The world’s sport-utility vehicle market could reach 53 million units by 2030, up from 41 million units in 2024, according to “The Future of SUV Market” report by MarketsandMarkets in Chicago.
The report states the SUV segment has rapidly gained popularity among consumers based on road presence, space and size, stylish design, and advanced safety and comfort features.
Mid-size and full-size SUVs with in-cabin safety and comfort features such as 4WD/AWD, automatic transmission, advanced powerful engine, heated/ventilated seats, heated steering, and rear air conditioning have increased across all of the world’s regions. Consumers around the globe prefer compact and mid-size SUVs over sedans and hatchback cars because of their versatility and cargo space.
SUVs have surged in popularity due to their versatile nature, blending the practicality of off-road capability with the comfort and convenience of city driving, says the report. They offer spacious interiors, robust performance, and often incorporate advanced technology, making them a preferred choice for a wide range of consumers.
The mid-size SUV holds the maximum market share due to its larger passenger capacity and ample cargo space during long journeys. Consumers opt for mid-size SUVs due to their large interior, comfort, and safety features for both the driver and passenger. Large families prefer mid-size SUVs for long drives because of ample space for luggage and passenger. Most OEMs offer third-row seating that is ideal for kids’ seating.
Asia-Pacific region holds the major share in the SUV sales volume. The major factor for this is the intensive manufacturing and export of cars in China. China is the most dominant nation in automotive industry with respect to supplying raw materials, manufacturing, as well as its sales. In addition, China has the most powerful supply chain of EV batteries. More than 50 percent of the EV batteries are manufactured in China.
Moreover, around 75 percent 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. In addition, other Asian countries such as Japan, India, and South Korea are other major markets of SUVs in the region. The Asia-Pacific region has seen growth in automobile production in the past and continuing this trend, the Asia region will dominate the SUV market during the forecast period.
The report also features updates on various market dynamics including:
- Demand for premium vehicles with advanced features
- High cost of SUVs
- Growing adoption of connected vehicles
- Challenges in meeting fuel economy and emission limits
It also includes
- Analysis of SUVs by Type (Sub-compact, Compact, Mid-size, Full-size and MPV), by Propulsion (ICE, BEV and Hybrid).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the SUV market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the SUV market across varied regions.
- Market Diversification: Exhaustive information about diversification of technology, untapped features, recent developments, and investments in the SUV market
- Competitive Assessment: Assessment of market shares, growth strategies and service offerings of leading players. The report also helps stakeholders understand the pulse of the SUVs market and provides them information on key market drivers, challenges, and opportunities.
For more information and to acquire a customized version of the report, visit here.
