CHICAGO, Oct. 12, 2022 /PRNewswire/ — SUV Market is projected to grow at a CAGR of 6.6% during the forecast period, from an estimated USD 885.8 billion in 2022 to USD 1,221.7 billion by 2027, at a CAGR of 6.6%. The growth of the SUV Market, according to a new report by MarketsandMarkets™.
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Rising consumer inclination toward comfort and automatic safety features, other benefits such as higher ground clearance, commanding driver seating position, robustness, and off-road driving capabilities are projected to drive the SUV Market in the coming years.
The Mid-Size SUVs would lead the global SUV Market during the forecast period
The mid-size SUVs hold the largest market among all types. They are offered in multiple engine variants with gasoline (naturally aspirated and turbocharged), diesel, and some plug-in hybrid options for better fuel economy. Additionally, these vehicles are provided with various transmission options (manual, automatic transmission (AT), CVT, and DCT), 2 or 3 rows of seating options, and multiple luxury, safety, and driver assistance features (such as smart entry, start-stop, all-wheel disc brakes, heated & ventilated seats, sunroof, ambient lighting, etc.). Consumers mostly prefer mid-size SUVs, and the inclination is shifting from the premium hatchback or compact SUV segment to this segment. The key reason for the same is to get additional seating and cargo space with a moving inclination towards better functionality and improved practical features at comparatively lower prices than full-size SUVs. Increasing disposable income is also one of the reasons for this shift. Thus, the rising adoption of mid-size SUVs in the Americas, Europe, and developed countries such as Japan and South Korea will drive the growth of this segment.
The Electric SUV segment would be the fastest-growing SUV segment
Electric SUV is estimated to grow at the highest CAGR under the review period. The stringent emission regulations by global economies with lowered emission limits and updated CO2 and fuel efficiency regulations, soaring crude oil prices, and demand for fuel-efficient vehicles drive the electric SUV Market. Battery electric SUVs hold the largest share, followed by plug-in hybrid versions of SUVs. Some global top selling electric SUV models are – Tesla Model Y, MG ZS EV, Mercedes-Benz EQC, Audi e-tron, Kona Electric, and Volvo XC40. Further, in the US and some European countries, OEMs are offering plug-in hybrid SUVs that offer better mileage without compromising on the engine performance. These growth factors would fuel the future electric SUV segments growth.
With the increasing number of on-road EV vehicles, reaching 16.2 million units worldwide in 2021, the demand for plastic applications in battery powertrains and interior components is likely to drive the market.
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“Asia Pacific would be the largest market for SUVs.”
The Asia Pacific region holds the largest market share in the SUV Market owing to shifting consumer preferences, increasing per capita income of the middle-class population, and cost advantages that have led OEMs to increase vehicle production in the region. Thus, strong demand has been noticed in China, India, and Japan, accelerating the SUV Market growth. In 2021, SUV sales in China have increased from 10.1 million units to 11.2 million units. The demand for entry-level and compact SUVs is growing in countries such as India and China due to more product launches with advanced features in this segment at a competitive price bracket. Further, increased demand for luxury cars with superior cabin comfort and off-roading capability for sport and recreational purposes would spur the demand for mid-size and full-size SUVs in the region.
Key Market Players
The SUV Market is led by established global suppliers such as Toyota Motor Corporation (Japan), Honda Motor Co., Ltd (Germany), Hyundai Motor Company (South Korea), General Motors (US), Ford Motor Company (US), Stellantis (The Netherlands), Daimler AG (Germany), Volkswagen AG (Germany), Nissan Motor Co., Ltd (Japan), and BMW Group (Germany). These companies adopted several strategies to gain traction in the SUV Market. New product development, partnerships, and expansion strategies from 2018 to 2022 helped them to innovate on its offerings and broaden their customer base.
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