Overview and Scope
Large SUVs refer to sport utility vehicles that are larger, with a seating capacity of 7-8 passengers, a larger cargo space, higher strength, and off-road capability. The large SUV are used by individuals for comfortable driving with extra seating and cargo space.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the large SUVs market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the large suvs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the large suvs market report are Stellantis NV, Toyota Motor Corporation, Renault Group, Volkswagen AG, Hyundai Motor Company, Ford Motor Company, General Motors Company, Nissan Motor Corporation, Honda Motor Co Ltd., Kia Corporation, Subaru Corporation, Mercedes-Benz, Bayerische Motoren Werke AG, Audi AG, Volvo Group, Maruti Suzuki India Limited, Jeep, Chevrolet, Cadillac Motor Company, Buick Motor Company, Lincoln National Corporation, Mitsubishi Motors Corporation, Porsche AG, Jaguar Land Rover Automotive plc, Rolls-Royce Limited, Acura, Alfa Romeo Automobiles SpA, Lincoln Motor Company, Mazda Motor Corporation, Polestar
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 Growt
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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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