The global sports utility vehicle (SUV) market is growing rapidly due to rising demand for spacious and comfortable vehicles that are also fuel-efficient. SUVs provide ample legroom, headroom and luggage space for family trips along with enhanced towing and off-road capabilities compared to regular cars. The growing popularity of SUVs among both families and adventure enthusiasts has accelerated their production.
The global sports utility vehicle (SUV) Market is estimated to be valued at US$ 1.2 trillion in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The rising demand for fuel-efficient vehicles has emerged as a key trend in the global SUV market. With growing environmental awareness and increasing fuel prices, consumers are looking for SUV models that offer better mileage compared to their conventional models. This has pushed leading automakers to focus on developing hybrid and electric SUVs. For instance, Toyota has launched its RAV4 hybrid SUV that delivers excellent fuel economy. Similarly, Mercedes-Benz has unveiled its new EQC electric SUV to target environment-conscious buyers. Such innovative offerings catering to changing consumer preferences are expected to further accelerate the demand for SUVs in the coming years.
Segment Analysis
Sports utility vehicles (SUVs) are seeing high demand around the world due to their versatility and comfort. Within the SUV segment, mid-size SUVs dominate the market as they provide ample space for families along with the ability to seamlessly transition between city and highway driving. Features such as additional headroom, sliding doors and third-row seating make mid-size SUVs very popular.
Key Takeaways
The global sports utility vehicle (SUV) market is expected to witness high growth over the forecast period. The global sports utility vehicle (SUV) Market is estimated to be valued at US$ 1.2 trillion in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.
North America holds a significant share in the SUV market owing to high demand for stylish and comfortable vehicles in the US and Canada. The Asia Pacific region is the fastest growing market for SUVs with countries like India and China emerging as major markets.
Key players operating in the global sports utility vehicle (SUV) market are Volkswagen AG, Toyota Motor Corporation, Daimler AG, General Motors Company, Ford Motor Company, Honda Motor Company, Ltd., Tata Motors, and Hyundai Motor Company. Volkswagen dominates the mid-size SUV segment with models like Tiguan and T-Roc. Toyota’s RAV4 and Ford’s Escape are also top-selling mid-size SUVs globally.
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- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it