Global Sports Utility Vehicles (SUV) Market Trends, Applications, Analysis, Growth, and Forecast to 2028
“Global Sports Utility Vehicles Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global sports utility vehicles market report has been segmented on the basis of product type, fuel type, seating capacity, and region.
Global Sports Utility Vehicles Market: Overview
The sports utility vehicle is also known as SUV or sport-ute and suburban utility vehicle, which offers more capacity, high vantage point for drivers, and also carry features of a passenger car.
Global Sports Utility Vehicles Market: Dynamics
The global sports utility vehicles market is driven by increasing demand for performance and versatility in automobiles along with the need for luxuriant personal mobility. In addition, increasing focus of manufacturers to produce sportier cars with safety, security, and infotainment systems is expected to have a positive impact on the global SUV market during the forecast period. Moreover, growing consumer preference for compact SUVs along with rising demand for vehicles with performance and comfortable ride quality, are expected to drive revenue growth of global sports utility vehicles Market. In addition, increasing consumer awareness regarding off-road driving is anticipated to provide a potential opportunity for growth of the target market. Stringent emission control and fuel efficiency standards, coupled with the introduction of fuel-efficient SUVs, giving a new way for growth of the target market.
The latest trend observed in the target market is manufacturers are focusing to develop entry-level, small size and medium-sized SUVs. They are launching new vehicle concepts, such as crossover SUVs. Moreover, new models with creative design, advanced features, along with fuel-efficient engines are expected to create ample opportunities for growth of the target market.
However, shifting preference towards electric vehicles may hamper the demand of the global market over the forecast period.
Global Sports Utility Vehicles Market: Segment Analysis
Among the product type segments, the Multi Utility Vehicles (MUVs) are expected to account for higher revenue shares in the global market.
Among the fuel type segments, the diesel segment is projected to account major revenue share in the global market and is estimated to maintain its dominance over the forecast period.
Among the seating capacity segments, the 5 seater segment is anticipated to register substantial growth rate over the forecast period.
Global Sports Utility Vehicles Market: Region Analysis
Among the regions, the Asia Pacific is expected to account for the largest share in terms of revenue in the global market, owing to increasing demand for automobiles and high investments in research and development activities. High volume sales of SUVs in countries such as China and India is estimated to fuel growth in the region. Moreover, rapid urbanization, industrialization, economic growth, high spending capacity, along with a rising focus on high comfort and safety in countries in the region, are some other factors expected to drive growth of the target market.
The sports utility vehicles market in North America and Europe is expected to grow at a significant growth rate, owing to increasing construction and infrastructure activities in the region.
Global Sports Utility Vehicles Market Segmentation:
Segmentation by Product Type:
- Sports Utility Vehicles (SUVs)
- Multi Utility Vehicles (MUVs)
- Multi-Purpose Vehicles (MPVs)
Segmentation by Fuel Type:
- Electric SUV
Segmentation by Seating Capacity:
- 5 seater
- 7 seater
- 8 and above seater
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Daimler AG
- General Motors Corporation
- Toyota Motor Corporation
- Mitsubishi Motors Corporation
- BYD Auto Co. Ltd
- Volkswagen AG
- BMW AG
- Honda Motor Co. Ltd
- Hyundai Motor Company
- Ford Motor Company
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