Overview of the global sports utility vehicle (SUV) market
Technavio’s market research analyst predicts the global sports utility vehicle (SUV) market to grow at a CAGR of more than 19% during the forecast period. At present, the SUV market is witnessing high volume sales of small and crossover SUVs owing to their affordability and low cost of ownership. In the recent years, the automotive industry has observed the launch of diverse segments of SUVs including entry level SUV, 4×2 SUVs, 4×4 SUVs, medium-sized SUVs, premium medium-sized SUVs, and luxury full-sized SUVs. Several automakers are also introducing new lines of utility vehicles such as multi-purpose vehicles (MPVs) and cross-utility vehicles (CUVs), which has led to an overall increase of the client base of the global SUV market. With the shift in the consumer requirements for an off-roader is further fueling the growth of SUVs in the global automotive market.
One of the latest trends gaining traction in the market is the increasing demand for small and compact SUVs in emerging markets. The leading automakers are focusing on developing entry-level, small size and medium-sized SUVs to extend their customer base and increase their product portfolio. They are launching new vehicle concepts, such as crossover SUVs, which has an SUV-like stance but ride like a sedan. The rapid development and production of small and compact SUVs will be a key factor in fueling the growth of SUV market in the coming years owing to their massive sales.
Competitive landscape and key vendors
The global SUV market comprises several global as well as regional automakers. The competitive environment in this market is very high due to the presence of extensive SUV portfolios of players. APAC is the fastest-growing region in the SUV market and holds high growth potential for the market vendors, in terms of raw materials as well as a strong client base. Constant innovations and developments of new and compact crossover SUVs will be a major growth factor for several players in the global SUV market.
Leading vendors in the market are:
Other prominent vendors in the SUV market include Honda Motor and Nissan Motor.
Segmentation by vehicle type and analysis of the SUV market
The medium-sized SUV segment dominated the global SUV market and accounted for the largest market share during 2016. The segment’s high growth can be attributed to the high-volume sales and demand for such category of SUVs. The medium-sized SUV market is extremely fragmented with the availability of numerous models. Medium-sized SUVs provide rugged off-road capabilities and stiffened suspensions. Some of the popular medium-sized SUVs include Toyota Fortuner, Honda CRV, Jeep Cherokee, Chevrolet Equinox, and Hyundai Tucson.
Geographical segmentation and analysis of the SUV market
In 2016, APAC accounted for the highest share of the SUV market and will continue to maintain its lead during the forecast period. High volume sales of SUVs in countries like China and India is driving growth in the region. Factors such as the rising number of automotive manufacturing plants and changing consumer preference toward large and spacious vehicles are also propelling the growth of global SUV market in the APAC region.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global SUV market?
What are the key market trends impacting the growth of the global SUV market?
What are the challenges to market growth?
Who are the key vendors in the global SUV market?
What are the market opportunities and threats faced by the vendors in the global SUV market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global SUV market?
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