Sport Utility Vehicle Suv Market
PUBLISHED: 2023 ID: SMRC22911
SHARE
SHARE

Sport Utility Vehicle Suv Market

Sport Utility Vehicle (SUV) Market Forecasts to 2028 - Global Analysis By Class (Class D, Class B, Class E, Class C, Other Classes), Price Range (Premium, Medium), Seating Capacity (8 and above Seater, 5-Seater, 7-Seater), Type (SUV-E, SUV-C, SUV-D, SUV-F ), EV Type, Fuel Type, Application and Geography

5.0 (54 reviews)
5.0 (54 reviews)
Published: 2023 ID: SMRC22911

This report covers the impact of COVID-19 on this global market
Loading...

Years Covered

2020-2028

Estimated Year Value (2022)

US $885 BN

Projected Year Value (2028)

US $1,453 BN

CAGR (2022 - 2028)

8.6%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Sport Utility Vehicle (SUV) Market is accounted for $885 billion in 2022 and is expected to reach $1,453 billion by 2028 growing at a CAGR of 8.6% during the forecast period. A SUV (Sports Utility Vehicle) is a type of suburban utility vehicle that is categorised as a light truck and is utilised as a family vehicle. It has higher ground clearance and rugged features. In order to be lighter and more fuel-efficient, SUVs are built on standard car chassis and have all four wheels turning simultaneously. It is divided into categories for diesel, petrol, and electric vehicles.

According to IEA, the number of SUVs will grow by more than 35 million on the world’s roads in 2021, increasing CO2 emissions by 120 million tonnes.



Market Dynamics:

Driver:

Electrification of SUVs & growing adoption of advanced connected technologies

Government and regulatory organisations across the world have implemented strict emission limits for lowering GHG emissions in response to the expanding worldwide vehicle sales. Global attention has switched to electric and hybrid cars as a result of strict pollution regulations, which has led to the simultaneous exponential rise of electric SUVs and these vehicles in recent years. The market is seeing the introduction of many electric SUVs from automobile OEMs. SUVs might be electrified since they are among the heaviest and most fuel-hungry cars, and electrification would help them fulfil strict pollution standards.

Restraint:

High cost of SUV

Buyers are gravitating towards the SUV market because it has several advantages over hatchbacks and sedans. However, although having many benefits, these automobiles are more expensive than small and mid-size cars, particularly full-size SUVs. The demand for mid-size SUVs is far better than that for full-size ones, and the market for compact SUVs has grown dramatically in both developed and developing countries. These full-size SUVs have strong engines and offer off-roading capability, but they also have a number of security and comfort services. These amenities include heated front seats, strong third-row air conditioners, an upgraded infotainment touch screen system, parking assistance, intelligent warnings, driver assistance functions, and many more. Since the majority of these full-size SUVs are sold in the premium and ultra-premium sectors, OEMs are forced to embrace more sophisticated features in order to remain competitive, which ultimately raise the price of the vehicle as a whole.

Opportunity:

Increasing demand of heavy and luxury vehicles

The market's growth is anticipated to be accelerated by the spike in demand for luxury and heavy cars as well as the expansion of diesel-powered vehicles. Additionally, the increased focus of manufacturers to produce sports cars with security, safety, and infotainment systems as well as the rising awareness of the benefits and capabilities of these heavy and luxury vehicles, such as off-roading capabilities, greater comfort, and these benefits are contributing to the market's growth during the forecast period.

Threat:

Challenges in meeting fuel economy and emission limits

Mid-size and full-size SUVs often feature bigger engines with worse fuel economy and greater CO2 emissions. The most popular full-size US SUVs have engines of 355 HP to 420 HP. In contrast, the most popular big SUVs in Europe have engines with between 315 and 400 horsepower. OEMs are concentrating on building big electrified SUVs. However, the full-size electric SUVs would need large batteries that would take a long time to charge. Additionally, the weight and price of full-size SUVs would also increase. In addition to tight emission standards and specific OEM initiatives, several nations' officials placed levies and fines on heavier automobiles, which produce the most pollutants. Similar to this, India's Road Transport and Highways Department accepted a plan for a "green tax" on older, more polluting automobiles. Therefore, increasing government rules that are more onerous on traditional SUVs and lower fuel efficiency might slow the expansion of the ICE engine SUV market.

