Market Analysis: Global SUV Market
Global SUV market is expected to register a healthy CAGR of 12.23% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the increasing levels of investments carried out by various automobile manufacturers to develop innovative and technologically advanced vehicles along with consumer preferences to have vehicles that include safety, infotainment & comfort for off-roading.
Market Definition: Global SUV Market
SUV (Sports Utility Vehicle) are an expanded version of the passenger vehicles that extract the features of light commercial vehicles and passenger vehicles and combine to offer enhanced passenger carrying or load-carrying capacity & offer the comfort along with efficiency of passenger vehicles. SUV’s are classified based on their seating capacity but a minimum of five seating capacity is required in vehicles for them to be termed as SUV. They offer enhanced performance, comfort over long routes and four-wheel drive capabilities.
- Growing awareness regarding the benefits and capabilities of these vehicles such as greater comfort, off-roading capabilities, greater capacity are factors expected to drive the growth of the market
- Growth in the living standards of Asia-Pacific region is expected to significantly drive the growth of the market
- Low fuel efficiency and large costs of the product amid concerns regarding the environment is expected to restrain the market growth
- Significant costs of maintenance and increased rates of insurance from many regions for these vehicles are also restraining the growth of the market
Segmentation: Global SUV Market
By Ignition Type
By Price Range
- Remote Areas
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
Key Developments in the Market:
- In May 2019, Hyundai Motor Company announced the launch of their new compact SUV for the Indian market branded as “Venue” priced in the range of Rupees 6.5-11.10 lakh. The car is the first connected car provided by the manufacturer in the Indian market. The product is available with seven different colours.
- In January 2019, Tata Motors announced the launch of their new SUV branded as “Harrier” priced from Rupees 12.69 lakh and upwards. The car available in two seating options 5 and 7 seaters and three different driving modes are available; “City”, “Sport” and “Eco”. The car will be initially launched as a compact SUV but later variants will include expanded seating and prices are expected to rise to Rupees 16.25 lakh.
Competitive Analysis: Global SUV Market
Global SUV market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of SUV market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors: Global SUV Market
Few of the major competitors currently working in the global SUV market are Daimler AG; General Motors; Hyundai Motor Company; TOYOTA MOTOR CORPORATION; Honda Motor Co., Ltd.; BYD Company Ltd.; BMW AG; Volkswagen AG; Nissan; Fiat Chrysler Automobiles; MITSUBISHI MOTORS CORPORATION; Ford Motor Company; Groupe Renault; Geely Auto; Groupe PSA; Great Wall Motors; Mazda Motor Corporation; Changan Automobile; Tata Motors; Guangzhou Automobile Group Motor Co., Ltd. (GAC MOTOR); suzuki motor corporation; SAIC Motor Corporation Limited; Dongfeng Motor Company; Mahindra & Mahindra Ltd.; CHERY; SUBARU CORPORATION and Tesla.
Research Methodology: Global SUV Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved