How Has The Large SUVs Market Size Evolved In Recent Years?
The large suvs market has seen considerable growth due to a variety of factors.
• There has been significant development in the large SUVs market recent years. This market is anticipated to evolve from a value of $439.01 billion in 2024 to $480.36 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 9.4%.
Factors contributing to this advancement during the historic period include customer tastes, safety and versatility features, towing capacity, the facility of all-wheel drive and off-road aptitude, and the aspect of luxury and comfort.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Large SUVs Market?
The large suvs market is expected to maintain its strong growth trajectory in upcoming years.
• The sizable market of large SUVs is anticipated to experience accelerated expansion in the forthcoming years, reaching a value of $710.49 billion by 2029 with a compound annual growth rate (CAGR) of 10.3%.
Potential causes for growth during this forecast period are likely related to increases in regulatory emissions standards, improved fuel efficiency, rising environmental consciousness, vehicle electrification, booming markets in rising economies, personalization and customization tendencies, as well as enhanced ride comfort and interior spacing. Forecast period trends may also include the spread of advanced driver assistance systems (ADAS), amplified connectivity and infotainment, improved off-road capability, improved safety protocols, and the move towards hybridization and electrification.
Which Key Drivers Are Propelling The Large SUVs Market's Growth?
The growing penchant for sports utility vehicles by consumers is projected to boost the large SUV market's future growth. A sports utility vehicle is often characterized as a robust 4-wheel drive capable of traversing rugged terrains. The surge in their popularity can be attributed to numerous factors such as safety features, spaciousness, fuel economy, among other reasons. This rising demand has, in turn, motivated large SUV producers to develop superior and larger SUVs to cater to their customer base. For example, data released by the International Energy Agency (IEA), a France-based intergovernmental organization, in May 2024 showed SUVs accounting for 48% of worldwide car sales, recording a new high in 2023 and demonstrating their growing appeal in the automobile industry. In 2022, sales of SUVs in developed economies exceeded 20 million, reaching a 50% market share for the first time, with over 360 million SUVs operating globally. Hence, the increasing fascination with sports utility vehicles is significantly contributing to the growth of the large SUV market.
What Are The Key Segments Within The Global Large SUVs Market?
The large suvs market covered in this report is segmented –
1) By Fuel Type: Petrol, Diesel, Electric, Other Fuel Types
2) By Type: Sub-Compact SUV, Crossover, MPV, Other SUVs
3) By Price Range: Medium, Premium
Subsegments:
1) By Petrol: Naturally Aspirated Petrol, Turbocharged Petrol
2) By Diesel: Standard Diesel, Turbocharged Diesel
3) By Electric: Battery Electric Vehicles (BEV), Plug-In Hybrid Electric Vehicles (PHEV)
4) By Other Fuel Types: Hybrid (Petrol-Diesel), Hydrogen Fuel Cell, Compressed Natural Gas (CNG)
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How Are New Trends Impacting The Size Of The Large SUVs Market?
The increasing trend of product innovations is gaining traction in the large SUVs market. To solidify their market position, prominent companies in the large SUVs sector are unveiling new product lines. For example, Wuling Motors, an auto company from China, rolled out its latest product line, Alvez, in May 2023. The Wuling expo at Big Mall Samarinda was the platform where customers got an initial glimpse of Alvez, an amalgamation of appealing design and innovation.
Who Are the Key Players in the Large SUVs Market?
Major companies operating in the large suvs market include:
• Stellantis NV
• Toyota Motor Corporation
• Volkswagen AG
• Hyundai Motor Company
• Ford Motor Company
• General Motors Company
• Nissan Motor Corporation
• Kia Corporation
• Mercedes-Benz
• Bayerische Motoren Werke AG
• Audi AG
• Volvo Group
• Jeep
• Chevrolet
• Cadillac Motor Company
• Buick Motor Company
• Lincoln National Corporation
• Jaguar Land Rover Automotive plc
• Acura
• Lincoln Motor Company
• Polestar
What are the Regional Insights into the Large SUVs Market?
North America was the largest region in the large SUVs market in 2024.Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the large SUVs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
