Global Sport Utility Vehicle (SUV) Market, By Type (SUV-C, SUV-D, SUV-E, SUV-F), Fuel Type (Petrol, Diesel and Electric SUV), Size (Mini-SUV, Compact, Mid-Size, Full-Size, Extended-Length), Seating Capacity (5 Seater, 7 Seater, 8 and above Seater), Price Range (Medium, Premium), Application (Remote Areas, Recreation, Motorsport) – Industry Trends and Forecast to 2030.
Sport Utility Vehicle (SUV) Market Analysis and Size
Sport utility vehicle (SUV) is gaining popularity among consumers owing to the features such as stylish design, automatic safety features and compact size. The sport utility vehicles possess high-end material and finishes. The “SUV-D” is expected to be the fastest-growing type segment during the forecast period due to rising adoption of SUV-D in evolving countries. These vehicles are mostly full-size SUVs and mid-size with two or three rows of seating options. SUV-D vehicles are equipped with powerful engines with 4-wheel and all-wheel drive options.
Data Bridge Market Research analyses that the sport utility vehicle (SUV) market is expected to reach USD 124.63 billion by 2030, which is USD 39.99 billion in 2022, at a CAGR of 15.30% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Sport Utility Vehicle (SUV) Market Scope and Segmentation
2023 to 2030
2021 (Customizable to 2015 - 2020)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Type (SUV-C, SUV-D, SUV-E, SUV-F), Fuel Type (Petrol, Diesel and Electric SUV), Size (Mini-SUV, Compact, Mid-Size, Full-Size, Extended-Length), Seating Capacity (5 Seater, 7 Seater, 8 and above Seater), Price Range (Medium, Premium), Application (Remote Areas, Recreation, Motorsport)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America
Market Players Covered
Ford Motor Company (U.S.), General Motors (U.S.), AUDI AG (Germany), Kia Motors Corporation (South Korea), Groupe Renault (France), Groupe PSA (France), SAIC Motor Corporation Limited (China), Tesla (U.S.), Daimler AG (Germany), BMW AG (Germany), Hyundai Motor Company (South Korea), BYD Company Ltd. (China), Continental AG (Germany), TOYOTA MOTOR CORPORATION (Japan), Nissan Motor Co., LTD. (Japan), Volkswagen AG (Germany), AB Volvo (Sweden), Honda Motor Co., Ltd. (Japan)
A sports utility vehicle is a type of passenger vehicle which combines the passenger-carrying and load-hauling capacities with the utility of lightweight pickup truck. Sports utility vehicles are characterized on the basis of their seating capacity but a minimum of 5 seating capacity is important in the automobiles for them to be named as sport utility vehicle (SUV). They offer four-wheel drive capabilities and improvised performance, comfort over long routes.
Sport Utility Vehicle (SUV) Market Dynamics
- Increasing demand of heavy and luxury vehicles
The surge in demand for luxury and heavy vehicles coupled with growth in diesel-operated vehicles are expected to accelerate the market's growth. Furthermore, rise in awareness regarding advantages and capabilities of these heavy and luxury vehicles vehicles, such as off-roading capabilities, greater comfort and the increasing focus of manufacturers to produce sports car with security, safety and infotainment systems help in the growth of the market during the forecast period.
- Increasing stringent regulation and policy for the installation of security and safety equipment
Stringent regulation and policy by government, mandating the installation of security and safety equipment in vehicles and increasing preference for better safety measures among consumers are expected to drive the growth of the sport utility vehicle (SUV) market. For instance, in November 2012, as per the Transportation Recall Enhancement, Accountability and Documentation (TREAD) Act, European Union mandated the Tire Pressure Monitoring System (TPMS) in every passenger car models. These technologies provide improved safety and efficient operation which is expected to boost the market growth.
