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Global Sports Utility Vehicles Market: Overview
"The Sports Utility Vehicles Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."
The sports utility vehicle is also known as SUV or sport-ute and suburban utility vehicle, which offers more capacity, a high vantage point for drivers, and also carries features of a passenger car.
The global sports utility vehicles market is driven by increasing demand for performance and versatility in automobiles and the need for luxuriant personal mobility. In addition, the increasing focus of manufacturers on producing sportier cars with safety, security, and infotainment systems is expected to impact the global SUV market during the forecast period positively.
Moreover, growing consumer preference for compact SUVs and rising demand for vehicles with performance and comfortable ride quality, are expected to drive revenue growth of the global sports utility vehicles Market. In addition, increasing consumer awareness regarding off-road driving is anticipated to provide a potential opportunity for the growth of the target market.
Stringent emission control and fuel efficiency standards, coupled with the introduction of fuel-efficient SUVs, give 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, and advanced features, and 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 a 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 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, and a rising focus on high comfort and safety in countries in the region are 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
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- 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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