Chicago, July 15, 2024 (GLOBE NEWSWIRE) — SUV market is projected to reach 53 million units by 2030 from 41 million units in 2024, at a CAGR of 4.4%%, as per the recent study by MarketsandMarkets™. The SUV segment has rapidly gained popularity among consumers owing to its road presence, space & size, stylish design, and advanced safety and comfort features. Mid-size and full-size SUVs with in-cabin safety and comfort features such as 4WD/AWD, automatic transmission, advanced powerful engine, heated/ventilated seats, heated steering and rear air conditioning have increased across all regions. Consumers around the globe prefer compact and mid-size SUVs over sedans and hatchback cars because of their versatility and cargo space.
There is a noticeable trend towards compact SUVs, which blend the versatility of traditional SUVs with the agility and efficiency of smaller vehicles. These compact SUVs appeal to urban dwellers seeking practicality without compromising on style or manoeuvrability.
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List of Key Players in Future of SUV Market:
- Toyota Motors (Japan)
- Hyundai Motors (South Korea)
- General Motors (USA)
- Renault-Nissan-Mitsubishi Alliance, Stellantis N. V. (Netherlands)
- Honda Motors (Japan)
- Tesla (USA)
- Volkswagen (Germany)
- Ford (USA)
- BYD (China)
Drivers, Opportunities and Challenges in Future of SUV Market:
- Driver: Demand for premium vehicles with advanced features
- Restraint: High cost of SUVs
- Opportunity: Growing adoption of connected vehicles
- Challenge: Challenges in meeting fuel economy and emission limits
Key Findings of the Study:
- Mid-size SUVs are anticipated to witness growth by 2030.
- Asia Pacific is expected to be the largest market during the forecast period.
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The SUV market is projected to reach 53 million units by 2030 from 41 million units in 2024, at a CAGR of 4.4%. The SUV segment has rapidly gained popularity among consumers owing to its road presence, space & size, stylish design, and advanced safety and comfort features. Mid-size and full-size SUVs with in-cabin safety and comfort features such as 4WD/AWD, automatic transmission, advanced powerful engine, heated/ventilated seats, heated steering and rear air conditioning have increased across all regions. Consumers around the globe prefer compact and mid-size SUVs over sedans and hatchback cars because of their versatility and cargo space.
There is a noticeable trend towards compact SUVs, which blend the versatility of traditional SUVs with the agility and efficiency of smaller vehicles. These compact SUVs appeal to urban dwellers seeking practicality without compromising on style or maneuverability.
“Mid-size SUVs are anticipated to witness growth by 2030”
SUVs have surged in popularity due to their versatile nature, blending the practicality of off-road capability with the comfort and convenience of city driving. They offer spacious interiors, robust performance, and often incorporate advanced technology, making them a preferred choice for a wide range of consumers. The mid-size SUV holds the maximum share due to its larger passenger capacity and ample cargo space during long journeys. Consumers opt for mid-size SUVs due to their large interior, comfort, and safety features for both the driver and passenger. Large families prefer mid-size SUVs for long drives because of ample space for luggage and passenger. Most OEMs offer third-row seating that is ideal for kids’ seating.
“Asia Pacific is expected to be the largest market during the forecast priod.”
Asia-Pacific regions hold the major share in the SUV sales volume. The major factor for this is the intensive manufacturing and export of cars in China. China is the most dominant nation in automotive industry with respect to supplying raw materials, manufacturing as well as its sales. In addition, China has the most powerful supply chain of EV batteries. Over 50% of the EV batteries are manufactured in China. Moreover, around 75% of the components of EV batteries are manufactured in China. These Chinese manufacturers are looking to expand their services and acquire additional market share around the world. Moreover, other Asian countries such as Japan, India and South Korea are other major markets of SUVs in the region. The Asia-Pacific region has seen growth in automobile production in the past and continuing this trend, the Asia region will dominate the SUV market during the forecast period.
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Recent Developments:
- In February 2024, VinFast conducted the ground-breaking ceremony for its upcoming manufacturing plant in Thoothukudi, Tamil Nadu, India. The proposed investment amounts to USD 2 billion, with an initial investment of USD 500 million.
- In February 2024, Toyota announced to invest $1.3 billion in a Kentucky plant to produce a three-row SUV for the US market. The plant will be functional from late 2025 or early 2026, wherein the plan is to manufacture EV SUVs.
- In January 2024, General Motors Co. and Honda Motor Co. announced the start of hydrogen fuel cell production from their 50-50 joint venture in Michigan.
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