The SUV market growth is projected to reach 53 million units by 2030 from 41 million units in 2024, at a CAGR of 4.4%. The SUV segment has rapidly gained popularity among consumers owing to its road presence, space & size, stylish design, and advanced safety and comfort features. Mid-size and full-size SUVs with in-cabin safety and comfort features such as 4WD/AWD, automatic transmission, advanced powerful engine, heated/ventilated seats, heated steering and rear air conditioning have increased across all regions. Consumers around the globe prefer compact and mid-size SUVs over sedans and hatchback cars because of their versatility and cargo space.
Demand for premium vehicles with advanced features
The growing state of the world economy and generally rising consumer lifestyles, which result in more disposable income, are driving the SUV market. SUVs are popular due to changing consumer preferences and modern lifestyles along with increasing sales of ultra-luxury variants. Customers expect advanced connectivity technologies that enhance comfort, safety, and entertainment. The market is also impacted by the latest electrification of powertrain technology and increasing interest in autonomous driving. OEMs offer the latest technologies using artificial intelligence and machine learning in these SUVs, such as ADAS, personal assistance voice control, retina recognition, remote services, and real-time traffic information, among others, to keep consumers connected with the outside world. The premium SUV market growth is expected to remain strong as consumers perceive safety, styling, and attractive aesthetics. Wide subsegment offerings by OEMs with advanced upgrades would attract and create a new set of customers for this segment in the coming years.
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Growing adoption of connected vehicles
With the growing increase in global vehicle sales, government & regulatory bodies such as European Commission (EC) and the US Environmental Protection Agency (US EPA) have implemented stringent emission norms for controlling GHG emissions. Stringent emissions regulations have shifted the global focus towards electric vehicles, which has resulted in exponential growth of these vehicles in recent years and simultaneously for electric SUVs. Many automotive OEMs are launching their electric SUVs in the market. According to IEA Global EV Outlook 2021, more than 55% of announced models globally are SUVs and pickups. The potential reason for electrification is that the SUV is amongst the heaviest and most fuel-consuming vehicles, and electrification would help to meet stringent emission targets.
Asia Pacific is expected to be the largest market during the forecast period
Asia-Pacific regions hold the major share in the SUV sales volume. The major factor for this is the intensive manufacturing and export of cars in China. China is the most dominant nation in automotive industry with respect to supplying raw materials, manufacturing as well as its sales. In addition, China has the most powerful supply chain of EV batteries. Over 50% of the EV batteries are manufactured in China. Moreover, around 75% of the components of EV batteries are manufactured in China. These Chinese manufacturers are looking to expand their services and acquire additional market share around the world. Moreover, other Asian countries such as Japan, India and South Korea are other major markets of SUVs in the region. The Asia-Pacific region has seen growth in automobile production in the past and continuing this trend, the Asia region will dominate the SUV market during the forecast 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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