Dubai, UAE, July 10, 2023 (GLOBE NEWSWIRE) -- As per the recent report published by Extrapolate, the Global Sport Utility Vehicles (SUVs) Market size was worth around USD 37.96 billion in 2021 and is anticipated to reach USD 115.52 billion by 2030 with a compound annual growth rate of roughly (CAGR) 14.9% between 2022 and 2030. The capacious interiors, ample legroom of sport utility vehicles, and their commendable fuel efficiency and adaptability to rugged terrains constitute pivotal factors driving the market.
A sports utility vehicle (SUV) is a specific type of passenger car that combines the utility features of a lighter-weight car with the load-hauling and passenger-carrying capabilities found in a pickup truck. Additional factors that drive the growth of the market are rising disposable incomes, an increase in the younger generation's earning potential, and a change in young people's preferences. Furthermore, the market growth is anticipated to be accelerated by a rise in demand for luxury and heavy cars and the expansion of diesel-powered vehicles.
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Competitive Landscape
Key industry players are concentrating on technological improvements, innovations, and increased spending on research and development activities. Additionally, market participants have implemented a number of strategic initiatives into practice to strengthen their market position.
Leading companies operating in the global sport utility vehicles (SUVs) market include:
- Ford Motor Company
- General Motors
- AUDI AG
- Kia Motors Corporation
- Groupe Renault
- Stellantis NV
- SAIC Motor Corporation Limited
- Hyundai Motor Company
- Daimler AG
- BMW AG
- Mahindra & Mahindra Ltd
- Hyundai Motor Company
- BYD Company Ltd.
- Continental AG
- TOYOTA MOTOR CORPORATION
- Nissan Motor Co., LTD.
- Volkswagen AG
- AB Volvo
- Honda Motor Co., Ltd
- Amongst others.
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Market Segmentation
By Type
- SUV-C
- SUV-D
- SUV-E
- SUV-F
Increased Consumer Preference Towards SUV-D to Fuel Sport Utility Vehicles Market Growth
The SUV-D segment dominated the global sports utility vehicles market share in 2021. The SUV-D segment cars, in particular, typically offer an appealing balance of size, utility, and luxury. These cars often have roomy cabins, flexible seating arrangements, and ample cargo space, efficiently meeting the various requirements of customers seeking comfort and usefulness.
Additionally, the global sport utility vehicles market has observed a noticeable trend in consumer preferences towards larger cars with raised sitting positions and improved visibility. In this regard, D-segment SUVs are particularly advantageous as they meet these demands by offering drivers a commanding driving position, which provides passengers with a sense of security and confidence during their journeys.
By Fuel
- Diesel
- Petrol
- Electric SUV
- Others
Rising Popularity of Petrol-Powered SUVs Among Customers to Bolster Market Growth
The petrol segment witnessed the fastest growth in the global sports utility vehicles (SUV) market in 2021. The key factors attributable to the segment's growth include the increasing popularity, widespread availability, and established infrastructure for fuel distribution.
Additionally, petrol engines are renowned for their smooth functioning, which results in low noise, vibration, and harshness (NVH) levels within the vehicle, improving driving comfort. Furthermore, improvements in petrol engine technology have decreased emissions and increased fuel efficiency, aligning with customer concerns about the environment and fuel use.
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Rising Concerns Regarding Safety to Propel Market Growth
One of the main factors fueling the market growth is growing concern among people for safety. Active safety features such as ADAS (Advanced driver-assistance systems), traction control (ASR), anti-lock brakes (ABS), tire-pressure monitoring systems (TPMS), and torque vectoring are standard equipment on SUVs. These features' main purpose is to prevent accidents by providing the driver with the highest level of protection.
The global SUV market is predicted to be stimulated by increased consumer preference for vehicles with safety features as a result of an increase in traffic accidents. According to the World Health Organization (WHO), there were 1.25 million vehicle accidents worldwide in 2013, with over 50 million injuries and 93% of road traffic fatalities occurring in low- and middle-income countries.
Concerns Related to High Costs of Vehicles to Restrain Market Growth
The market's growth is anticipated to be hindered by the vehicles' high cost, poor fuel efficiency, and consumers' fluctuating preference for electric vehicles. The sport utility vehicle (SUV) market is further expected to encounter challenges from high maintenance costs and growing insurance premiums in the upcoming years.
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Accelerated Expenditure on R&D Activities in North America to Drive Market Growth
North America is anticipated to retain its dominance in the global sport utility vehicles (SUVs) market due to rising expenditure on R&D activities and the presence of key players such as General Motors, Ford Motor Company, and Hyundai Motor Company.
For instance, in September 2021, General Motors (GM) made a purchase from Oculii. GM may use the latter's inexpensive software to increase radar resolution for autonomous and self-driving cars.
The regional market is likely to expand due to factors such as the growing adoption of electric and self-driving cars, the increasing utilization of driver-assist technologies such as voice command and ADAS systems, and a rise in consumer per capita income.
Key Points from Table of Content:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data type
2.3.1. Secondary type
2.3.1.1. Preliminary data mining
2.3.2. Primary type
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Increasing Adoption of Autonomous Vehicles to Propel the Market Growth
3.3. Market drivers
3.3.1. Increasing Concerns Regarding Safety Propeling the Market Growth
3.3.2. Increasing Demand for Luxurious Vehicles Around the Globe
3.4. Market restraints
3.4.1. Concerns Pertaining to High Costs of Vehicles Hampering the Market Growth
3.5. Market opportunities
3.5.1. Increasing Advanced technologies such as ADAS, AI, ML to Pose an Opportunity for Market Growth
3.6. Market Challenges
3.6.1. Limited Availability Due to Low Fuel Efficiency Could Challenge Market Growth
3.7. Porter's Five Forces' analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Sport Utility Vehicles (SUVs) Market
Chapter 5. Global Sport Utility Vehicles (SUVs) Market Overview, By Type, 2017 - 2030 (USD Million)
Chapter 6. Global Sport Utility Vehicles (SUVs) Market Overview, By Fuel, 2017 - 2030 (USD Million)
Chapter 7. Global Sport Utility Vehicles (SUVs) Market Overview, By Price Range, 2017 - 2030 (USD Million)
Chapter 8. Global Sport Utility Vehicles (SUVs) Market Overview, By Seating Capacity, 2017 - 2030 (USD Million)
Chapter 9. Global Sport Utility Vehicles (SUVs) Market Overview, By Geography, 2017 - 2030 (USD Million)
...
Chapter 15. Competitive Landscape
15.1. Competitive environment, 2021
15.2. Strategic framework
15.2.1. Partnership/agreement
15.2.2. Expansion
15.2.3. Mergers & Acquisitions
15.2.4. Recent development
Chapter 16. Key Vendor Analysis
16.1. AB Volvo
16.1.1. Company overview
16.1.2. Financial performance
16.1.3. Mice Benchmarking
16.1.4. Recent initiatives
16.1.5. SWOT analysis
...
Chapter 17. Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 18. Marketing Strategy Analysis, Distributors/Traders
Chapter 19. Market Effect Factors Analysis
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