Pune, 13, May 2024: Stellar Market Research, a Consumer Goods & Services business research firm has published a report on the “SUV Market”. The total market opportunity for the SUV Market was USD 496 Bn in 2023 and is expected to grow at 6.53 percent CAGR through the forecast period by reaching nearly USD 773.31 Bn.
SUV Market Report Scope and Research Methodology
Market Size in 2023 USD 496 Bn.
Market Size in 2030 USD 773.31 Bn.
CAGR 6.53% (2024-2030)
Forecast Period 2024-2030
Base Year 2023
Number of Pages 285
No. of Tables 119
No. of Charts and Figures 115
Segment Covered Type, Fuel Type and Price Range
Regional Scope North America, Europe, Asia Pacific, Middle East and Africa, South America
Report Coverage Market Share, Size & Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, Stellar Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
The SUV Market report offers a comprehensive examination of the leading players’ strategies within the industry, coupled with a thorough analysis of market segments and regional dynamics. Delving deep into market dynamics, the report explores drivers, restraints, opportunities, and challenges on both regional and segment levels. Additionally, it furnishes crucial figures on import/export consumption, supply and demand, pricing, costs, revenue, and gross margins, rendering it an invaluable resource for investors navigating this sector.
The SUV Market report gathered data through a blend of primary and secondary research methods, ensuring its authenticity. Primary research involved distributing questionnaires, conducting surveys, and holding phone interviews with experts, industry leaders, marketers, and entrepreneurs within the SUV sector. Employing a bottom-up approach, the report estimated both global and regional market sizes. Additionally, SWOT analysis was utilized to highlight the strengths and weaknesses of key players in the SUV industry.
SUV Market Overview
A sport utility vehicle is a car classification that combines elements of road-going passenger cars with features from off-road vehicles, such as raised ground clearance and four-wheel drive. Over the forecast period, it is expected that the growing SUVs is expected to become a popular choice of vehicle, across the globe. SUVs are preferred more owing to their commanding stance and strong road presence when compared to other types of vehicles such as sedans or hatchbacks.
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SUV Market Dynamics
The popularity of Sport Utility Vehicles (SUVs) has been on the rise owing to their ability to meet a wide range of consumer needs. The demand for SUVs remains high because of the numerous advantages they provide, making them a preferred option for numerous consumers. Market growth has been driven by ample space, all-weather capability, towing capability, safety features, and a higher driving position of the SUV. These vehicles are created to combine the characteristics of both classic cars and trucks, providing a appealing mix of roomy interiors, off-road abilities, and frequently, cutting-edge technology.
One of the key developments in the SUV industry is the rise in popularity of compact SUVs. These smaller SUVs are becoming more popular as they offer the same SUV features but in a more convenient and cost-effective package. City dwellers who value the versatility and usefulness of an SUV but require a vehicle that is easy to park and through busy urban areas are attracted to compact SUVs.
SUV Market Regional Insights
Asia Pacific was the leading market in 2023 and is projected to continue its dominance until 2030 with a rising CAGR. Battery manufacturing is experiencing significant investment because of the increasing demand for lithium-ion batteries fuelled by the rising popularity of electric vehicles. Additionally, businesses are eagerly anticipating the development of hydrogen fuel cell electric vehicles. Consumer demand for sports utility vehicles is growing in the Asia Pacific region. The rising popularity of small and medium-sized SUVs and crossovers is leading to the advancement of smart all-wheel drive and electric AWD systems.
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SUV Market Segmentation
By Type
- Mini
- Compact
- Mid and Full Size
Based on Type, the Compact SUV segment is expected to hold the largest SUV Market share. The Compact SUV’s design improves road handling, similar to a car’s agility, which has increased market demand. The unibody design of Compact SUV prevents twisting while turning, providing excellent performance on the road.
By Fuel Type
- Petrol
- Diesel
- Electric SUV
Based on Fuel Type, the Diesel segment is expected to hold the largest share of the global market in the future. Diesel engines have a compression ratio that is greater than gasoline engines, leading to less engine wear, and decreased need for lubricating oil as a result Diesel engines able to burn various types of fuels such as biodiesel and renewable diesel.
By Price Range
- Medium
- Premium
Based on Price Range, Medium segment is expected to hold the largest SUV Market share in the future. Mid-range SUVs cater a large audience seeking a practical and feature rich vehicle. Compared to their Premium counterparts it prioritize value without sacrificing essential features.
SUV Key Competitors include:
- Toyota (Japan)
- Volkswagen (Germany)
- General Motors (United States)
- Ford (United States)
- Honda (Japan)
- Nissan (Japan)
- Hyundai (South Korea)
- Kia (South Korea)
- BMW (Germany)
- Mercedes-Benz (Germany)
- Audi (Germany)
- Subaru (Japan)
- Lexus (Japan)
- Chevrolet (United States)
- Land Rover (United Kingdom)
- Mitsubishi (Japan)
- Volvo (Sweden)
- Porsche (Germany)
- GMC (United States)
- Buick (United States)
- Tesla (United States)
- Infiniti (Japan)
- Jaguar (United Kingdom)
- Dodge (United States)
Key questions answered in the SUV Market report are:
- What is Pepper Spray?
- Which market segment held the largest share of the global SUV market in 2023?
- What are the global trends in the SUV Market?
- What growth strategies are the players considering to increase their presence in SUV Market?
- What are the upcoming industry applications and trends for the SUV Market?
- Who are the leading companies and what are their portfolios in SUV Market?
- What are the major challenges that the SUV Market could face in the future?
- Which region held the largest SUV Market Share in 2023?
- What are the recent industry trends that can be implemented to generate additional revenue streams for SUV Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022 )
- Past Pricing and price curve by region (2018 to 2022 )
- Market Size, Share, Size & Forecast by different segment | 2023−2030
- SUV Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- SUV Market Segmentation – A detailed analysis by Type, Fuel Type, Price Range and Region
- Competitive Landscape – Profiles of selected key players by region in a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Stellar Market Research is leading Automotive & Transportation research firm, has also published the following reports:
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Electric Vehicle Traction Motor Market– The market size is expected to reach USD 35.19 billion by 2030 at a CAGR of 15 percent during the forecast period. The market is expected to be fuelled by increasing acceptance of e-mobility and heightened environmental concerns.
About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical Types and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, Typeion and demand analysis, and client impact studies.
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Website: https://www.stellarmr.com/report/SUV-Market/1824