Press release
Large SUVs Market Size Projected To Reach $710.49 Billion By 2034 With A Cagr Of 10.3%
Large SUVs
What Is the Projected Growth of the Large SUVs Market?
In recent times, the market size for large SUVs has seen a significant rise. The market is set to grow from $439.01 billion in 2024 to a whopping $480.36 billion in 2025, marking a compound annual growth rate (CAGR) of 9.4%. This expansion during the historic period is due to a variety of factors, including consumer preferences, safety and versatility, towing ability, the feature of all-wheel drive and off-road capacity, as well as luxury and comfort provisions.
The large SUVs sector is projected to experience a significant rise in the coming years, expanding to a size of $710.49 billion by 2029 at a CAGR of 10.3%. The projected growth in the forecast period can be traced back to factors such as strict regulations on emissions, elemental concerns and fuel efficiency, increase in electrification, market growth in developing economies, personalization and customization, and enhanced interior spacing and ride comfort. Key trends anticipated in the forecast period encompass advanced driver aid systems (ADAS), improved safety measures, and infusion of connectivity and infotainment elements, potential for off-road driving, and a surge in hybridization and electrification.
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What Are the Different Large SUVs Market Segments?
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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What Are the Primary Drivers Shaping the Large SUVs Market?
The increasing appeal of sports utility vehicles to consumers is predicted to fuel the expansion of the large SUV market in the future. A sports utility vehicle is a 4-wheeler that offers power and rugged terrain capabilities. The rising demand for these vehicles is attributed to their safety characteristics, ample space, fuel efficiency, and other factors. This demand enables large SUV producers to develop superior and more extensive SUVs to cater to their clientele. As an example, the International Energy Agency (IEA), a French intergovernmental organization, reported in May 2024 that SUVs accounted for 48% of worldwide car sales, setting a new record in 2023 and fortifying their standing in the automotive industry. In advanced economies, SUV sales exceeded 20 million in 2022, capturing a market share of 50% for the first time, with over 360 million SUVs being driven globally. As a result, the growing appeal of sports utility vehicles is propelling the large SUV market.
Which Companies Are Leading in the Large SUVs Market?
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
What Are the Major Trends Shaping the Large SUVs Market?
The call for product innovations is increasingly becoming a significant trend in the large SUVs market. Main players in this field, such as large SUV manufacturers, are rolling out new products to reinforce their standing in the market. A notable example occurred in May 2023, when Wuling Motors, an auto manufacturer based in China, unveiled their latest product line, Alvez. During the Wuling expo, held at Big Mall Samarinda, patrons were able to personally explore the Alvez, an amalgamation of appealing aesthetic and innovation.
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What Are the Top Revenue-Generating Geographies in 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Large SUVs Market?
2. What is the CAGR expected in the Large SUVs Market?
3. What Are the Key Innovations Transforming the Large SUVs Industry?
4. Which Region Is Leading the Large SUVs Market?
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