Press release
Large SUVs Market Poised for 0.102801016578093 % Growth, Set to Hit $12.65 Billion by 2029
Large SUVs Market Growth
The increasing preference for sports utility vehicles by consumers is likely to fuel the expansion of the large SUV market in the future. Sports utility vehicles, defined as powerful 4-wheeler vehicles capable of navigating rugged terrains, are growing in popularity as a result of their safety features, spaciousness, fuel efficiency, among other reasons. This growing interest motivates large SUV producers to develop improved and bigger models to satisfy their customer needs. For example, as per the data released by the International Energy Agency (IEA), a France-based intergovernmental organization, SUVs made up 48% of global car sales, setting a new record in 2023 and further establishing their dominance in the automotive sector. In 2022, SUV sales in advanced economies exceeded 20 million, hitting a 50% market share for the first time, with more than 360 million SUVs globally on the roads. Hence, the escalating popularity of sports utility vehicles is stimulating the large SUV market's growth.
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What Is the projected market size and growth rate for the large suvs market?
The market size for large SUVs has seen robust expansion in prior years. A surge from $439.01 billion in 2024 to $480.36 billion in 2025 is projected, reflecting a Compound Annual Growth Rate (CAGR) of 9.4%. Factors such as customer preferences, safety features, versatility, towing capacity, the availability of four-wheel drive and off-roading abilities, alongside luxury and comfort, have contributed to this growth during the historic period.
We anticipate a swift expansion in the large SUVs market size in the upcoming years, with projections reaching $710.49 billion by 2029, displaying a compound annual growth rate (CAGR) of 10.3%. Various factors contributing to this predicted growth during the forecast period include regulatory emissions standards, improvements in fuel efficiency, focus on environmental concerns, advancements in electrification, expanding markets in emerging economies, customization and personalization, and increased attention to ride comfort and interior space. Expected major trends through the forecast period feature sophisticated driver assistance systems (ADAS), enhancements in connectivity and infotainment, off-road capabilities, improved safety measures, and movements toward hybridization and electrification.
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What new trends are reshaping the large suvs market and its opportunities?
Innovation in products is becoming a significant trend in the large SUV market. To consolidate their market stance, key companies in the large SUV industry are launching new offerings. Wuling Motors, a Chinese automaker, is an example of this, having introduced its latest product line, Alvez, in May 2023. The audience at the Wuling expo, held at Big Mall Samarinda, had the opportunity to view Alvez, a harmonious fusion of eye-catching design and innovation, firsthand.
What major market segments define the scope and growth of the large suvs market?
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
Subsegments:
1) By Petrol: Naturally Aspirated Petrol, Turbocharged Petrol
2) By Diesel: Standard Diesel, Turbocharged Diesel
3) By Electric: Battery Electric Vehicles (BEV), Plug-In Hybrid Electric Vehicles (PHEV)
4) By Other Fuel Types: Hybrid (Petrol-Diesel), Hydrogen Fuel Cell, Compressed Natural Gas (CNG)
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Which region dominates the large suvs market?
North America was the largest region in the large SUVs market in 2024.Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the large SUVs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which key market leaders are driving the large suvs industry growth?
Major companies operating in 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
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What Is Covered In The Large SUVs Global Market Report?
•Market Size Forecast: Examine the large suvs market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the large suvs market for a structured understanding.
•Key Players Overview: Analyze major players in the large suvs market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the large suvs market.
•Segment Contributions: Evaluate how different segments drive overall growth in the large suvs market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the large suvs market.
•Industry Challenges: Identify potential risks and obstacles affecting the large suvs market.
•Competitive Landscape: Review strategic developments in the large suvs market, including expansions, agreements, and new product launches.
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