The SUV Industry Size is projected to reach 53 million units by 2030 from 41 million units in 2024, at a CAGR of 4.4%.
Because of its road presence, size and space, fashionable design, and cutting-edge safety and comfort features, the SUV segment has quickly grown in favor among consumers. All regions have seen a growth in mid-size and full-size SUVs with in-cabin safety and comfort amenities including 4WD/AWD, automated transmissions, strong engines, heated/ventilated seats, heated steering, and rear air conditioning. Due to its load capacity and versatility, consumers worldwide favor small and mid-sized SUVs over sedans and hatchbacks.
Compact SUVs, which combine the adaptability of conventional SUVs with the speed and efficiency of smaller cars, are becoming more and more popular. Urbanites looking for functionality without sacrificing flair or mobility may find these small SUVs appealing.
“It is projected that the number of mid-size SUVs will increase by 2030.”
SUVs have been increasingly popular because of their adaptability, which combines the comfort and ease of city driving with the usefulness of off-road capability. They are favored by a variety of customers because to their roomy interiors, strong performance, and frequent integration of cutting-edge technology. The mid-size SUV has the largest market share since it can accommodate more passengers and has enough room for cargo on lengthy trips. The spacious cabin, comfort, and safety features for both the driver and the passenger are the main reasons why consumers choose mid-size SUVs. Because they have enough room for passengers and luggage, large families prefer mid-size SUVs for lengthy trips. The majority of OEMs include third-row seating, which is perfect for children.
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“During the forecast period, Asia Pacific is anticipated to be the largest market.”
The majority of SUV sales occur in the Asia-Pacific area. The primary cause of this is China’s extensive automobile production and exports. When it comes to raw material supply, manufacture, and sales, China is the country that dominates the automotive industry. Furthermore, the most robust EV battery supply chain is found in China. China is where more than half of the EV batteries are made. Furthermore, China produces about 75% of the parts used in EV batteries. These Chinese producers are trying to increase their global market share and service offerings. Furthermore, South Korea, India, Japan, and other Asian nations are significant SUV markets in the area. The manufacturing of automobiles has increased in the Asia-Pacific region in the past, and this trend is expected to continue, with the Asia region dominating the SUV market over the projected period.
Key Players
The top SUV OEMs in the market are Toyota Motors (Japan), Hyundai Motors (South Korea), General Motors (USA), Renault-Nissan-Mitsubishi Alliance, Stellantis N. V. (Netherlands), Honda Motors (Japan), Tesla (USA), Volkswagen (Germany), Ford (USA) , BYD (China) and so on. These companies adopted new product launches, acquisitions, partnerships, collaborations, and other key strategies to gain traction in the automotive market.
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