Press release
Global Large SUVs Market Comprehensive Study: Forecasted Market Size And Growth Rate | Stellantis NV, Toyota Motor Corporation, Renault Group, Volkswagen AG, Hyundai Motor Company
Large SUVs Market Characteristics
The Business Research Company offers in-depth market insights through Large SUVs Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The large suvs market size has grown rapidly in recent years. It will grow from $404.51 billion in 2023 to $445.11 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to consumer preferences, safety and versatility, towing capacity, all-wheel drive and off-road capability, luxury and comfort.
The large suvs market size is expected to see strong growth in the next few years. It will grow to $649.32 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to regulatory emissions standards, fuel efficiency and environmental concerns, electrification, market expansion in emerging economies, customization and personalization, ride comfort and interior space. Major trends in the forecast period include advanced driver assistance systems (adas), connectivity and infotainment, off-road capability, enhanced safety, hybridization and electrification.
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Market Segmentation:
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
Major Driver - The Growing Popularity Of Sports Utility Vehicles And Its Impact On The Large Suv Market
The rising popularity of sports utility vehicles among users is expected to propel the growth of the large SUV market going forward. A sport utility vehicle refers to a 4-wheeler vehicle that is powerful and can be driven over rough terrains. The rising popularity of sport utility vehicles is due to their safety features, availability of space, fuel efficiency, and various other reasons and this popularity helps large SUV manufacturers to come up with better and large SUVs to serve their customers. For instance, according to an article by the International Energy Agency, a France-based intergovernmental organization, the number of SUVs increased to 320 million in 2021. Therefore, the rising popularity of sports utility vehicles is driving the large SUVs market.
Competitive Landscape:
Major companies operating in the large suvs market report are Stellantis NV, Toyota Motor Corporation, Renault Group, Volkswagen AG, Hyundai Motor Company, Ford Motor Company, General Motors Company, Nissan Motor Corporation, Honda Motor Co Ltd., Kia Corporation, Subaru Corporation, Mercedes-Benz, Bayerische Motoren Werke AG, Audi AG, Volvo Group, Maruti Suzuki India Limited, Jeep, Chevrolet, Cadillac Motor Company, Buick Motor Company, Lincoln National Corporation, Mitsubishi Motors Corporation, Porsche AG, Jaguar Land Rover Automotive plc, Rolls-Royce Limited, Acura, Alfa Romeo Automobiles SpA, Lincoln Motor Company, Mazda Motor Corporation, Polestar
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Top Trend - Innovative Product Launches In The Large Suv Market
Product innovations are a key trend gaining popularity in the large SUVs market. Major companies operating in large SUVs are introducing new products to strengthen their position in the market. For instance, in May 2023, Wuling Motors, a China-based automobile company, launched newest product line Alvez. At the Wuling expo hosted at Big Mall Samarinda, customers got a firsthand look at Alvez, which blended attractive design and innovation.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Large SUVs Market Characteristics
3. Large SUVs Market Trends And Strategies
4. Large SUVs Market - Macro Economic Scenario
5. Large SUVs Market Size And Growth
…..
27. Large SUVs Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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