Covid-19 Impact

The COVID-19 pandemic is still having an impact on how different businesses are developing. The outbreak's early effects, however, vary. While some industries may see a decline in demand, many others will continue to be unaffected and offer bright prospects for expansion. The impact of COVID-19 on the SUV market will be limited.

The mini SUV segment is expected to be the largest during the forecast period

The mini SUV segment is estimated to have a lucrative growth. A mini SUV is a car that is bigger than a compact SUV but smaller than a full-size SUV. They often have greater cargo room than a small SUV and are suited for city driving. They are therefore a fantastic option for those who want more capacity than a compact SUV but do not want to pay the higher price of a full-size SUV. People who desire to drive a smaller vehicle but yet be able to haul huge objects frequently choose this style of SUV.

The 7 seater segment is expected to have the highest CAGR during the forecast period

The 7 seater segment is anticipated to witness the fastest CAGR growth during the forecast period. 7 seat options are often seen in full-size SUVs and MPVs. OEMs now provide a few mid-size SUV variations with seating for seven or eight passengers. Mid-size SUVs with 7-seater layouts typically have an additional 100–200 mm in length. These vehicles are perfect for buyers with large families who want extra seats at a comparable price to a mid-size SUV. SUVs with seven seats are typically high-end vehicles with all necessary standard and cutting-edge safety and comfort equipment. The 7 passenger SUV is predicted to grow in popularity as the Americas area has the greatest market for this sector with the highest percentage of full-size SUVs, and as Asia Pacific countries increasingly embrace mid-size and full-size SUVs.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period. Additionally, during the course of the projected period, Asia Pacific nations like China and Japan are anticipated to maintain their supremacy. The growing demand for heavy passenger vehicles in the SUV industry is the main factor driving the SUV market. In the approaching years, it is projected that increasing replacement demands would lead to a sustained market for SUVs. Additionally, throughout the projection period, an increase in the quality of living in Asia-Pacific nations is anticipated to drive up SUV demand.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to continuing automotive modernisation programmes. It is anticipated that rising population auto expenditure would favourably affect the expansion of the SUV market. The main element fueling the expansion of the regional market is the significant concentration of HNWIs in nations like the US. Additionally, it is anticipated that throughout the forecast period, the popularity of high-end SUVs would help to further drive the expansion of the SUV market in North America.



Key players in the market

Some of the key players profiled in the Sport Utility Vehicle (SUV) Market include Nissan Motor Co., Ltd, Toyota Motor Corporation, Tesla, BMW Group, Continental AG, Ford Motor Company, Honda Motor Co., Ltd, General Motors, Hyundai Motor Company, Volkswagen, Daimler and Renault.

Key Developments:

In December 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.

In July 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 June 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.

Classes Covered:
• Class D
• Class B
• Class E
• Class C
• Other Classes

Sizes Covered:
• Compact
• Mid-Size
• Mini-SUV
• Mid-Size Extended-Length (MPV/MUV)
• Other Sizes

Price Ranges Covered:
• Premium
• Medium

Seating Capacities Covered:
• 8 and above Seater
• 5-Seater
• 7-Seater

Types Covered:
• SUV-E
• SUV-C
• SUV-D
• SUV-F
• Other Types

EV Types Covered:
• Fuel Cell Electric Vehicles (FCEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle (BEV)

Fuel Types Covered:
• Electric SUV
• Diesel
• Petrol
• Other Fuel Types

Applications Covered:
• Motorsport
• Remote Areas
• Recreation
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Sport Utility Vehicle (SUV) Market, By Class
5.1 Introduction
5.2 Class D
5.3 Class B
5.4 Class E
5.5 Class C
5.6 Other Classes

6 Global Sport Utility Vehicle (SUV) Market, By Size
6.1 Introduction
6.2 Compact
6.3 Mid-Size
6.4 Mini-SUV
6.5 Mid-Size Extended-Length (MPV/MUV)
6.6 Other Sizes

