Press release
Global Large SUVs Market: Strong Growth and Emerging Trends Forecasted for 2024-2029
Global Large SUVs Market
What Is The Projected Market Size Of The Global Large SUVs Market And Its Growth Rate?
The global large SUVs market has been demonstrating robust growth in recent years and is expected to continue this trend in the foreseeable future.
• The market has grown from $439.01 billion in 2024 to $480.36 billion in 2025 at a CAGR of 9.4% attributed to factors such as consumer preferences, safety and versatility, towing capacity, all-wheel drive, and off-road capability, along with an emphasis on luxury and comfort.
• The market size is projected to further grow to $710.49 billion in 2029 at a strong CAGR of 10.3%. This growth is primarily linked with regulatory emissions standards, fuel efficiency, environmental concerns, electrification, market expansion in emerging economies, customization and personalization, ride comfort, and interior space.
What Is Driving The Growth In The Large SUVs Market?
The large SUVs market is experiencing a surge due to the rising popularity of sports utility vehicles among consumers. These vehicles offer numerous advantages, including safety features, ample space, fuel efficiency, and adaptability to rough terrains. The rising global popularity of SUVs is encouraging manufacturers to produce better large SUVs to meet user needs. For instance, data from the International Energy Agency reported that SUVs accounted for 48% of global car sales in 2023, with over 20 million sales in advanced economies in 2022, contributing to 50% market share, and over 360 million SUVs globally on the roads. Thus, the popularity of sports utility vehicles is a significant driver of growth in the large SUVs market.
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Who Are the Key Players Driving Large SUVs Market Growth?
Prominent players driving the growth of 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 Key Trends In The Large SUVs Market?
Key emerging trends in the large SUVs market include:
• Advanced Driver Assistance Systems (ADAS)
• Connectivity and infotainment
• Improvements in off-road capability
• Enhanced safety measures
• Hybridization and electrification trends
What Are The Segments Of The Global Large SUVs Market?
The large SUVs market is categorized based on:
1) Fuel Type: Petrol, Diesel, Electric, Other Fuel Types
2) Type: Sub-Compact SUV, Crossover, MPV, Other SUVs
3) Price Range: Medium, Premium
Which Region Leads The Large SUVs Market?
In 2024, North America was leading in the large SUVs market. However, Europe is projected to be the fastest-growing region over the forecast period. Coverage of regional markets in the large SUVs market report spans Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Large SUVs Market Global Market Report?
- Market Size Analysis: Analyze the Large SUVs Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Large SUVs Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Large SUVs Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Large SUVs Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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