Sport Utility Vehicle Market Report 2025

This Sport Utility Vehicle Market report delivers an in-depth analysis of the market’s key characteristics, including size, growth potential, and segmentation. It provides a detailed breakdown of the market across major regions and leading countries, highlighting historical data and future growth projections. The report also examines the competitive landscape, market share insights, emerging trends, and strategic developments shaping the market.

The sport utility vehicle market size has grown strongly in recent years. It will grow from $847.23 billion in 2024 to $903.45 billion in 2025 at a compound annual growth rate (CAGR) of 6.6%. The growth during the historic period can be attributed to the increasing consumer preference for larger vehicles, rising disposable incomes, urbanization, growing demand for family-oriented vehicles, and the rising popularity of off-road and adventure vehicles.

The sport utility vehicle market size is expected to see strong growth in the next few years. It will grow to $1.15 trillion in 2029 at a compound annual growth rate (CAGR) of 6.4%. The growth during the forecast period can be attributed to the rising demand for electric SUVs, a growing focus on sustainability, increasing demand for connected car technologies in SUVs, a greater emphasis on comfort and luxury features, and the rising popularity of subscription services for vehicle ownership. Key trends in the forecast period include the integration of advanced driver assistance systems, advancements in autonomous driving technologies, the development of software-defined vehicles, innovations in battery technology, and the integration of artificial intelligence in vehicles.

The growing demand for luxury vehicles is expected to drive the expansion of the sport utility vehicle market in the future. Luxury vehicles are high-end cars that offer premium features, superior craftsmanship, advanced technology, enhanced performance, and exceptional comfort, typically associated with prestigious brands and higher price tags. The rise in demand for luxury vehicles is driven by factors such as increasing disposable incomes, a desire for premium features and comfort, advancements in automotive technology, a larger affluent consumer base, greater brand awareness, the growth of electric and hybrid luxury models, attractive financing and leasing options, expanding luxury markets in emerging economies, and a focus on sustainability and customization. Sport utility vehicles contribute to the appeal of luxury vehicles by providing a versatile platform that combines comfort, technology, and performance, meeting the rising consumer demand for luxurious yet practical driving experiences. For example, a report from CarExpert Pty Ltd, an Australian automotive publisher, in April 2023 revealed that the Jaguar F-Pace SUV was the brand's best-selling vehicle in Australia, with 48 units sold so far that year. Maserati sold 31 Grecale SUVs in 2023, while Volvo's XC40 luxury SUV saw an 18.7% increase in sales, reaching 1,505 units. As a result, the growing demand for luxury vehicles is propelling the growth of the sport utility vehicle market.

Major companies in the sport utility vehicle (SUV) market are focusing on developing innovative technologies, particularly luxury SUVs, to enhance driving experiences, improve safety features, and integrate advanced infotainment systems. Luxury SUVs are high-end vehicles that offer superior comfort, advanced technology, high-quality materials, and high-performance features, often boasting premium interiors and cutting-edge safety and infotainment systems. For example, Audi AG, a German automobile manufacturer, launched the Audi Q7 Bold Edition in May 2024. This edition features an eye-catching black styling package, a powerful 3.0-liter V6 engine producing 340 hp, and an 8-speed automatic transmission with Quattro all-wheel drive. It also includes advanced technologies such as Matrix LED headlamps, a panoramic sunroof, a 19-speaker Bang & Olufsen sound system, and a digital instrument cluster, with the model available in four colors such as Glacier White, Mythos Black, Navarra Blue, and Samurai Grey.

In June 2022, Sony Group Corporation, a Japan-based conglomerate offering consumer electronics, entertainment, gaming, financial services, and imaging solutions, formed a partnership with Honda Motor Co., Ltd. This collaboration aims to innovate in the mobility sector, with a particular focus on producing electric vehicles, especially sport utility vehicles. Honda, a Japan-based company that manufactures a wide range of products, including automobiles, motorcycles, power products, marine engines, and aviation solutions, is also concentrating on advanced mobility technologies.

Major players in the sport utility vehicle market are Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mercedes-Benz Group AG, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., SAIC Motor Corporation Limited, Hyundai Motor Company, Tesla Inc., Nissan Motor Co. Ltd, Kia Motors Corporation, BYD Company Limited, Tata Motors Limited, Renault Group, Porsche AG, Mazda Motor Corporation, Mitsubishi Motors Corporation, Mahindra And Mahindra Limited, Maruti Suzuki India Limited, Lexus International, Rivian Automotive Inc., Infiniti Motor Company Ltd., Audi India Private Limited, Jaguar Land Rover Automotive plc.

North America was the largest region in the sport utility vehicle market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in sport utility vehicle report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the sport utility vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A sport utility vehicle (SUV) is a type of automobile designed for both on-road and off-road use, offering higher ground clearance, a durable construction, and often equipped with four-wheel drive (4WD) or all-wheel drive (AWD) systems. SUVs are typically larger than sedans, providing ample space for passengers and cargo.

The main types of SUVs include SUV-C, SUV-D, SUV-E, and SUV-F. SUV-C refers to compact sport utility vehicles that offer a blend of urban-friendly size, versatility, and moderate off-road capability. SUV sizes range from mini-SUVs to compact, mid-size, full-size, and extended-length models, with drivetrain options such as two-wheel drive, four-wheel drive, and all-wheel drive. These vehicles are suitable for remote areas, recreational use, and motorsport, catering to both personal and commercial end users.

The sport utility vehicle market research report is one of a series of new reports that provides sport utility vehicle market statistics, including the sport utility vehicle industry global market size, regional shares, competitors with the sport utility vehicle market share, detailed sport utility vehicle market segments, market trends, and opportunities, and any further data you may need to thrive in the sport utility vehicle industry. This sport utility vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The sport utility vehicle market consists of sales of crossover SUVs, traditional SUVs, luxury SUVs, hybrid SUVs, electric SUVs, and off-road SUVs. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values and are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.