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Sports Utility Vehicle Market Growth 2018-2025 |Key Players AUDI AG Corporation, Toyota Motor Corporation, Volkswagen AG, Rolls-Royce Motor Cars Limited
Sports Utility Vehicle
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Increasing concern regarding safety is one of the major driving factors for growth of the market. SUV vehicles are equipped with active safety features such as ADAS (Advanced driver-assistance systems), Anti-Lock Brake System (ABS), traction control (ASR), torque vectoring, and Tire-Pressure Monitoring System (TPMS), which has primary function of not to getting into accidents by providing maximum safety to the driver. For instance, in 2017, Audi launched the AudiQ3 SUV vehicles, which was incorporated with advanced technologies such as Electromechanical Parking Brake, Tire-pressure Monitoring System (TPMS), and Anti-lock Brake System (ABS).
The major factor restraining growth of the market is rising fuel price. Increasing adoption of SUV vehicles is in turn propelling demand for crude oil. This is owing to the fact that SUVs are utility vehicles and consume more fuel. According to Energy Information Administration (EIA), crude oil price increased to US$ 60 per barrel at the end of 2017 from US$ 50 per barrel in 2016.
The SUV market in North America accounted for largest share in global market and is expected to maintain its dominance over the forecast period (2018 – 2026). The growth in this region is attributed to stringent government regulations to prevent road accidents. For instance, in 2008, the U.S. Congress TREAD Act, mandated the deployment of appropriate Tire Pressure Monitoring System (TPMS) technology in all passenger vehicles to improve the driver and passenger safety by means of dashboard warning system.
Key players operating in the SUVs market include AUDI AG Corporation, Toyota Motor Corporation, Volkswagen AG, Rolls-Royce Motor Cars Limited, General Motors LLC, Jaguar Land Rover Automotive PLC, and Acura. Major players such as AUDI AG, Volkswagen AG, and Rolls-Royce Motors Cars Ltd. are focusing on launching products equipped with advanced features, in order to maintain a competitive edge in the market. For instance, in 2016, Volkswagen launched Tiguan SUV, in India. The salient features added in Tiguan SUV are panoramic sunroof, 4 Motion All-Wheel-Drive System, keyless entry and reverse parking camera, infotainment system and others.
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