As per Inkwood Research, the Global Sport Utility Vehicle (SUV) Market is projected to grow at a CAGR of 6.08% in terms of revenue during the forecasting period of 2024-2032.
“Browse 67 Market Data Tables and 58 Figures spread over
237 Pages, along with an in-depth TOC on the Global Sport Utility Vehicle (SUV)
Market Forecast 2024-2032.”
An SUV blends the capabilities of off-road vehicles with the
comfort and design of passenger cars, making it a popular choice across a wide
range of consumers.
Additionally, these sport utility vehicles offer superior
safety features and an elevated driving position, further boosting their
widespread appeal.
Increasing Demand for Off-Road Capabilities to Promote
SUV Market Growth
The rising demand for off-road capabilities is a key factor
driving the growth of the SUV market. As more consumers seek vehicles that can
handle a variety of terrains, SUVs offer the perfect blend of durability and
versatility, making them ideal for both urban and adventure-focused driving.
Enhanced features such as all-wheel drive, improved ground clearance, and
robust suspension systems are becoming increasingly popular among drivers
looking for performance in rugged conditions. This growing preference for
off-road functionality, combined with advancements in automotive technology, is
set to further propel the SUV market’s expansion.
Two-Wheel Drive: Major Drivetrain Type by 2032
Consumers focused on fuel efficiency and reduced maintenance
costs are increasingly turning to two-wheel drive (2WD) vehicles within the
global SUV market. Predominantly offered in front-wheel drive configurations,
these SUVs provide advantages like increased ground clearance and roomy
interiors while delivering better fuel economy than all-wheel-drive models. The
demand for 2WD SUVs is particularly rising in urban and suburban areas where
off-road capabilities are less critical, contributing to the growth of this
segment.
Asia-Pacific is Expected to be the Fastest-Growing Region
during the Forecast Period
In 2022, the region accounted for over 40% of global SUV
sales, according to the International Organization of Motor Vehicle
Manufacturers (OICA). SUVs are highly favored due to their versatility,
spacious interiors, and higher ground clearance, making them suitable for both
urban and rural driving conditions. Key markets such as China, India, and
Australia have been major contributors to this growth. In China, the China
Association of Automobile Manufacturers (CAAM) reported that SUVs comprised
nearly 45% of total vehicle sales in 2022.
Meanwhile, in India, the Society of Indian Automobile
Manufacturers (SIAM) recorded a 10% rise in SUV sales, driven by consumer
demand for enhanced road presence and comfort. Additionally, the growing trend
toward hybrid and electric SUVs is influencing the market, with Japan and South
Korea introducing stricter emission regulations and incentives for electric
vehicle adoption. Japan’s Ministry of Economy, Trade, and Industry (METI) noted
a 15% increase in hybrid and electric SUV sales in 2022, reflecting the rising
demand for sustainable mobility options.
Furthermore, some of the leading companies operating in the
global market are Mercedes-Benz Group AG, Volkswagen Group, AB Volvo, Toyota
Motor Corporation, Kia Motors Corporation, etc.
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technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, the Middle
East, Europe, Asia, and Africa.
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