SUVs - Malta

Malta

Revenue in the SUVs market is projected to reach US$80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.59%, resulting in a projected market volume of US$85m by 2028.
SUVs market unit sales are expected to reach 2,644.0vehicles in 2028.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$32k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$275bn in 2024).

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

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Analyst Opinion

The SUVs market in Malta has been experiencing significant growth in recent years. Customer preferences have shifted towards SUVs due to their versatility, spaciousness, and off-road capabilities. This trend is not unique to Malta, as SUVs have become increasingly popular worldwide. However, there are certain local special circumstances and underlying macroeconomic factors that have contributed to the development of the SUVs market in Malta.

Customer preferences: In Malta, customer preferences have shifted towards SUVs due to their ability to accommodate larger families and provide ample cargo space. The rugged and versatile nature of SUVs also appeals to customers who enjoy outdoor activities and need a vehicle that can handle various terrains. Additionally, the higher driving position and enhanced visibility offered by SUVs are valued by many Maltese drivers.

Trends in the market: The SUVs market in Malta has seen a steady increase in sales over the past few years. This can be attributed to the growing popularity of SUVs worldwide, as well as the increasing number of models available in the market. Manufacturers have recognized the demand for SUVs and have introduced a wide range of options to cater to different customer preferences. This has led to increased competition in the market and has driven innovation in terms of design, technology, and fuel efficiency.

Local special circumstances: Malta's unique geography and climate contribute to the popularity of SUVs in the country. The island's rugged terrain and narrow roads make SUVs a practical choice for many drivers. Additionally, the Mediterranean climate with its hot summers and occasional heavy rainfall can make driving conditions challenging. SUVs, with their higher ground clearance and all-wheel drive capabilities, are better suited to handle these conditions compared to smaller vehicles.

Underlying macroeconomic factors: The strong economy in Malta has also played a role in the development of the SUVs market. With a growing middle class and increasing disposable income, more people are able to afford SUVs. Additionally, low fuel prices and favorable financing options have made SUVs more accessible to a wider range of customers. The availability of a diverse range of SUV models at different price points has further contributed to the growth of the market. In conclusion, the SUVs market in Malta has experienced significant growth due to shifting customer preferences, global trends, local special circumstances, and underlying macroeconomic factors. The versatility, spaciousness, and off-road capabilities of SUVs have made them a popular choice among Maltese drivers. With the increasing number of SUV models available in the market and favorable economic conditions, it is expected that the SUVs market in Malta will continue to thrive in the coming years.

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).