Key regions: United Kingdom, China, Worldwide, Germany, United States
The SUVs market in Mongolia has experienced significant growth in recent years, driven by changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Mongolian customers have shown a growing preference for SUVs due to their versatility, durability, and ability to handle rough terrains. SUVs offer ample space for passengers and cargo, making them suitable for both urban and rural areas. Additionally, SUVs provide a sense of safety and security, which is highly valued by customers in Mongolia.
Trends in the market: One of the key trends in the SUVs market in Mongolia is the increasing demand for compact and mid-size SUVs. These vehicles offer a good balance between size, fuel efficiency, and affordability, making them popular choices among customers. Furthermore, there is a growing trend towards SUVs with advanced technology features, such as touchscreen infotainment systems, advanced safety features, and connectivity options.
Local special circumstances: The rugged terrain and harsh weather conditions in Mongolia make SUVs an ideal choice for customers. The ability of SUVs to navigate through unpaved roads and withstand extreme weather conditions makes them highly desirable in this region. Additionally, the spacious interiors of SUVs are well-suited for families and individuals who often travel long distances.
Underlying macroeconomic factors: The growing economy and increasing disposable income in Mongolia have contributed to the rise in SUV sales. As the country's economy continues to develop, more individuals and families are able to afford SUVs. Moreover, the government's infrastructure development initiatives have improved road conditions, making SUVs a more practical and attractive option for customers. In conclusion, the SUVs market in Mongolia has seen significant growth due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for compact and mid-size SUVs, equipped with advanced technology features, has been on the rise. Additionally, the rugged terrain and harsh weather conditions in Mongolia make SUVs a practical and desirable choice for customers. The growing economy and increasing disposable income have also played a role in the increasing popularity of SUVs in Mongolia.
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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