SUV Market worth USD 1,221.7 billion by 2027, at a CAGR of 6.6%
The SUV market is projected to grow at a CAGR of 6.6% during the forecast period, from an estimated USD 885.8 billion in 2022 to USD 1,221.7 billion by 2027, at a CAGR of 6.6%. Rising consumer inclination toward comfort and automatic safety features, other benefits such as higher ground clearance, commanding driver seating position, robustness, and off-road driving capabilities are projected to drive the SUV market in the coming years.
The Electric SUV segment would be the fastest-growing SUV segment
Electric SUV is estimated to grow at the highest CAGR under the review period. The stringent emission regulations by global economies with lowered emission limits and updated CO2 and fuel efficiency regulations, soaring crude oil prices, and demand for fuel-efficient vehicles drive the electric SUV market. Battery electric SUVs hold the largest share, followed by plug-in hybrid versions of SUVs. Some global top selling electric SUV models are – Tesla Model Y, MG ZS EV, Mercedes-Benz EQC, Audi e-tron, Kona Electric, and Volvo XC40. Further, in the US and some European countries, OEMs are offering plug-in hybrid SUVs that offer better mileage without compromising on the engine performance. These growth factors would fuel the future electric SUV segments growth.
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The Mid-Size SUVs would lead the global SUV market during the forecast period
The mid-size SUVs hold the largest market among all types. They are offered in multiple engine variants with gasoline (naturally aspirated and turbocharged), diesel, and some plug-in hybrid options for better fuel economy. Additionally, these vehicles are provided with various transmission options (manual, automatic transmission (AT), CVT, and DCT), 2 or 3 rows of seating options, and multiple luxury, safety, and driver assistance features (such as smart entry, start-stop, all-wheel disc brakes, heated & ventilated seats, sunroof, ambient lighting, etc.). Consumers mostly prefer mid-size SUVs, and the inclination is shifting from the premium hatchback or compact SUV segment to this segment. The key reason for the same is to get additional seating and cargo space with a moving inclination towards better functionality and improved practical features at comparatively lower prices than full-size SUVs. Increasing disposable income is also one of the reasons for this shift. Thus, the rising adoption of mid-size SUVs in the Americas, Europe, and developed countries such as Japan and South Korea will drive the growth of this segment.
Asia Pacific is estimated to be the dominant regional market for SUV
The market growth in Asia Pacific countries such as China, Japan, and India can be attributed to the increasing demand for vehicles owing to changing consumer preferences, increasing per capita income of the middle-class population, and cost advantages to global OEMs. Due to the increased vehicle production and sales, China is estimated to be the largest market for SUVs. As demand for passenger cars is growing, the consumer preference for comfort and advanced safety features has increased. Further, OEMs in this region offer multiple variants of SUVs in different type of SUVs at competitive pricing, which resulted in shifting consumer preference from sedan to the hatchback. Thus, rising vehicle production and consumer inclination for advanced safety and comfort features will create lucrative opportunities in the coming years.
Key Market Players
Toyota Motor Corporation (Japan), Hyundai Motors (South Korea), Volkswagen AG (Germany), General Motors (US), and Honda Motor Co., Ltd (Japan). These companies adopted new product launches and expansion to gain traction in the SUV market.
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