level of comfort and prestige. Luxury SUVs offer advanced features, premium materials, and superior performance, making them highly desirable among consumers in Jordan.
Local special circumstances: One of the local special circumstances that has contributed to the growth of the SUVs market in Jordan is the country's challenging terrain. Jordan is known for its rugged landscapes and off-road opportunities, making SUVs the preferred choice for many consumers. SUVs offer better ground clearance, four-wheel drive capabilities, and enhanced suspension systems, allowing them to navigate through rough terrains with ease.
Underlying macroeconomic factors: The growth of the SUVs market in Jordan can also be attributed to underlying macroeconomic factors. The country has been experiencing steady economic growth, which has led to an increase in disposable income and purchasing power. This has allowed more consumers to afford SUVs and contribute to the growth of the market. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase SUVs, further boosting the market. In conclusion, the SUVs market in Jordan has been growing rapidly due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards larger and more luxurious models, the increasing demand for hybrid and electric SUVs, the popularity of luxury SUVs, the challenging terrain in Jordan, and the country's steady economic growth have all contributed to the growth of the SUVs market in the country.
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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