Key regions: United Kingdom, China, Worldwide, Germany, United States
The SUVs market in North America has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances.
Customer preferences: Customers in North America have shown a strong preference for SUVs due to their versatility, spaciousness, and perceived safety features. SUVs offer ample cargo space and seating capacity, making them ideal for families and outdoor enthusiasts. Additionally, SUVs are often equipped with advanced safety technologies, which appeal to safety-conscious consumers.
Trends in the market: One of the key trends in the SUVs market in North America is the increasing demand for compact and mid-size SUVs. These smaller SUVs offer a more fuel-efficient alternative to larger models, without compromising on interior space and comfort. This trend is driven by rising fuel prices and a growing awareness of environmental concerns. Another trend in the market is the popularity of luxury SUVs. North American consumers are willing to pay a premium for luxury features, such as high-quality materials, advanced infotainment systems, and advanced driver assistance systems. Luxury SUVs also offer a higher level of comfort and refinement, appealing to affluent consumers.
Local special circumstances: North America's vast and diverse landscape plays a significant role in the popularity of SUVs. The region has a wide range of terrains and weather conditions, including snow, mountains, and rough roads. SUVs are well-suited to handle these challenging conditions, providing better traction, ground clearance, and off-road capabilities compared to sedans or hatchbacks.
Underlying macroeconomic factors: The strong economy in North America has contributed to the growth of the SUVs market. Low unemployment rates, rising disposable incomes, and favorable financing options have made SUVs more affordable and accessible to a larger segment of the population. Additionally, low fuel prices have made SUVs more attractive, as the cost of fuel is not a significant concern for consumers. In conclusion, the SUVs market in North America is experiencing significant growth due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for compact and mid-size SUVs, as well as luxury SUVs, is on the rise, driven by factors such as fuel efficiency, safety features, and consumer willingness to pay a premium for luxury. The diverse landscape and challenging weather conditions in North America also contribute to the popularity of SUVs. Overall, the strong economy and favorable financing options make SUVs more affordable and accessible to a larger segment of the population.
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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