The global market for Sports Utility Vehicles (SUVs) is projected to surpass 30.2 million units by 2020 at CAGR of 5.36%, driven by declining fuel prices, safe, convenient, comfortable and luxuriant personal mobility needs in emerging markets, and growing preference for recreation driving in remote & rugged areas
SUV market research report provides detailed analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Sports Utility Vehicles (SUVs) market.
The SUV and sub-compact SUV Market have witnessed considerable growth in countries such as the U.S., China,India, and Mexico, owing to its low cost and compactness (compared to full-sized SUVs), stylistic design, and high manoeuvrability.
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The SUV and sub-compact SUV market research report estimates that a strong demand for SUVs will be responsible for driving the growth of the global automotive industry. Major aspects driving market growth include improving economic conditions in North America and high demand for SUVs in the emerging markets of Asia-Oceania.
The report offers a Multi-Utility Vehicles (MUVs) & Crossovers market forecast that suggests the market dominance of the MUV across the global automotive industry.
The MUV market, in terms of production, is also expected to grow at the highest CAGR during the forecast period.
Strong demand from markets such as India and Japan has prompted automakers to increase MPV production. The market for crossovers, in terms of sales, is projected to grow the highest during the forecast period. Consumers are inclined towards crossovers due to the benefits they offer over full-sized SUVs, such as higher seating arrangement, low cost, and easy manoeuvrability in urban areas due to their modified structure.
Asia-Oceania is estimated to dominate the SUV market, in terms of production. It is expected to grow at the highest CAGR during the forecast period.
Growth in the Asia-Oceania region can be credited to factors such as economical labour, lenient labour laws, and raw materials, strong state support, and the growth of emerging markets. India is projected to lead the Asia-Oceania SUV and sub-compact SUV market, followed by China.
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The North American region is estimated to grow at the fastest CAGR.
Sales in this region are propelled by improving economic circumstances in the U.S. OEMs base their market sales expectations on economic variables such as low unemployment, increasing wages, rising inflation, and inward flow in capital movement. The low Federal Reserve Bank rate in the U.S. for the past eight years has enabled the automotive industry to regain its pre-crises growth levels.
Sub-compact SUV: Gaining popularity
The SUV industry research report covers key aspects from an insight perspective on global SUV market key players in the market, including
- Toyota Corporation (Japan),
- Ford Motor Company (the U.S.),
- Hyundai Motor Company (South Korea)
- Honda Motor Company (Japan), and
- General Motors (the U.S.).
To evaluate and validate the data obtained from secondary research, the study contains insights provided by various industry experts. The break-up of the primaries is as follows:
- By Company Type – OEM – 42%, Tier-1 – 32 %, and Others – 26%
- By Region – North America – 38%, Europe – 22%, and Asia-Oceania – 30%, RoW – 10
- By Designation – C level – 40%, D level – 29%, and Others – 31%
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Reasons to Buy the Global SUV Industry Analysis Report:
The “Global SUV and Sub-compact SUV Market” report provides insights with reference to the following points:
- Market Analysis: Outlook on the global market is provided based on a study of endogenous factors such as producer opportunities and consumer preferences. Effects of exogenous factors such as, demography, global economic condition and commodity prices are also analysed.
- SUV Industry Analysis: Comprehensive information about trends observed in SUV design and technology. Highlights of forthcoming products and incorporated features are explained in detail
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