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Sports Utility Vehicle (SUVs) Market Top Keyplayers AUDI AG Corporation, Toyota Motor Corporation, Volkswagen AG, Rolls-Royce Motor Cars Limited, General Motors LLC, Jaguar Land Rover Automotive PLC, and Acura
Sports Utility Vehicle
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Increasing concerns regarding safety is the major factor driving growth of the global SUV market
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.
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). Increasing inclination of consumers towards adoption of automobiles with safety features, owing to increasing number of road accidents is expected to boost growth of the SUVs market worldwide. For instance, according to World Health Organization (WHO), an estimated 1.25 million road accidents were reported worldwide in 2013, out of which around 93% road traffic death were reported in low and middle income economies and over 50 million people were injured by road accidents.
Global SUV Market: Regional Insights
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.
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Global SUV Market: Competitive Landscape
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.
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