Sport Utility Vehicle (SUV) Market Outlook, Segments, Geography, Dynamics, Recent Developments, and Strategic Insights by 2031

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

• 
  CAGR (2024 - 2031)

  9.1%
• 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

Key Players

• 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

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

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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 Report Scope

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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