SUV Market, 46% of Growth to Originate from APAC, Technavio

NEW YORK, June 3, 2024 /PRNewswire/ -- The global SUV market size is estimated to grow by USD 272.36 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 5.72% during the forecast period.

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Region Outlook

1. APAC
2. North America
3. Europe
4. South America
5. Middle East and Africa

1. APAC - APAC is estimated to contribute 46%. to the growth of the global market. The SUV Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027.  In the geographic landscape of the APAC region, the market for Premium SUVs and sedans exhibits significant growth, driven by advanced comfort and automatic safety features.

The demand for Compact and Full-size SUVs is particularly high in countries like China, Japan, India, and South Korea, where versatility, multiple drivetrain options, and off-roading capabilities are essential. The region's cost-sensitivity necessitates a focus on fuel efficiency and electric & hybrid vehicles. The European Commission's emission norms and GHG emissions regulations have led to the electrification of SUVs, with offerings from Automotive OEMs like Chevrolet and Hyundai gaining traction.

The market also caters to the luxury and ultra-luxurious segments, with demand for semi-autonomous and autonomous vehicles on the rise. The APAC market's growth potential is further fueled by the increasing popularity of electric SUVs and the trend towards connected technologies. Pickups, with their heavy towing capacity, also hold a strong presence in the region. Fuel economy and CO2 emissions remain key considerations, with mid-size SUVs and engine size being crucial factors in the decision-making process.

The APAC market prioritizes cost and utility value in vehicle sales, particularly for countries like China, Japan, India, and South Korea. SUVs, such as Maybach GLS, Maserati Levante, and Porsche Cayenne, have seen growth in these markets. However, competition from more affordable models and technological advancements in commuter vehicles pose challenges. The COVID-19 pandemic significantly impacted the automotive industry in 2020 and Q2 2021, but recovery and government incentives for electric vehicles are expected to boost the SUV market in APAC.

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Segmentation Overview

1. Vehicle Type
• 1.1 Medium-sized SUVs
• 1.2 Crossover and compact SUVs
• 1.3 Large-sized SUVs
2. Fuel Type
• 2.1 Gasoline
• 2.2 Hybrid and electric SUV
• 2.3 Diesel
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Fastest growing segment:

Mid-size SUVs are a significant segment in the global SUV market, offering advanced features, performance, and high seating capacity. Popular models include the BMW X1, Audi Q3, Mercedes-Benz GLA, Lexus RX, Volvo XC60, and Acura MDX. Manufacturers prioritize fuel efficiency for cost-conscious consumers in APAC and Europe, utilizing technologies like turbochargers and updated electronic systems. Mid-size SUVs cater to passengers seeking multi-terrain drivability and sedan-like features. Europe and APAC markets are key drivers of growth for this segment due to increasing demand.

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Research Analysis

The SUV market continues to evolve, offering advanced comfort and automatic safety features in various sizes, including compact and full-size models. Versatility is a key selling point, with multiple drivetrain options catering to diverse terrain needs. Off-roading capabilities and heavy towing capacity are essential for some buyers. Semi-autonomous and autonomous vehicles are gaining popularity, pushing the industry towards electrification and connected technologies.

The European Commission's emission norms, such as GHG emissions, are driving the shift towards electric SUVs. Automotive OEMs like Mercedes, Audi, Volvo, Jaguar, Kia, Tesla, and Chevrolet are responding with innovative solutions, ensuring a wide range of options for consumers.

Market Overview

The SUV market encompasses a significant segment of the automotive industry, characterized by vehicles that offer superior driving performance, versatility, and comfort. These vehicles are designed to cater to consumers seeking ample space, safety features, and off-road capabilities. The SUVs come in various sizes, from compact to full-size, and are equipped with advanced technologies such as adaptive cruise control, lane departure warning systems, and infotainment systems.

The SUV market is driven by factors like increasing disposable income, urbanization, and changing consumer preferences. The vehicles are manufactured using advanced materials and technologies, ensuring durability, safety, and fuel efficiency. The SUVs are available in a wide range of prices, catering to diverse consumer segments. The market is expected to grow further due to the increasing demand for larger vehicles and the continuous innovation in SUV technology.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio