With the emergence and long-term Impact of COVID-19, the Global Sports Utility Vehicle Market is to reach USD 66.7 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on the Global Sports Utility Vehicle Market is poised to raise up to USD 66.7 Billion by 2030. Sports Utility Vehicle is a type of vehicle that is designed to provide more space and comfort and they are larger than cars and have higher ground clearance. The Sports Utility Vehicle market is expanding because of factors such as rising demand for passenger cars and the increase demand of luxury cars.
Passenger cars are generally more fuel-efficient and are easier to handle in close spaces. Its importance has progressively increased during the last few decades. According to Statista, Passenger automobile sales are expected to total 73.98 million units by 2027, With approximately 23.56 million units sold in 2022, China remained the world’s largest market for passenger automobile sales. Luxury sports utility is increasingly used owing to its benefits such as large cargo capacity, greater visibility due to large windows, and increased fuel efficiency. According to Statista, the global market for luxury vehicles in 2022 was over USD 566 billion, an increase of almost 9% from the previous year.
In addition, the rising demand for safety features in automobiles and rising technological advancement in Sports Utility Vehicles would create lucrative growth opportunities. However, shifting preference toward electric vehicles and the rising cost of fuel stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Sports Utility Vehicle Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominates the market during the forecast period owing to, increasing demand for premium cars with augmented comfort features in this region. Asia-Pacific is the fastest-growing region during the forecast period owing to the factors such as high investments in research and development activities and growing demand for automobiles, and a rising focus on high comfort and safety in the region.
The global Sports Utility Vehicle Market is highly competitive owing to the presence of several key manufacturers such as Ford Motor Company (U.S.), Kia Motors Corporation (South Korea), Groupe Renault (France), Groupe PSA (France), Tesla (U.S.), Hyundai Motor Company (South Korea), and others.
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Key findings of the study suggest:
- Global Sports Utility Vehicle Market is anticipated to grow with a healthy growth rate of more than 10% over the forecast period 2023-2030.
- In the Type segment, SUV-D emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to increasing demand for premium cars.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Type:
- SUV-C
- SUV-D
- SUV-E
- SUV-F
By Fuel Type:
- Diesel
- Petrol
- Electric
- Others
By Seating Capacity:
- 5-seater
- 7-seater
- 8 and above seater
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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