Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Greece has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances.
Customer preferences: Customers in Greece have shown a growing preference for SUVs due to their versatility, spaciousness, and perceived safety features. SUVs offer a higher driving position, which provides better visibility on Greek roads, known for their narrow and winding nature. Additionally, the larger cargo capacity of SUVs appeals to Greek customers who often use their vehicles for family trips and outdoor activities.
Trends in the market: One of the key trends in the SUVs market in Greece is the shift towards more fuel-efficient and environmentally friendly models. With rising concerns about climate change and increasing fuel prices, Greek consumers are opting for SUVs with hybrid or electric powertrains. This trend is in line with the global shift towards greener vehicles and reflects the growing awareness of environmental issues among Greek consumers. Another trend in the market is the increasing popularity of compact SUVs. These smaller-sized SUVs offer the benefits of an SUV, such as higher ground clearance and a spacious interior, while being more maneuverable and easier to park in Greece's crowded urban areas. Compact SUVs also tend to be more affordable, making them an attractive option for budget-conscious consumers.
Local special circumstances: Greece's rugged terrain and mountainous regions make SUVs a practical choice for many consumers. The country's diverse landscape, including its numerous islands, often requires driving on unpaved roads or challenging terrains. SUVs are well-suited to handle these conditions, providing better traction and stability compared to other types of vehicles. Moreover, the Greek market has a strong demand for SUVs with all-wheel drive capabilities, further emphasizing the relevance of SUVs in this market.
Underlying macroeconomic factors: The improving economic conditions in Greece have also contributed to the growth of the SUVs market. Following a period of economic instability, Greece has experienced a gradual recovery, leading to increased consumer confidence and purchasing power. As a result, consumers are more willing to invest in larger and more expensive vehicles like SUVs. Furthermore, the availability of financing options and attractive leasing deals has made SUVs more accessible to a wider range of consumers. This has further fueled the demand for SUVs in Greece, as customers can now afford to purchase or lease these vehicles without straining their budgets. In conclusion, the SUVs market in Greece is witnessing growth due to changing customer preferences, market trends towards fuel efficiency and compact models, local special circumstances, and improving macroeconomic conditions. As Greek consumers continue to prioritize versatility, safety, and adaptability to challenging terrains, the SUVs market is expected to further expand in the coming years.
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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