Global SUV Market to Reach US$ 39.99 Billion by 2022, Driven by Increasing Consumer Demand
The global SUV Market is estimated to be valued at US$ 39.99 billion in 2022 and is expected to exhibit a CAGR of 15.30% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights. The market for SUVs is witnessing significant growth due to their versatile nature and increasing consumer demand. SUVs offer various advantages such as spacious interiors, enhanced safety features, and off-road capabilities, making them a popular choice among consumers. The rising need for vehicles that can accommodate larger families and provide ample storage space has also contributed to the growth of the SUV market.
Market Key Trends:
One key trend in the SUV market is the increasing demand for electric SUVs. With the growing concerns about environmental sustainability and government initiatives promoting the use of electric vehicles, the demand for electric SUVs is experiencing a surge. Electric SUVs offer the benefits of reduced carbon emissions, lower operating costs, and advancements in battery technology, which have improved their range and performance. This trend is driven by the increasing consumer preference for eco-friendly vehicles and the availability of government incentives and subsidies for electric vehicles. Major automakers, such as AUDI AG Corporation, Toyota Motor Corporation, and Volkswagen AG, are investing in research and development to introduce electric SUV models to cater to this growing demand.
The SUV market can be segmented based on vehicle type, fuel type, and region. In terms of vehicle type, the dominating sub-segment is the compact SUVs. Compact SUVs offer a good balance between size, versatility, and fuel efficiency, making them popular among consumers. These vehicles are suitable for both urban and rural environments, offering comfortable seating, ample cargo space, and the ability to tackle different terrains. Compact SUVs are also preferred by consumers due to their affordable price range compared to larger SUV models. Therefore, the compact SUVs segment is expected to dominate the market in the forecast period.
The global Sports Utility Vehicle (SUV) Market Share is expected to witness high growth, exhibiting a CAGR of 15.30% over the forecast period of 2023-2030. The increasing demand for SUVs can be attributed to various factors. Firstly, the rising disposable income and changing consumer preferences towards bigger and more spacious vehicles drive the growth of the market. SUVs offer more seating capacity, cargo space, and a sense of security, making them an attractive choice for families. Additionally, the growing preference for off-road adventures and outdoor activities further boosts the demand for SUVs.
In terms of regional analysis, North America is the fastest-growing and dominating region in the SUV market. The region’s dominance can be attributed to the higher spending power of consumers, a preference for larger vehicles, and a growing desire for luxury SUVs. The presence of major key players and increasing investments in R&D activities also contribute to the market’s growth in North America.
Key players operating in the SUV market include AUDI AG Corporation, Toyota Motor Corporation, Volkswagen AG, Rolls-Royce Motor Cars Limited, General Motors LLC, Jaguar Land Rover Automotive PLC, and Acura. These key players play a significant role in shaping the market dynamics through their product innovations, technological advancements, and strategic collaborations. They focus on offering a diverse range of SUV models to cater to different consumer needs and preferences. With strong brand recognition and a wide distribution network, these key players are expected to maintain their market position and drive the growth of the SUV market.