The sport utility vehicle market is expected to register a CAGR of 9.1% during 2023–2031. The evolution of advanced technologies and the introduction of high-end vehicles is likely to remain a key trend in the market.
Sport Utility Vehicle (SUV) Market Analysis
- An increasing government rules and regulations attributed to vehicle safety, an increase in the number of accidents, a rise in the demand for luxury vehicles, an increase in consumer purchasing power, and an increase in the demand for passenger vehicles in emerging economies are some of the market factors that are anticipated to support the market's growth.
- In order to reduce road accidents and enhance the safety of both drivers and passengers in both vehicles, new features are constantly being incorporated into automobiles as a result of ongoing technological advancements in the automotive market.
Sport Utility Vehicle (SUV) Market Overview
- The growing passenger safety and security awareness, an increase in the number of vehicles in developing nations, and other factors are major drivers of the global sport utility vehicle market's growth.
- The number of accidents has increased due to the growing demand for high-speed vehicles. The need for safety feature integration in cars has grown dramatically.
- Blind spot detection, lane maintenance assist, and an antiroll braking system are a few of the safety features. These features, along with the advanced comfort and automatic safety features that premium SUVs offer, are also contributing to the market's growth. Similar to full-size, SUVs have a number of benefits, including affordability compared to sedans, versatility, increased comfort, a variety of drivetrain options, the ability to off-road on rough and unpaved terrain, more room for seats and a trunk, and heavy towing capacity.
- Additionally, due to government safety regulations becoming more stringent, many automotive manufacturers are installing a passive safety system in vehicles.
- The demand for automobiles rises concurrently with integrated safety features, which fuels the growth of the global sport utility vehicle market.
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Sport Utility Vehicle (SUV) Market: Strategic Insights
Sport Utility Vehicle (SUV) Market
-
Market Size 2023
US$ XX Million
-
Market Size 2031
US$ XX Million
Market Dynamics
GROWTH DRIVERS
- Growing customer preference towards safety and comfort
FUTURE TRENDS
- Increasing technological advancement
OPPORTUNITIES
- Growing development in the automtoive sector
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Mini
- Compact
- Mid- & Full-Size
- MPV
Fuel Type
- Gasoline
- Diesel
- Electric SUV
Seating Capacity
- 5 Seater
- >5 Seater
- Get Top Key Market Trends of this report.This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
Customize This Report To Suit Your Requirement
You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities
Sport Utility Vehicle (SUV) Market: Strategic Insights
-
Market Size 2023
US$ XX Million -
Market Size 2031
US$ XX Million
Market Dynamics
- Growing customer preference towards safety and comfort
- Increasing technological advancement
- Growing development in the automtoive sector
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Mini
- Compact
- Mid- & Full-Size
- MPV
- Gasoline
- Diesel
- Electric SUV
- 5 Seater
- >5 Seater
- Get Top Key Market Trends of this report.This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
Sport Utility Vehicle (SUV) Market Drivers and Opportunities
Government Regulations Mandates and International Safety Standards to Favor the Market
- Governments and international organizations impose strict regulatory mandates and global safety standards that significantly drive the global sport utility vehicle market.
- These regulations require automakers to incorporate cutting-edge safety technologies into their vehicles in order to comply with safety standards that have been set.
- Global safety standards are always changing, which is one of the main factors encouraging innovation and the automotive industry's adoption of new safety technologies.
Technological Advancements
- Advancements in technology have portrayed a major role in the high demand for sport utility vehicles.
- The demand for automotive safety systems is expected to be supported by consumer preferences for automotive active safety features that are dependable and functional. Safety features such as collision avoidance, adaptive cruise control, and pedestrian detection are becoming more and more appealing to manufacturers and customers due to their increased accuracy and performance.
- Furthermore, the price of these technologies has become more affordable which has increased their accessibility for a wider variety of vehicles.
- Electric SUVs are being introduced to the market by numerous automakers. Automotive manufacturer offers at least one or more electric SUV models: BMW, Mercedes, Audi, Volvo, Jaguar, Kia, Tesla, Chevrolet, and Hyundai.
