SUV Market size was valued at USD 496 Billion in 2023 and the total SUV revenue is expected to grow at a CAGR of 6.53% from 2024 to 2030, reaching nearly USD 773.31 Billion by 2030.
SUV Market Overview
Stellar Market Research, an SUV business research firm has published a report on the “SUV Market”. As per the “SUV report,” the total market for SUV Market was USD 496 Bn. in 2023 and is expected to reach USD 773.31 Bn. by 2030.
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SUV Market Report Scope and Research Methodology
The report on the Market covers an in-depth analysis of the industry. Key insights of the report include the SUV Market size and the growth rate. Statistical and analytical tools are then used to analyse the data, identify market trends, estimate market size and growth potential. Additionally, competitive analysis may be conducted to understand the market share, product offerings, and competitive strategies of key market players. Comprehensive research is crucial for providing accurate and dependable insights into the SUV Market, and guiding decision-makers about the present and future status of the market.
Such an analysis provides valuable information on market penetration, regional dominance and growth strategies adopted by the key players in the market. Swot analysis is used to identify the strength and weaknesses of the market. The bottom-up approach was used to estimate the SUV Market size
SUV Market Regional Insights
The report includes a thorough analysis of all the factors, market size, growth rate, and import and export in regions. The Regional Analysis used in the report to understand the SUV market status in various countries. The SUV market is broadly segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
SUV Market Segmentation
Based on Type, the Compact SUV segment held the largest market share with increasing CAGR through the forecast period. Compared to traditional vehicles, Compact SUVs usually have a unibody structure, unlike traditional SUV which has a body-on-frame design. The design of the Compact SUV ensures better handling on the road, reminiscent of a car's agility that has boosted the market demand. The unibody construction resists twisting during turns, delivering superior on-road performance. With available all-wheel drive, compact SUVs excel in adverse weather conditions, providing excellent road grip. The Unibody design provides crumple zones that enhance safety during frontal impacts. The unique combination makes compact SUVs among the safest choices on the road, offering both protection and peace of mind.
Based on Fuel type, the Diesel segment held the highest share in 2023 and is expected to dominate the market through the forecast period. SUV buyer’s preference for diesel owing to power and mileage contributed to diesel cars constituting 39.2% of total vehicle sales in 2023. Diesel engines have a higher compression ratio than gasoline engines, which reduces the wear and tear on the engine, as well as the use of lubricating oil. Diesel engines are also capable of burning a wider range of fuel types, including biodiesel and renewable diesel. These alternative fuels produce fewer emissions than regular diesel, making them even more eco-friendly. Diesel engines generally consume fewer litres of fuel per 100 kilometres travelled compared to gasoline engines. For instance, a diesel vehicle might consume around 6-8 litres per 100 kilometres, depending on the factors mentioned earlier.
By Type
Mini
Compact
Mid and Full Size
By Fuel Type
Petrol
Diesel
Electric SUV
By Price Range
Medium
Premium
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SUV Market Key Players
Toyota (Japan) - Toyota City, Japan
Volkswagen (Germany) - Wolfsburg, Germany
General Motors (United States) - Detroit, Michigan, United States
Ford (United States) - Dearborn, Michigan, United States
Honda (Japan) - Tokyo, Japan
Nissan (Japan) - Yokohama, Japan
Hyundai (South Korea) - Seoul, South Korea
Kia (South Korea) - Seoul, South Korea
BMW (Germany) - Munich, Germany
Mercedes-Benz (Germany) - Stuttgart, Germany
Audi (Germany) - Ingolstadt, Germany
Subaru (Japan) - Tokyo, Japan
Jeep (United States) - Toledo, Ohio, United States
Lexus (Japan) - Nagoya, Japan
Chevrolet (United States) - Detroit, Michigan, United States
Land Rover (United Kingdom) - Whitley, United Kingdom
Mitsubishi (Japan) - Tokyo, Japan
Volvo (Sweden) - Gothenburg, Sweden
Porsche (Germany) - Stuttgart, Germany
GMC (United States) - Detroit, Michigan, United States
Buick (United States) - Detroit, Michigan, United States
Tesla (United States) - Palo Alto, California, United States
Infiniti (Japan) - Yokohama, Japan
Jaguar (United Kingdom) - Whitley, United Kingdom
Dodge (United States) - Auburn Hills, Michigan, United States
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Key questions answered in the SUV Market are:
- What is SUV ?
- What was the SUV market size in 2023?
- What is the growth rate of the SUV Market?
- Which are the factors expected to drive the SUV market growth?
- What are the different segments of the SUV Market?
- What growth strategies are the players considering to increase their presence in SUV ?
- What are the upcoming industry applications and trends for the SUV Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the SUV Market?
- What segments are covered in the SUV Market?
- Who are the leading companies and what are their portfolios in SUV Market?
- What segments are covered in the SUV Market?
- Who are the key players in the SUV market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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