The SUVs are well known for using high-end materials and have a sporty look. The off-road capabilities of SUVs are driving their demand in US and European countries. The growing demand for premium cars with increased comfort features would create potential demand for luxury SUVs in the coming years.
New York, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "SUV Market by Type, Propulsion, Class, Seating Capacity, EV Type, Sales & Region - Global Forecast to 2027" - https://www.reportlinker.com/p03681934/?utm_source=GNW
Similarly, the increasing trend of electrification worldwide would create demand for electric SUVs and components such as batteries and motors.
Strong demand for SUVs is noticed in countries such as China, India, and Japan, where the demand for entry-level and mid-sized SUVs is growing in India and China. The key reasons for this growth are – multiple SUV launches with advanced features by almost all OEMs, competitive pricing of compact SUVs as compared with sedans, and other benefits offered by SUVs such as high ground clearance, robustness, and maneuverability.
"5-seater segment would lead the SUV market."
All the mini, compact, and some mid-size SUVs are offered with 2-row seats and five-passenger seating capability.The demand for mini, compact and mid-size SUVs in the Asia Pacific and European are expected to drive this segment.
Rising per capita income, growing prosperity, and urbanization in Asian countries influence young buyers to choose stylishly and feature-rich cars, which ultimately would drive the 5-seater SUV market in the Asia Pacific.Further, premium mid-size SUVs have noticed substantial demand in European countries as these cars with 5-seater configurations offer large seating space and larger boot space.
Due to this, many European OEMs such as Volkswagen, BMW, Mercedes-Benz, Skoda, and Audi provide a broad portfolio of mid-size SUVs to gain a competitive edge in the regional market. These factors together fuel the 5-seater SUV market in these regions.
"Class D SUV segment holds the largest market share in SUV market."
The class D SUVs accounted for the largest market share in the global SUV market, owing to the rising adoption of class D SUVs in developing countries such as India, China, and Thailand.Further, class-D SUVs are mostly mid-size and full-size SUVs with two or three rows of seating options and ample boot space.
These vehicles are equipped with powerful engines with 4-wheel or all-wheel drive options, providing better tractability.Plus, SUVs under this class are available in mid to premium price range, which allows OEMs to include descent features to improve in-vehicle feel and comfort.
OEMs such as Volkswagen, Lexus, Mercedes-Benz, BMW, Cadillac, Land Rover, and Buick deliver a broad array of SUVs in the global market. Hence, the demand for the class D segment will continue to grow.
Americas is estimated to be the second largest SUV market
Americas accounted to be the second largest market for SUVs.The region has a higher demand for passenger vehicles, particularly for premium SUVs (D segment and above), due to strong buying power with higher adoption of advanced vehicles.
These premium SUVs are installed with advanced safety and comfort features.In 2021, the production of luxury SUVs in the US out of total luxury cars stood at around 75%.
The factors attributing to the growth of premium SUVs in the region are consumer requirement for powerful engine performance, higher driving position, multiple driving modes (sports, adventure, mud, snow, etc.), off-roading capabilities with 4x4 drive, larger & comfortable seats, better cargo and towing capacity among others. With increasing premium SUV sales, the region’s demand for premium mid-size and full-size SUVs are expected to grow.
The automotive industry of the Americas is home to the big three, Ford Motor Company, General Motors, and Fiat Chrysler Automobiles (FCA), which have favored and experienced significant demand for premium mid-size and full-size SUVs.The US is the largest market in the region and accounts for more than two-thirds of the overall market, followed by Mexico and Canada.
The big three hold the market strongly, along with established European and Asian OEMs such as Toyota, Nissan, Honda, Hyundai/Kia, BMW Group, and Volkswagen Group.Almost every OEM offers gasoline SUVs as a standard feature and diesel engines as an option.
This allows consumers to choose which variants they want to go ahead with, while OEMs choose best practices to achieve the target of lower emissions at the regional level.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market.
• By Company Type: OEMs – 90%, and Tier 1 – 10%
• By Designation: C Level Executives - 10%, Directors - 70%, and Others – 20%
• By Region: Asia Pacific - 50%,Europe – 10%, North America – 30%, RoW- 10%
Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), Honda Motor (Japan), General Motors (US), Ford Motor Company (US), and Stellantis (Netherland) are the leading providers of SUVs in the global market.
The SUV market is segmented based on Type (ICE) (mini, compact, mid-size, full-size, and MPV/MUV), seating capacity (5-seater, and >5-seater), propulsion (diesel, gasoline, and electric), class (B class, C class, D class, and E class) electric & hybrid SUV by EV type (BEV, PHEV, and FCEV), and region (Asia Pacific, Europe, and Americas).
The study also includes an in-depth competitive analysis of the major SUV manufacturers in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders in this market with the information on the closest approximations of the revenue numbers for the overall SUV market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the market’s pulse and provides information on key market drivers, restraints, challenges, and opportunities. This report would also helps OEMs and Tier 1 suppliers to understand current and future market for different SUV types across all prominent countries of considered region. It will also provide future market outlook for electric and hybrid versions of SUVs which is expected to bring key future growth prospects at global level
Read the full report: https://www.reportlinker.com/p03681934/?utm_source=GNW
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