New York, United States, March 22, 2024 (GLOBE NEWSWIRE) -- The Global Sport Utility Vehicle (SUV) Market Size to Grow from USD 891.8 Billion in 2023 to USD 1678.34 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.53% during the forecast period.
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Sport utility vehicle (SUV) sales are expanding in emerging countries due to luxury SUVs' improved speed, larger space, and higher level of comfort compared to sedans. The cutting-edge comfort and autonomous safety features that these cars offer, along with these other aspects, are fuelling the market's expansion. Furthermore, Maruti Suzuki is the market leader in India for SUVs and intends to grow both sales and production by 2023. Maruti Suzuki India Ltd., the country's largest SUV maker, has effectively transitioned from being recognized for its compact vehicles. A year ago, Maruti possessed just 9.5% of SUVs, a fraction much smaller than that of even South Korea's Kia and the then-market leader, Tata Motors. But in the first part of 2023–2024, Maruti overtook Mahindra to become the biggest SUV maker in the country. However, In France, SUVs and trucks have to pay a pollution fee, while in Germany, there is a vehicle tax for high-emission cars. Similarly, the Road Transport and Highways Department of India approved a "green tax" scheme on older, more environmentally harmful vehicles. Therefore, more stringent government regulations on conventional SUVs and decreased fuel efficiency could hinder the growth of the ICE engine sport utility vehicle (SUV) industry.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Sport Utility Vehicle (SUV) Market Size, Share, and COVID-19 Impact Analysis, By Type (Mini, Compact, Mid- & Full-Size, MPV), By Fuel Type (Gasoline, Diesel, Electric SUV), By Seating Capacity (5 Seater,>5 Seater), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The mid- & full-size segment dominates the market with the largest revenue share over the estimation timeframe.
On the basis of type, the global sport utility vehicle (SUV) market is segmented into mini, compact, mid- & full-size, and MPV. Among these, the mid- & full-size segment is dominating the market with the largest revenue share over the estimation timeframe. Mid & full-size SUVs' interiors are often quite large. They are able to accommodate a lot of goods and provide plenty of space for passengers as a result.
The gasoline segment is witnessing significant CAGR growth over the estimation timeframe.
On the basis of the fuel type, the global sport utility vehicle (SUV) market is segmented into gasoline, diesel, and electric SUV. Among these, the gasoline segment is witnessing significant growth over the estimation timeframe. The gasoline used in these automobiles is controlled by emission guidelines designed to reduce the harmful levels of sulphur and particle matter (PM). Major countries like the US, India, Japan, and much of Europe have witnessed a shift in automakers' choice to cease manufacturing diesel-powered vehicles.
The >5 seater dominate the market with the largest revenue share over the estimation timeframe.
Based on the seating capacity, the global sport utility vehicle (SUV) market is segmented into 5 seater, and >5 seater. Among these, the >5 seater segment is dominating the market with the largest revenue share over the estimation timeframe. SUVs with more than five seats are usually luxurious vehicles equipped with all the safety features and contemporary amenities required to satisfy modern-day needs. Due to the Americas region's dominance in this market and its large percentage of full-size SUVs, as well as the Asia Pacific region's expanding mid-size and full-size SUV adoption, it is projected that the >5-seater SUV category will grow in the future.
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Asia Pacific dominates the market with the largest market share over the anticipation timeframe.
Asia Pacific is dominating the market with the largest market share over the anticipation timeframe. China is expected to be the largest sport utility vehicle (SUV) market due to growing auto production and sales. In addition, Toyota is about to introduce its first electric SUV in India; it is anticipated to hit showrooms in September or October of 2025, or in the latter half of the same year. This debutante EV is anticipated to come six months after the launch of Maruti's eVX, which shares the same platform. It draws attention to Toyota's unique style of designing electric cars.
North America is expected to grow the fastest during the anticipation timeframe. The large number of SUV models produced by both domestic and foreign manufacturers contributes to the high demand in the US market. Laws and incentives have also been implemented by governments across North America to promote the usage of electric vehicles, especially electric SUVs. This has further aided in the spread of SUVs.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major market key players in the global sport utility vehicle (SUV) market is Tesla Inc.,Tata Motors, Toyota Motor Corporation, Mahindra & Mahindra, Mercedes-Benz, Nissan Motor Corporation, Volkswagen AG, Honda Motor Co., Ltd., BYD Company Ltd., Ford Motor Company, Hyundai Motor Company, AB Volvo, and others.
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Key Market Developments
- In September 2023, Pravaig signed an agreement of understanding with the Saudi government to advance the nation's electric vehicle industry. The Bangalore-based startup for electric vehicles Pravaig debuted two electric SUV models and announced intentions to build a factory capable of producing a million units.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Sport Utility Vehicle (SUV) Market based on the below-mentioned segments:
Sport Utility Vehicle (SUV) Market, Type Analysis
- Mini
- Compact
- Mid- & Full-Size
- MPV
Sport Utility Vehicle (SUV) Market, Fuel Type Analysis
- Gasoline
- Diesel
- Electric SUV
Sport Utility Vehicle (SUV) Market, Seating Capacity Analysis
- 5 Seater
- >5 Seater
Sport Utility Vehicle (SUV) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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