Sport Utility Vehicle (SUV) Market Report Segmentation Analysis
Key segments that contributed to the derivation of the sport utility vehicle market analysis are type, fuel type, and seating capacity.
- Based on the type, the sport utility vehicle market is divided into mini, compact, mid- & full-size MPVs.
- On the basis of the fuel type, the market is divided into gasoline, diesel, and electric SUVs.
- Based on seating capacity, the sport utility vehicle market is divided into 5 seater,>5 seater.
Sport Utility Vehicle (SUV) Market Share Analysis by Geography
- The sport utility vehicle market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering sport utility vehicle market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the sport utility vehicle market in these regions.
Sport Utility Vehicle (SUV) Market Market Report Scope
Report Attribute
Details
Market size in 2023
US$ XX Million
Market Size by 2031
US$ XX Million
Global CAGR (2024 - 2031)
9.1%
Historical Data
2021-2022
Forecast period
2024-2031
Segments Covered
By Type - Mini
- Compact
- Mid- & Full-Size
- MPV
By Fuel Type - Gasoline
- Diesel
- Electric SUV
By Seating Capacity - 5 Seater
- >5 Seater
Regions and Countries Covered
North America - US
- Canada
- Mexico
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Asia-Pacific - China
- India
- Japan
- Australia
- Rest of Asia-Pacific
South and Central America - Brazil
- Argentina
- Rest of South and Central America
Middle East and Africa - South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Market leaders and key company profiles
Tesla Inc. Tata Motors Toyota Motor Corporation Mahindra & Mahindra Mercedes-Benz Nissan Motor Corporation Volkswagen AG Honda Motor Co., Ltd. BYD Company Ltd. Ford Motor Company
Report Attribute | Details |
---|---|
Market size in 2023 | US$ XX Million |
Market Size by 2031 | US$ XX Million |
Global CAGR (2024 - 2031) | 9.1% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
Sport Utility Vehicle (SUV) Market News and Recent Developments
The sport utility vehicle market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the sport utility vehicle market are listed below:
- Toyota and Suzuki are promoting a mutual supply of vehicles globally, which is one of the collaborations in the business partnership, and the two companies will now start production of a new SUV model developed by Suzuki at Toyota Kirloskar Motor Pvt. Ltd. (TKM) from August. Maruti Suzuki India Limited and TKM will market the new model in India as Suzuki and Toyota models, respectively. Furthermore, the two companies are planning to export the new model to markets outside India, including Africa. (Source: Toyota, Company Website, June 2022)
- The largest passenger vehicle manufacturer, Maruti Suzuki India Limited, is poised to captivate the hearts and minds of the audience at Auto Expo with a range of futuristic products and technology showcases. Maruti Suzuki will reaffirm its leadership by unveiling an Electric Concept and a range of SUVs, a feat bound to offer an unparalleled experience to the audience. (Source: Maruti Suzuki, Company Website, December 2022)
Sport Utility Vehicle (SUV) Market Report Coverage and Deliverables
The “Sport Utility Vehicle (SUV) Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Sport utility vehicle market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Sport utility vehicle market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Sport utility vehicle market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the sport utility vehicle market
- Detailed company profiles
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global sport utility vehicle market is expected to grow at a CAGR of 9.1% during the forecast period 2023 - 2031.
The rapid technological advancement in the automotive sector is one of the major factors driving the sport utility vehicle market.
An increase in sales of high-end vehicles is anticipated to play a significant role in the global sport utility vehicle market in the coming years.
The leading players operating in the sport utility vehicle market are Tesla Inc., Tata Motors, Toyota Motor Corporation, Mahindra & Mahindra, Mercedes-Benz, Nissan Motor Corporation, Volkswagen AG, Honda Motor Co., Ltd., BYD Company Ltd., Ford Motor Company, Hyundai Motor Company, AB Volvo.
The report can be delivered in PDF/PPT format; we can also share an excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
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The List of Companies
1. FCA Group
2. Ford Motor Company
3. Geely Global (Volvo)
4. General Motors Company
5. Honda Motor Co., Ltd.
6. Hyundai Motor Company
7. Nissan Motor Co., Ltd.
8. PSA Group
9. Toyota Motor Corporation
10. Volkswagen AG