Dublin, July 12, 2024 (GLOBE NEWSWIRE) -- The "Future of the Global SUV Market by Type (Sub-Compact, Compact, Mid-size, Full-size and MPV), Propulsion (Internal Combustion Engine, Hybrid and Electric Vehicles) and Region (North America,Europe and Asia-Pacific) - Forecast 2030" report has been added to ResearchAndMarkets.com's offering.
The SUV market is projected to reach 53 million units by 2030 from 41 million units in 2024, at a CAGR of 4.4%.
The report will help the market leaders/new entrants in this market with information on the closest approximations of the sales numbers for the SUVs and their subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The SUV market is expected to experience growth driven by various factors. The automotive industry is currently under constant pressure to adapt to new changes due to technological advancements and end-user preferences. Adoption of electric SUVs is the key factor that has witnessed a rapid change in the SUVs market. In line with the EV sector, development and manufacturing of long-range batteries along with installation of fast and ultra-fast charging points for customers is the foremost agenda of the OEMs and EV solution providing companies.
Further, the introduction of autonomous SUVs with enhanced safety features and higher level of automation is shifting the trends in the SUV market. Moreover, OEMs are focused on reducing the production cost of the vehicle by standadizing the platform technology and planning & developing unique platforms for all the SUVs under their brand.
Furthermore, Fuel Cell Electric Vehicle (FCEV) SUVs can be a major break-through in the SUVs market. Although the FCEV technology is still in the initial stages, planned research & development is carried out and can become a next major factor in the overall automotive industry, SUVs included.
In addition, the current HEVs and BEVs are rapidly growing as several countries in Europe have put forth a strict plan for achieving ZEV targets.
EV segment growth to 2030
The BEV, HEV and PHEV segments are expected to lead the SUV market during the forecast period. The growth of EVs is due to the Euro-7 implementation and ICE ban timelines. This has led to new EV SUV launches in 2022 and 2023. Similarly, over 20 new models of electric vehicles are set to launch in 2024 & 2025. This will lead to rapid adoption of EVs SUVs over ICE SUVs. Moreover, long range powered batteries and fast charging public points will lead to overcoming the major restraining factors of the EV market growth.
For instance, in December 2023, Toyota launched a new long range Crown Sport PHEV model to cater the Japanese market. Similarly, market leaders such as BMW, Mercedes-Benz and Telsa amongst others have launched long range BEV models in different regional markets in the past two years. Having said that the volume of HEV will rise but till 2030 and will be stagnant for some years and then decline gradually to be replaced by BEVs. This will majorly happen due to the current limited range of the batteries and need to frequently charge the batteries during long distance travel, which will not be an restraint during 2030s.
Autonomous SUVs are anticipated to witness growth
Autonomous SUVs are projected to grow significantly during the forecast due to the rising demand for safety, comfort, and driving convenience features. The launch of autonomous and semi-autonomous SUVs is another factor contributing to the market's expansion. Numerous OEMs are introducing Level 2, Level 3 and Level 4 autonomous vehicles, including Nissan, Honda, Audi, BMW, and Mercedes-Benz. For Instance, in March 2024, three midsize electric SUVs from Rivian were introduced in a single day, and they are all outfitted with 11 cameras, 5 radars, and a computational platform that enables the new series to drive autonomously with improved capabilities.
Asia Pacific holds the largest market share in the forecast period
Asia Pacific has emerged as a promising market for the global SUV industry. The principal driver of this trend is the Chinese market, which has grown to become the world's largest producer and buyer of SUVs. India, Japan, and South Korea are also important country-level markets in the region. While India is gradually becoming a major contributor in the SUV sector, Japan and South Korea are already well-established.
