Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "Global Sport Utility Vehicle Market Size, Trends and Growth Opportunity, by Type, Fuel Type, Size, Seating Capacity, Price Range, Application by Region and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Sport Utility Vehicle (SUV) Market was valued at USD 763.70 billion in 2021 and is slated to reach at USD 1221.90 billion by 2027 at a CAGR of 6.70% from 2022-2027.
Companies Mentioned
- Volkswagen AG
- AB Volvo
- Honda Motor Co. Ltd.
- General Motors
- AUDI AG
- Kia Motors Corporation
- Groupe Renault
- Hyundai Motor Company
- BYD Company Ltd.
A sports utility vehicle is a class of passenger car that combines the utility of a light-duty pickup truck with the ability to transport people and loads. Sports utility vehicles are classified according to how many people can fit in them, but for an automobile to be referred to as a sport utility vehicle, it must have at least five seats (SUV). They provide improved performance, comfort over extended distances, and four-wheel drive capabilities.
Market Drivers
The market's growth is anticipated to be accelerated by the spike in demand for luxury and heavy cars as well as the expansion of diesel-powered vehicles.
Additionally, the increased focus of manufacturers to produce sports cars with security, safety, and infotainment systems as well as the rising awareness of the benefits and capabilities of these heavy and luxury vehicles, such as off-roading capabilities, greater comfort, and these benefits are contributing to the market's growth during the forecast period.
The surge in demand for premium and heavy vehicles as well as the increase in diesel-powered vehicles are both expected to hasten the market's growth. In addition, manufacturers' increased emphasis on creating sports cars with security, safety, and infotainment systems as well as consumers' growing understanding of the advantages and capabilities of these large, luxurious vehicles, such as their increased comfort and off-roading prowess, are fostering the market's expansion during the forecast period.
Market Restraints
The primary issue limiting market expansion is an increase in fuel prices. Sport utility vehicle (SUV) use is rising, which is boosting demand for crude oil. SUVs are utility vehicles as a result, which means they use more fuel. The Energy Information Administration (EIA) reports that at the end of 2017, the price of crude oil had increased from US$ 50 per barrel in 2016 to US$ 60 per barrel. Thus, it is projected that the rising price of crude oil will have a negative effect on market expansion.
Market Segmentation
By Type
- SUV-C
- SUV-D
- SUV-E
- SUV-F
By Fuel Type
- Petrol
- Diesel
- Electric SUV
By Size
- Mini-SUV
- Compact
- Mid-Size
- Full-Size
- Extended-Length
By Seating Capacity
- 5 Seater
- 7 Seater
- 8 and above Seater
By Price Range
- Medium
- Premium
By Application
- Remote Areas
- Recreation
- Motorsport
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa.
For more information about this report visit https://www.researchandmarkets.com/r/fv22gn
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