Selbyville, Delaware, Aug. 28, 2024 (GLOBE NEWSWIRE) --
The SUV market valuation is predicted to cross USD 1.47 trillion by 2032, as reported in a research study by Global Market Insights Inc.
The market is undergoing major changes as demand and production increases, especially influenced by leading companies. This trend is driven by changing consumer preferences, with a notable trend towards versatile and powerful supercars. The rise in demand for SUVs is driven by perceived safety, improved cargo space, and flexibility, making them attractive to families and adventure enthusiasts.
According to the National Highway Traffic Safety Administration (NHTSA), SUVs have a lower fatality rate compared to smaller vehicles, which bolsters their appeal. Automakers are strategically capitalizing on this trend, reallocating resources from declining sedans and compact cars to bolster SUV offerings. This pivot is evident as existing automakers increase production to meet growing market appetite alongside emerging players. For instance, in June 2024, Volvo announced that its South Carolina plant had begun production of its new electric flagship SUV, the EX90. The car will be launched in major global markets, including India.
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The SUV market from the mid-size SUV segment could exhibit a decent growth rate over 2024-2032, claims the report. Buyers are increasingly attracted to mid-size SUVs for their spacious interiors, comfortable passengers, and advanced safety features, making them popular with families and urban commuters. This vehicle offers greater versatility compared to larger SUVs, offering more cargo and passenger comfort than smaller vehicles. The segment also benefits from improvements in fuel efficiency and technology integrated into it, which meets customer concerns about environmental benefits and running costs.
The diesel segment will register a noteworthy CAGR from 2024 to 2032, as per the report. Diesel engines are favored for their fuel efficiency, torque, and durability, making them ideal for large and heavy SUVs that are often hauled and used in long-distance travel. Consumers appreciate the extended driving range and lower fuel costs associated with diesel-powered SUVs, which are especially popular in rural areas where more expensive off-road vehicles are available. Additionally, advances in water quality technology have alleviated some environmental concerns, making modern diesel engines more attractive.
Europe SUV market will register a robust CAGR from 2024 to 2032. European consumers are increasingly interested in SUVs because of their versatility, improved cargo space, and improved safety features. The compact and mid-size SUV segments are particularly popular, catering to urban and suburban areas where handling and performance are essential. Automakers are responding by expanding their SUV offerings, including advanced technology and electric hybrids, to meet stringent emissions regulations and environmental concerns. Luxury brands also take advantage of the demand and introduce quality, premium SUV models, which offer performance and comfort with sophisticated features.
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Major SUV market include BMW Group, Ford Motor Company, General Motors, Toyota Motor Corporation, Volkswagen AG
The increasing demand for SUVs has driven car companies to make more efforts to cater specifically to this market. Manufacturers are expanding their SUV range, introducing models from compact to full-size models, catering to customer needs, and investing in new technologies, including hybrid and electric motors. Enhanced safety features, advanced infotainment systems, and luxurious interiors are becoming the standard, reflecting consumer expectations for high-quality, versatile vehicles. Companies dress up SUVs in regional preferences, designs, and materials to suit markets worldwide. These strategic efforts drive the growth of the SUV market and increase competition.
In June 2024, Changan’s Deepal brand officially launched the off-road G318 SUV, priced between 175,900 and 318,000 yuan (24,300 – 43,900 USD) in China. Buyers can choose between two-wheel drive and four-wheel drive.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2018-2032
Chapter 3 SUV market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material supplier
3.2.2 Component supplier
3.2.3 Technology supplier
3.2.4 Manufacturer
3.2.5 Distributors and dealers
3.2.6 End users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing popularity of automated driving cars
3.8.1.2 Rising sale of passenger cars around the globe
3.8.1.3. The proliferation of automotive V2 X technology
3.8.1.4 Rising demand for advanced safety features in passenger cars
3.8.2 Industry pitfalls & challenges
3.8.2.1 Fuel efficiency concerns
3.8.2.2 Stringent emissions regulations and government policies
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