China is the most dominant nation in automotive industry with respect to supplying raw materials, manufacturing as well as its sales. China has the most powerful supply chain of EV batteries. Over 50% of the EV batteries are manufactured in China. Moreover, around 75% of the components of EV batteries are manufactured in China. These Chinese manufacturers are looking to expand their services and acquire additional market share around the world. For instance, in September 2023, a leading Chinese EV battery manufacturer, Gotion, has announced to invest $2 billion to setup EV lithium battery plant in Illinois, US. In addition, western automakers are adopting strategies in collaboration with Chinese players to manufacture batteries. For instance, in May 2023, Ford announced a collaboration with CATL to set up a EV battery plant in Michigan, US by investing $3.5 billion, which will be operational by 2026.
The market growth in Asia Pacific can be attributed to the high vehicle production and increased use of advanced electronics in Japan, South Korea, and China. The governments of these countries have recognized the growth potential of the automotive sector and have consequently undertaken various initiatives to encourage major OEMs to enter their domestic markets. Several global automobile manufacturers, such as Volkswagen (Germany), Mercedes Benz (Germany), and General Motors (US), have shifted their production plants to emerging economies in the region.
In addition, being the most populous region, Asia-Pacific also holds the largest share of the SUV market. The per capita GDP of the people here is favorable for the growth of the SUV market. The spending capacity of the people in this region has grown gradually with the rise in foreign investments and setup in manufacturing plants in this region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 89 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value in 2024 | 41 Million Units |
| Forecasted Market Value by 2029 | 53 Million Units |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- SUV Sales Forecast, by Type
- SUV Sales Forecast, by Propulsion
- SUV Sales Forecast, by Region
- OEM SUV Sales Share, 2023
- Global SUV L*H Analysis
- Global E-SUV L*H Analysis
Market Analysis
- SUV vs. Total Passenger Vehicle Volume Sales (2018-2023)
- SUV vs. Total Passenger Vehicle Volume Sales (2024-2030)
- SUV Penetration in Total Passenger Vehicle Sales (2018-2030)
- Global SUV Sales, by Type (2023-2030)
- Global SUV Sales, by Propulsion (2023-2030)
- Global SUV Sales, by Region (2023-2030)
Consumer Analysis
Drivers
- Demand for Premium SUVs with Advanced Features
- Consumer Inclination Toward Compact and Mid-Size SUVs
- Launch of EV Models by Major OEMs
Restraints
- High Cost of SUVs
Opportunities
- Electrification of SUVs
Challenges
- Meeting Fuel Economy and Emission Limits
- Building Long-Range E-SUVs
SUV Technology and Feature Analysis
- SUV L*H Analysis, by Region
- Global Average Battery Cost Analysis
- Total Cost of Ownership Analysis (BEV vs. Ice)
- EV vs. Ice Price Comparison
- E-SUV Battery Capacity vs. Range, by Model Analysis
- E-SUV Pricing vs. Range Analysis
- E-SUV Technical Comparison
- Fuel Cells in SUV
- SUV Platform
- Government Regulations for SUV
Comparative Analysis
- Major SUV OEMs and Their Regional Sales Share
- SUV Manufacturing Plants by OEM and Location
- SUV L*H Analysis, by OEM
- Toyota Group: SUV L*H Analysis
- Volkswagen Group: SUV L*H Analysis
- Hyundai Group: SUV L*H Analysis
- SUV Launches in 2022-2023
- Upcoming Launches, 2024 and Beyond
- Future Focus of Key OEMs
Key Takeaways
- Rising Adoption of SUVs
- Popularity of Compact and Mid-Size SUVs
- Growing Adoption of E-SUVs
- Decreasing Battery Costs to Boost E-SUV Affordability
- Asia-Pacific to be Major SUV Market
- Finding Right Size Fit
- Global SUV Market: Key Players and Regional Dynamics
- FCEV: Next Generation of Fuel
- Standardized Platforms to Drive Cost Efficiency
- ADAS Features Enhance SUV Appeal and Safety
For more information about this report visit https://www.researchandmarkets.com/r/3ab6bf
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
