SUVs - Netherlands

Netherlands

Revenue in the SUVs market is projected to reach €3,890m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.43%, resulting in a projected market volume of €4,177m by 2029.
SUVs market unit sales are expected to reach 125.7k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to €33k.
From an international perspective it is shown that the most revenue will be generated in the United States (€309bn in 2024).

Key regions: United States, Germany, United Kingdom, India, China

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Analyst Opinion

The SUVs market in Netherlands has been experiencing significant growth in recent years.

Customer preferences: Customers in Netherlands are increasingly opting for SUVs due to their versatility, spaciousness, and higher driving position. SUVs offer a combination of comfort, safety, and practicality that appeals to a wide range of consumers. Additionally, SUVs are seen as a status symbol and a reflection of a modern and active lifestyle.

Trends in the market: One of the key trends in the SUVs market in Netherlands is the growing demand for electric and hybrid SUVs. As the country aims to reduce carbon emissions and promote sustainable transportation, more consumers are choosing eco-friendly SUVs that offer lower fuel consumption and emissions. This trend is further supported by government incentives and subsidies for electric and hybrid vehicles. 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 additional cargo space, while being more maneuverable and fuel-efficient compared to larger SUVs. Compact SUVs are particularly appealing to urban dwellers who value practicality and ease of parking in crowded cities.

Local special circumstances: Netherlands has a well-developed infrastructure for electric vehicles, including a dense network of charging stations. This makes it easier for consumers to own and operate electric and hybrid SUVs, further driving the demand for these vehicles in the market. Additionally, the country's flat terrain and well-maintained roads make SUVs a suitable choice for both urban and rural driving conditions.

Underlying macroeconomic factors: The strong economy in Netherlands has contributed to the growth of the SUVs market. With increasing disposable income and a stable job market, consumers have the financial means to purchase SUVs, which are generally priced higher than other types of vehicles. Low interest rates and favorable financing options have also made it easier for consumers to afford SUVs. In conclusion, the SUVs market in Netherlands is witnessing growth due to customer preferences for versatile and spacious vehicles, the increasing demand for electric and compact SUVs, the country's supportive infrastructure for electric vehicles, and the strong macroeconomic factors.

Methodology

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).