The Large SUVs by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Large SUVs, The large suvs market size has grown rapidly in recent years. It will grow from $404.51 billion in 2023 to $445.11 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to consumer preferences, safety and versatility, towing capacity, all-wheel drive and off-road capability, luxury and comfort.
The large suvs market size is expected to see strong growth in the next few years. It will grow to $649.32 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to regulatory emissions standards, fuel efficiency and environmental concerns, electrification, market expansion in emerging economies, customization and personalization, ride comfort and interior space. Major trends in the forecast period include advanced driver assistance systems (adas), connectivity and infotainment, off-road capability, enhanced safety, hybridization and electrification.
The rising popularity of sports utility vehicles among users is expected to propel the growth of the large SUV market going forward. A sport utility vehicle refers to a 4-wheeler vehicle that is powerful and can be driven over rough terrains. The rising popularity of sport utility vehicles is due to their safety features, availability of space, fuel efficiency, and various other reasons and this popularity helps large SUV manufacturers to come up with better and large SUVs to serve their customers. For instance, according to an article by the International Energy Agency, a France-based intergovernmental organization, the number of SUVs increased to 320 million in 2021. Therefore, the rising popularity of sports utility vehicles is driving the large SUVs market.
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The large suvs market covered in this report is segmented –
1) By Fuel Type: Petrol, Diesel, Electric, Other Fuel Types
2) By Type: Sub-Compact SUV, Crossover, MPV, Other SUVs
3) By Price Range: Medium, Premium
Product innovations are a key trend gaining popularity in the large SUVs market. Major companies operating in large SUVs are introducing new products to strengthen their position in the market. For instance, in May 2023, Wuling Motors, a China-based automobile company, launched newest product line Alvez. At the Wuling expo hosted at Big Mall Samarinda, customers got a firsthand look at Alvez, which blended attractive design and innovation.
The large suvs market report table of contents includes:
1. Executive Summary
2. Large SUVs Market Characteristics
3. Large SUVs Market Trends And Strategies
4. Large SUVs Market – Macro Economic Scenario
5. Global Large SUVs Market Size and Growth
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26. South America Large SUVs Market
27. Brazil Large SUVs Market
28. Middle East Large SUVs Market
29. Africa Large SUVs Market
30. Large SUVs Market Competitive Landscape And Company Profiles
Top Major Players:
- Stellantis NV
- Toyota Motor Corporation
- Renault Group
- Volkswagen AG
- Hyundai Motor Company
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