- Rising concerns regarding safety among consumers
Growing concern about safety is one of the major factors that will create immense opportunities for market growth. Sport utility vehicle (SUV) are equipped with active safety features such as Anti-Lock Brake System (ABS), traction control (ASR), Advanced driver-assistance systems (ADAS), Tire-Pressure Monitoring System (TPMS) and torque vectoring, these systems are providing maximum safety to the driver. For instance, Audi launched the AudiQ3 SUV vehicles in 2017, which was integrated with advanced technologies such as Anti-lock Brake System (ABS), Electromechanical Parking Brake and Tire-pressure Monitoring System (TPMS). Increasing inclination towards adopting vehicles with safety features among consumers, due to growing road accidents, is anticipated to boost the market growth worldwide.
- Rising cost of fuel
The major factor which is restraining market growth is increasing fuel price. Increasing adoption of sport utility vehicle (SUV) is in turn driving demand for crude oil. As a result of this, SUVs are utility vehicles and consume more fuel. As per the Energy Information Administration (EIA), the price of crude oil augmented from US$ 50 per barrel in 2016 to US$ 60 per barrel at the end of 2017. Therefore, growing price of crude oil is anticipated to negatively impact the market growth.
This sport utility vehicle (SUV) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the sport utility vehicle (SUV) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
- In 2022, Suzuki Motor Corporation and Toyota Motor Corporation, have announced plans to stsrt manufacturing of hybrid SUV vehicles. The alliance influences Suzuki's capability in compact vehicles and Toyota's expertise in electrification for wider adoption and combined manufacturing of EVs. Thus, this is eventually going to help in market growth.
- In 2022, Honda Motor Co., Ltd. launched a ZR-V, an all-new SUV. All-new ZR-V adopts elegant and smart design, making this model fit for urban environments. This hybrid model of all-new ZR-V will be the first Honda sport utility vehicle (SUV) to be prepared with Sports e:HEV that combines a 2.0-liter direct injection engine and the advanced 2-motor hybrid system (e-CVT).
- In 2022, Hyundai Motor announced the launch of Ioniq 5 EV. The international model will come in 72.6kWh and 58kWh battery models, offering 480 kms and 385 kilometres driving range respectively. Additional, both battery models will come in 4WD and 2WD options.
Global Sport Utility Vehicle (SUV) Market Scope
The sport utility vehicle (SUV) market is segmented based on the type, fuel type, size, seating capacity, price range and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Electric SUV
- 5 Seater
- 7 Seater
- 8 and above Seater
- Remote Areas
Sport Utility Vehicle (SUV) Market Regional Analysis/Insights
The sport utility vehicle (SUV) market is analyzed and market size insights and trends are provided by country, type, fuel type, size, seating capacity, price range and application as referenced above.
The countries covered in the sport utility vehicle (SUV) market report are report U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the sport utility vehicle (SUV) market in terms of revenue growth and market share owing to increasing demand for premium cars with augmented comfort feature in this region.
Asia-Pacific is projected to be the fastest developing region during the forecast period of 2023-2030. This is mainly due to high investments in research and development activities and growing demand for automobiles in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Sport Utility Vehicle (SUV) Market Share Analysis
The sport utility vehicle (SUV) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to sport utility vehicle (SUV) market.
Some of the major players operating in the sport utility vehicle (SUV) market are:
- Ford Motor Company (U.S.)
- General Motors (U.S.)
- AUDI AG (Germany)
- Kia Motors Corporation (South Korea)
- Groupe Renault (France)
- Groupe PSA (France)
- SAIC Motor Corporation Limited (China)
- Tesla (U.S.)
- Daimler AG (Germany)
- BMW AG (Germany)
- Hyundai Motor Company (South Korea)
- BYD Company Ltd. (China)
- Continental AG (Germany)
- TOYOTA MOTOR CORPORATION (Japan)
- Nissan Motor Co., LTD. (Japan)
- Volkswagen AG (Germany)
- AB Volvo (Sweden)
- Honda Motor Co., Ltd. (Japan)