The global sports utility vehicle market size reached US$ 771.4 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 1,109.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6.50% during 2023-2028. Significant growth in the automotive industry, extensive research and development (R&D) activities, and rapid technological advancements represent some of the key factors driving the market.
The sports utility vehicle (SUV) is a kind of passenger vehicle that combines load-hauling and passenger-carrying abilities. They are designed with an engine compartment, an approximately square cross-section, and a combined cargo and passenger compartment. They are ideal for long road trips as they can accommodate several passengers and off-roading as they are built to handle rugged terrain and challenging conditions. SUVs offer enhanced capabilities, power, performance, cargo room, functionality, luxury, safety, and versatility. As compared to traditional cars, SUVs have a higher ride height, larger wheels, and more ground clearance, which makes them better suited for navigating rough terrain and uneven roads.
The sports utility vehicle (SUV) is a kind of passenger vehicle that combines load-hauling and passenger-carrying abilities. They are designed with an engine compartment, an approximately square cross-section, and a combined cargo and passenger compartment. They are ideal for long road trips as they can accommodate several passengers and off-roading as they are built to handle rugged terrain and challenging conditions. SUVs offer enhanced capabilities, power, performance, cargo room, functionality, luxury, safety, and versatility. As compared to traditional cars, SUVs have a higher ride height, larger wheels, and more ground clearance, which makes them better suited for navigating rough terrain and uneven roads.
Sports Utility Vehicle Market Trends:
Significant growth in the automotive industry across the globe is one of the key factors driving the market growth. In line with this, the increasing demand for performance and versatility in automobiles, along with the need for luxuriant personal mobility, is acting as another growth-inducing factor. Moreover, the widespread adoption of SUVs over traditional sedans and other vehicles due to their spacious interiors, off-road capabilities, and higher ride height is favoring the market growth. Apart from this, the automakers are investing in electric and hybrid SUVs due to their lower emissions, improved fuel efficiency, and lower operating costs, which in turn are propelling the market growth. Additionally, the integration of SUVs with advanced connectivity and infotainment systems, including touchscreen displays, wireless charging, and smartphones, is providing an impetus to the market growth. Furthermore, automakers are extensively using lightweight materials, such as aluminum and carbon fiber, to reduce the weight of SUVs, which improves fuel efficiency and handling, making them more efficient and easier to drive, which in turn is positively influencing the market growth. Besides this, the rising demand for luxury SUVs that offer a high level of comfort and convenience, with premium features, advanced safety features, spacious interiors, advanced technology, and off-road capabilities, is driving the market growth. Other factors, including shifting consumer preference from sedans to SUVs, rising expenditure capacities of consumers, growing demand for eco-friendly vehicles, continual technological innovations, including the integration of vehicles with artificial intelligence (AI), hands-free connectivity, and global positioning systems (GPS), and the implementation of various government initiatives to encourage automakers to develop more fuel-efficient and eco-friendly vehicles are anticipated to drive the market growth.Key Market Segmentation:
The publisher provides an analysis of the key trends in each segment of the global sports utility vehicle market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type, fuel type, and seating capacity.Type Insights:
- SUV-C
- SUV-D
- SUV-E
- SUV-F
Fuel Type Insights:
- Diesel
- Petrol
- Electric
- Others
Seating Capacity Insights:
- 5-Seater
- 7-Seater
- 8-Seater and Above
Regional Insights:
North America
- United States
- Canada
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global sports utility vehicle market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Bayerische Motoren Werke AG, Ford Motor Company, General Motors Company, Honda Motor Co. Ltd., Hyundai Motor Company, Mahindra & Mahindra Limited, Maruti Suzuki India Limited (Suzuki Motor Corporation), Mitsubishi Motors Corporation, Nissan Motor Co. Ltd., Toyota Motor Corporation, Volkswagen AG, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.Key Questions Answered in This Report:
- How has the global sports utility vehicle market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global sports utility vehicle market?
- What is the impact of each driver, restraint, and opportunity on the global sports utility vehicle market?
- What are the key regional markets?
- Which countries represent the most attractive sports utility vehicle market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the sports utility vehicle market?
- What is the breakup of the market based on the fuel type?
- Which is the most attractive fuel type in the sports utility vehicle market?
- What is the breakup of the market based on seating capacity?
- Which is the most attractive seating capacity in the sports utility vehicle market?
- What is the competitive structure of the global sports utility vehicle market?
- Who are the key players/companies in the global sports utility vehicle market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Sports Utility Vehicle Market
6 Market Breakup by Type
7 Market Breakup by Fuel Type
8 Market Breakup by Seating Capacity
9 Market Breakup by Region
10 Drivers, Restraints, and Opportunities
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Bayerische Motoren Werke AG
- Ford Motor Company
- General Motors Company
- Honda Motor Co. Ltd.
- Hyundai Motor Company
- Mahindra & Mahindra Limited
- Maruti Suzuki India Limited (Suzuki Motor Corporation)
- Mitsubishi Motors Corporation
- Nissan Motor Co. Ltd.
- Toyota Motor Corporation
- Volkswagen AG
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 142 |
| Published | June 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 771.4 Billion |
| Forecasted Market Value ( USD | $ 1109.4 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
