Dublin, July 26, 2024 (GLOBE NEWSWIRE) — The “Sports Utility Vehicles (SUVs) – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Sports Utility Vehicles (SUVs) is estimated at 60.8 Million Units in 2023 and is projected to reach 127.4 Million Units by 2030, growing at a CAGR of 11.1% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Several market forces drive the demand for SUVs, including significant improvements in fuel efficiency and heightened safety features that align with the growing consumer focus on environmental consciousness and cost-effectiveness. The crossover SUV segment, in particular, has seen considerable growth by combining the comfort of a sedan with the practical advantages of an SUV, appealing to those who desire versatility without compromising on drivability.
Technological advancements have further augmented the appeal of SUVs, integrating cutting-edge features such as advanced connectivity and infotainment systems that attract tech-savvy consumers. Moreover, changing lifestyle trends that favor outdoor activities boost the practicality of SUVs for transporting equipment and navigating varied terrains. The shift towards electric and hybrid models addresses environmental concerns, enhancing the SUV market`s growth.
Additionally, cultural influences and government policies that favor larger vehicles for their perceived safety and status, along with innovative financing options and effective marketing strategies, have significantly contributed to the robust growth and diversification of the SUV market, establishing them as a preferred choice for a wide range of consumers globally.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Diesel-based SUVs segment, which is expected to reach 52.3 Million Units by 2030 with a CAGR of a 9.8%. The Petrol-based SUVs segment is also set to grow at 11.7% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at 15.9 Million Units in 2023, and China, forecasted to grow at an impressive 14.4% CAGR to reach 29.1 Million Units by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Bayerische Motoren Werke AG (BMW GROUP), BYD Co., Ltd., Daimler AG, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 244 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value in 2023 | 60.8 Million Units |
| Forecasted Market Value by 2030 | 127.4 Million Units |
| Compound Annual Growth Rate | 11.1% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- Sports Utility Vehicles (SUVs) – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Global Economic Update
MARKET TRENDS & DRIVERS
- Rise of Electric SUVs Drives Adoption of Green Technologies
- Urbanization Spurs Growth in Compact and Subcompact SUV Segments
- Consumer Desire for Versatile and Multi-Purpose Vehicles Sustains Growth in SUV Market
- Advancements in Autonomous Driving Technologies Propel Market Expansion
- Increasing Consumer Preference for Off-Road Capabilities Strengthens Business Case for Rugged SUVs
- Technological Innovations in Connectivity and Infotainment Systems Accelerate Demand for Smart SUVs
- Enhanced Safety Features and Ratings Propel Growth in Family-Oriented SUV Market
- Popularity of Adventure Tourism Throws the Spotlight on All-Terrain SUVs
- Shift Towards Shared Mobility and Ride-Hailing Services Creates Opportunities for Fleet-Specific SUV Models
- Innovations in Lightweight Materials and Fuel Efficiency Strengthen Competitive Edge of SUVs
- Customization and Personalization Trends Drive Consumer Engagement and Preference for SUVs
- Integration of Advanced Driver Assistance Systems (ADAS) Enhances Market Competitiveness of SUVs
- Consumer Shift towards Premium Features and Luxury Interiors Generates Increased Spending in the SUV Segment
- OEM Partnerships with Tech Firms Fuel Innovations in SUV Design and Functionality
- Rising Fuel Prices and Efficiency Regulations Propel Interest in Fuel-Efficient SUV Models
FOCUS ON SELECT PLAYERS (Total 273 Featured)
- Bayerische Motoren Werke AG (BMW GROUP)
- BYD Co., Ltd.
- Daimler AG
- General Motors Company
- Honda Motor Co., Ltd.
- Hyundai Motor Company
- Mitsubishi Motors Corporation
- Toyota Motor Corporation
- Volkswagen AG
For more information about this report visit https://www.researchandmarkets.com/r/57hmf6
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- Global Sports Utility Vehicles (SUVs) Market
