NEW YORK, June 8, 2016 /PRNewswire/ -- "Strong demand for SUVs to propel the growth of the global automotive industry"
The global SUV and sub-compact SUV market, by production, is projected to grow at a CAGR of 5.36%, to reach 30.2 million units by 2020. Meanwhile, the global SUV and sub-compact SUV market, in terms of sales, is projected to grow at a CAGR of 5.67%, to reach 23.4 million units by 2020. Major factors driving market growth include improving economic conditions in North America and high demand for SUVs in the emerging markets of Asia-Oceania.
"Multi-Utility Vehicles (MUVs) & Crossovers to dominate the market"
The MUV market, in terms of production, is projected to grow at the highest CAGR during the forecast period. Strong demand from markets such as India and Japan has prompted automakers to expand MPV production. The market for crossovers, in terms of sales, is projected to grow the highest during the forecast period. Consumers are inclined towards crossovers due to the benefits they offer over full-sized SUVs, such as low cost, higher seating arrangement, and easy maneuverability in urban areas due to their modified structure.
"Asia-Oceania & North American region to dominate the SUV market"
Asia-Oceania is estimated to dominate the SUV market, in terms of production. It is projected to grow at the highest CAGR during the forecast period. Growth in the Asia-Oceania region can be attributed to factors such as lenient labor laws, economical labor and raw materials, strong state support, and the growth of emerging markets. India is estimated to lead the Asia-Oceania SUV and sub-compact SUV market, followed by China.
The North American region is estimated to grow at the fastest CAGR. Sales in this region are propelled by improving economic circumstances in the U.S. OEMs base their market sales expectations on economic variables such as low unemployment, increasing wages, rising inflation, and inward flow in capital movement. The low Federal Reserve Bank rate in the U.S. for the past eight years has enabled the automotive industry to regain its pre-crises growth levels.
The report covers key models from all major players in the global SUV market, including Ford Motor Company (the U.S.), Toyota Corporation (Japan), Honda Motor Company (Japan), Hyundai Motor Company (South Korea), and General Motors (the U.S.).
The study contains insights provided by various industry experts. The break-up of the primaries is as follows:
- By Company Type – OEM - 42%, Tier-1 - 32 %, and Others - 26%
- By Designation - C level - 40%, D level - 29%, and Others - 31%
- By Region - North America - 38%, Europe - 22%, and Asia-Oceania - 30%, RoW - 10%
Reasons to Buy the Report:
The report provides insights with reference to the following points:
- SUV Industry Analysis: Comprehensive information about trends observed in SUV design and technology. Highlights of upcoming products and incorporated features are explained in detail
- Market Analysis: Outlook on the global market is provided based on a study of endogenous factors such as consumer preferences and producer opportunities. Effects of exogenous factors such as global economic condition, demography, and commodity prices are also analyzed
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