7 Global Sport Utility Vehicle (SUV) Market, By Price Range
7.1 Introduction
7.2 Premium
7.3 Medium

8 Global Sport Utility Vehicle (SUV) Market, By Seating Capacity
8.1 Introduction
8.2 8 and above Seater
8.3 5-Seater
8.4 7-Seater

9 Global Sport Utility Vehicle (SUV) Market, By Type
9.1 Introduction
9.2 SUV-E
9.3 SUV-C
9.4 SUV-D
9.5 SUV-F
9.6 Other Types

10 Global Sport Utility Vehicle (SUV) Market, By EV Type
10.1 Introduction
10.2 Fuel Cell Electric Vehicles (FCEV)
10.3 Plug-In Hybrid Electric Vehicle (PHEV)
10.4 Battery Electric Vehicle (BEV)

11 Global Sport Utility Vehicle (SUV) Market, By Fuel Type
11.1 Introduction
11.2 Electric SUV
11.3 Diesel
11.4 Petrol
11.5 Other Fuel Types

12 Global Sport Utility Vehicle (SUV) Market, By Application
12.1 Introduction
12.2 Motorsport
12.3 Remote Areas
12.4 Recreation
12.5 Other Applications

13 Global Sport Utility Vehicle (SUV) Market, By Geography
13.1 Introduction
13.2 North America
13.2.1 US
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 Italy
13.3.4 France
13.3.5 Spain
13.3.6 Rest of Europe
13.4 Asia Pacific
13.4.1 Japan
13.4.2 China
13.4.3 India
13.4.4 Australia
13.4.5 New Zealand
13.4.6 South Korea
13.4.7 Rest of Asia Pacific
13.5 South America
13.5.1 Argentina
13.5.2 Brazil
13.5.3 Chile
13.5.4 Rest of South America
13.6 Middle East & Africa
13.6.1 Saudi Arabia
13.6.2 UAE
13.6.3 Qatar
13.6.4 South Africa
13.6.5 Rest of Middle East & Africa

14 Key Developments
14.1 Agreements, Partnerships, Collaborations and Joint Ventures
14.2 Acquisitions & Mergers
14.3 New Product Launch
14.4 Expansions
14.5 Other Key Strategies

15 Company Profiling
15.1 Nissan Motor Co., Ltd
15.2 Toyota Motor Corporation
15.3 Tesla
15.4 BMW Group
15.5 Continental AG
15.6 Ford Motor Company
15.7 Honda Motor Co., Ltd
15.8 General Motors
15.9 Hyundai Motor Company
15.10 Volkswagen
15.11 Daimler
15.12 Renault

List of Tables
1 Global Sport Utility Vehicle (SUV) Market Outlook, By Region (2020-2028) ($MN)
2 Global Sport Utility Vehicle (SUV) Market Outlook, By Class (2020-2028) ($MN)
3 Global Sport Utility Vehicle (SUV) Market Outlook, By Class D (2020-2028) ($MN)
4 Global Sport Utility Vehicle (SUV) Market Outlook, By Class B (2020-2028) ($MN)
5 Global Sport Utility Vehicle (SUV) Market Outlook, By Class E (2020-2028) ($MN)
6 Global Sport Utility Vehicle (SUV) Market Outlook, By Class C (2020-2028) ($MN)
7 Global Sport Utility Vehicle (SUV) Market Outlook, By Other Classes (2020-2028) ($MN)
8 Global Sport Utility Vehicle (SUV) Market Outlook, By Size (2020-2028) ($MN)
9 Global Sport Utility Vehicle (SUV) Market Outlook, By Compact (2020-2028) ($MN)
10 Global Sport Utility Vehicle (SUV) Market Outlook, By Mid-Size (2020-2028) ($MN)
11 Global Sport Utility Vehicle (SUV) Market Outlook, By Mini-SUV (2020-2028) ($MN)
12 Global Sport Utility Vehicle (SUV) Market Outlook, By Mid-Size Extended-Length (MPV/MUV) (2020-2028) ($MN)
13 Global Sport Utility Vehicle (SUV) Market Outlook, By Other Sizes (2020-2028) ($MN)
14 Global Sport Utility Vehicle (SUV) Market Outlook, By Price Range (2020-2028) ($MN)
15 Global Sport Utility Vehicle (SUV) Market Outlook, By Premium (2020-2028) ($MN)
16 Global Sport Utility Vehicle (SUV) Market Outlook, By Medium (2020-2028) ($MN)
17 Global Sport Utility Vehicle (SUV) Market Outlook, By Seating Capacity (2020-2028) ($MN)
18 Global Sport Utility Vehicle (SUV) Market Outlook, By 8 and above Seater (2020-2028) ($MN)
19 Global Sport Utility Vehicle (SUV) Market Outlook, By 5-Seater (2020-2028) ($MN)
20 Global Sport Utility Vehicle (SUV) Market Outlook, By 7-Seater (2020-2028) ($MN)
21 Global Sport Utility Vehicle (SUV) Market Outlook, By Type (2020-2028) ($MN)
22 Global Sport Utility Vehicle (SUV) Market Outlook, By SUV-E (2020-2028) ($MN)
23 Global Sport Utility Vehicle (SUV) Market Outlook, By SUV-C (2020-2028) ($MN)
24 Global Sport Utility Vehicle (SUV) Market Outlook, By SUV-D (2020-2028) ($MN)
25 Global Sport Utility Vehicle (SUV) Market Outlook, By SUV-F (2020-2028) ($MN)
26 Global Sport Utility Vehicle (SUV) Market Outlook, By Other Types (2020-2028) ($MN)
27 Global Sport Utility Vehicle (SUV) Market Outlook, By EV Type (2020-2028) ($MN)
28 Global Sport Utility Vehicle (SUV) Market Outlook, By Fuel Cell Electric Vehicles (FCEV) (2020-2028) ($MN)
29 Global Sport Utility Vehicle (SUV) Market Outlook, By Plug-In Hybrid Electric Vehicle (PHEV) (2020-2028) ($MN)
30 Global Sport Utility Vehicle (SUV) Market Outlook, By Battery Electric Vehicle (BEV) (2020-2028) ($MN)
31 Global Sport Utility Vehicle (SUV) Market Outlook, By Fuel Type (2020-2028) ($MN)
32 Global Sport Utility Vehicle (SUV) Market Outlook, By Electric SUV (2020-2028) ($MN)
33 Global Sport Utility Vehicle (SUV) Market Outlook, By Diesel (2020-2028) ($MN)
34 Global Sport Utility Vehicle (SUV) Market Outlook, By Petrol (2020-2028) ($MN)
35 Global Sport Utility Vehicle (SUV) Market Outlook, By Other Fuel Types (2020-2028) ($MN)
36 Global Sport Utility Vehicle (SUV) Market Outlook, By Application (2020-2028) ($MN)
37 Global Sport Utility Vehicle (SUV) Market Outlook, By Motorsport (2020-2028) ($MN)
38 Global Sport Utility Vehicle (SUV) Market Outlook, By Remote Areas (2020-2028) ($MN)
39 Global Sport Utility Vehicle (SUV) Market Outlook, By Recreation (2020-2028) ($MN)
40 Global Sport Utility Vehicle (SUV) Market Outlook, By Other Applications (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
 

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

Frequently Asked Questions

In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929

Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.

Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.

All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929

We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.

We have 3 different licensing options available in electronic format.

  • Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
  • 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
  • Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.

All our reports are typically be emailed to you as an attachment.

To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.

We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.

Request Customization

We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.

Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.

WHY CHOOSE US ?

Assured Quality

Assured Quality

Best in class reports with high standard of research integrity

24X7 Research Support

24X7 Research Support

Continuous support to ensure the best customer experience.

Free Customization

Free Customization

Adding more values to your product of interest.

Safe and Secure Access

Safe & Secure Access

Providing a secured environment for all online transactions.

Trusted by 600+ Brands

Trusted by 600+ Brands

Serving the most reputed brands across the world.

Testimonials