Global Sports Utility Vehicle market is expected to garner the sale of 53.2 million units by 2027 | General Motors Corporation, Toyota Motor Corporation, Mitsubishi Motors Corporation
The global SUV market is segmented into product type such as SUV-C, SUV-D, SUV-E, SUV-F and other Light trucks. Among these segments, SUV-E passenger car segment is expected to occupy top position in overall SUV market during the forecast period. This can be attributed to the rising demand for SUV electric vehicle in passenger cars across the globe. Moreover, increasing demand for electric passenger car is anticipated to intensify the growth of the SUV market. Advantages of SUVs that impacts the automotive market such high seating position, upright build body, tall interior packaging and also include the towing capacity of a pickup truck. It is a kind of vehicle in which all the four wheels works at the same time, based on regular automotive platforms for lighter weight and better fuel efficiency.
Global SUV market is expected to flourish at a significant CAGR of 11.2% during the forecast period. Rising automotive demand, increasing urbanization, rising disposable income are some of the key factors driving the growth of the SUV market. Moreover, the global SUV market is expected to garner the sale of 53.2 million units by the end of 2027.
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Asia Pacific captured the largest market share in overall SUV market and is expected to continue its dominance over the forecast period. Rising demand for SUV in the region is anticipated to aid the growth of the market. Further, increasing disposable income coupled with rising demand for vehicles is expected to accelerate the growth of SUV market in the upcoming years. North America and Europe SUV market is anticipated to witness lucrative growth during the forecast period. Moreover, Middle East is anticipated to grow at notable CAGR during the forecast period. Further, growing automotive industry and expansion of manufacturing base in the region is anticipated to drive the growth of the SUV in respective region.
Robust Growth of Plug- In hybrid Automotive Industry
Factors such as increasing automotive demand coupled with rising awareness about SUV benefits is anticipated to bolster the growth to the automotive SUV market in the upcoming years. In addition, growing disposable income of the population is anticipated to witness significant growth in the upcoming years.
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Factors Benefitting the SUV market
Mounting the sale of small and compact SUVs in the growing economies. The leading players are focusing on the small size and medium size SUVs. They are launching new vehicle concepts, such as crossover SUVs, which has an SUV-like stance but ride like a sedan. The rapid development and production of small and compact SUVs will be a key factor in fueling the growth of SUV market in the coming years owing to their massive sales
In contrast, high cost of the light truck SUV cars is anticipated to hinder the growth of the global a SUV market. On the other hand cost of fueling is very high as compared to other vehicle and it also burns more gas, which leads many to refer it gas “guzzler”. In many countries SUV cars has also increased the car insurance rates because of increased risk of accidental cases.
The report titled “SUV Market: Global Historical Growth (2013-2017) & Future Outlook (2018-2027) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global SUV market in terms of market segmentation by product, by vehicle type, by sales channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global SUV market which includes company profiling of General Motors Corporation, Toyota Motor Corporation, Mitsubishi Motors Corporation, BYD Auto Co. Ltd, Volkswagen AG, BMW AG, Honda Motor Co. Ltd, Hyundai Motor Company, and Daimler AG. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global SUV market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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