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SUVs - United Kingdom

United Kingdom

Highlights

Revenue in the SUVs market is projected to reach US$22bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.45%, resulting in a projected market volume of US$23bn by 2029.
SUVs market unit sales are expected to reach 541.8k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$40k.
From an international perspective it is shown that the most revenue will be generated United States (US$333bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The SUVs market in United Kingdom has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: One of the key factors driving the growth of the SUVs market in United Kingdom is the changing preferences of customers. SUVs offer a combination of style, versatility, and practicality, making them a popular choice among consumers. Customers are increasingly opting for SUVs over traditional sedans and hatchbacks due to their higher seating position, spacious interiors, and enhanced safety features. Additionally, SUVs are perceived as more rugged and capable, making them suitable for both urban and off-road driving.

Trends in the market: The SUVs market in United Kingdom has witnessed a surge in demand for compact and mid-size SUVs. These vehicles offer a balance between size and fuel efficiency, making them ideal for urban driving conditions. Compact SUVs, in particular, have gained popularity among young professionals and families due to their affordable price point and practicality. On the other hand, mid-size SUVs are favored by customers who require more space and towing capacity. Another notable trend in the SUVs market in United Kingdom is the increasing adoption of electric and hybrid SUVs. With growing concerns about climate change and environmental sustainability, customers are seeking greener alternatives to conventional gasoline-powered vehicles. Electric and hybrid SUVs offer lower emissions and improved fuel efficiency, making them an attractive option for eco-conscious consumers. The availability of government incentives and charging infrastructure has also contributed to the rising demand for electric and hybrid SUVs.

Local special circumstances: The SUVs market in United Kingdom is influenced by several local special circumstances. One such circumstance is the popularity of outdoor activities and recreational pursuits among consumers. SUVs are well-suited for outdoor adventures, with their rugged design and off-road capabilities. The United Kingdom's diverse landscape, which includes countryside, mountains, and coastal regions, provides ample opportunities for outdoor activities such as camping, hiking, and beach trips. This has contributed to the appeal of SUVs among customers who seek vehicles that can accommodate their active lifestyles.

Underlying macroeconomic factors: The growth of the SUVs market in United Kingdom can also be attributed to underlying macroeconomic factors. The country's strong economy and low unemployment rate have increased consumer confidence and purchasing power. This has led to higher demand for vehicles, including SUVs. Additionally, favorable financing options and competitive pricing have made SUVs more accessible to a wider range of customers. In conclusion, the SUVs market in United Kingdom is experiencing growth due to changing customer preferences, including a shift towards compact and mid-size SUVs, as well as the increasing popularity of electric and hybrid models. Local special circumstances, such as the preference for outdoor activities, also contribute to the market's development. Furthermore, underlying macroeconomic factors, such as a strong economy and favorable financing options, play a significant role in driving the growth of the SUVs market in United Kingdom.

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).