Key regions: United Kingdom, China, Worldwide, Germany, United States
The SUVs market in Mexico is experiencing significant growth and development.
Customer preferences: Mexican customers are increasingly preferring SUVs over other vehicle types. This can be attributed to several factors. Firstly, SUVs offer a higher driving position and better visibility, which is particularly important on Mexico's busy and congested roads. Additionally, SUVs provide more space and comfort, making them suitable for both urban and rural environments. Moreover, SUVs are perceived as safer vehicles due to their size and robustness. Finally, SUVs offer a sense of adventure and versatility, appealing to the Mexican population's active and outdoor lifestyle.
Trends in the market: There are several key trends shaping the SUVs market in Mexico. Firstly, there is a growing demand for compact and mid-size SUVs. These vehicles offer a balance between fuel efficiency, maneuverability, and interior space, making them ideal for urban and suburban environments. Furthermore, there is a shift towards more environmentally friendly SUVs, with hybrid and electric models gaining popularity. This trend is driven by increasing environmental consciousness among Mexican consumers and government incentives promoting the adoption of electric vehicles. Additionally, there is a rising trend of customization, with customers seeking unique features and accessories to personalize their SUVs.
Local special circumstances: Mexico's geographical and climatic diversity plays a significant role in the development of the SUVs market. The country's diverse terrain, ranging from mountains to deserts, requires vehicles that can handle different road conditions. SUVs, with their off-road capabilities and higher ground clearance, are well-suited for navigating Mexico's diverse landscapes. Furthermore, Mexico's warm climate makes SUVs with air conditioning and spacious interiors particularly appealing to consumers.
Underlying macroeconomic factors: Several macroeconomic factors are contributing to the growth of the SUVs market in Mexico. Firstly, the country's stable economic growth and rising middle class have increased disposable incomes, enabling more individuals to afford SUVs. Additionally, low interest rates and favorable financing options make purchasing an SUV more accessible to a wider range of consumers. Furthermore, the expansion of manufacturing plants by international automakers in Mexico has led to increased production and availability of SUV models. This has resulted in a greater variety of SUVs in the market, catering to different customer preferences and budgets. In conclusion, the SUVs market in Mexico is experiencing significant growth and development due to customer preferences for spacious, versatile, and safe vehicles. The market is characterized by a shift towards compact and mid-size SUVs, as well as a growing demand for environmentally friendly and customizable models. Mexico's diverse terrain and warm climate also contribute to the popularity of SUVs. Additionally, macroeconomic factors such as stable economic growth, rising disposable incomes, and favorable financing options are driving the growth of the SUVs market in Mexico.
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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