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Top Trends Transforming the Large SUVs Market Landscape in 2025: Innovative Product Launches In The Large SUV Market
Large SUVs
What Will the Large SUVs Industry Market Size Be by 2025?
The sizable market for large SUVs has considerably expanded in recent times. With an anticipated elevation from $439.01 billion in 2024 to $480.36 billion by 2025, the compound annual growth rate (CAGR) is averagely set at 9.4%. This surge during the previous period is credited to the customers' preferences, safety and versatility, towing capabilities, all-wheel drive and off-road prowess, along with luxury and comfort.
What's the Long-Term Growth Forecast for the Large SUVs Market Size Through 2029?
The market size for large SUVs is projected to expand rapidly in the forthcoming years, reaching a value of $710.49 billion in 2029 with a compound annual growth rate (CAGR) of 10.3%. This growth during the forecast period can be linked to various factors such as new emission regulations, fuel efficiency, concerns about the environment, electrification, expansion of the market in developing economies, customization and personalization, and the allure of a comfortable ride and spacious interior. During the forecast period, major trends like advanced driver assistance systems (ADAS), connectivity and infotainment, off-road capabilities, improved safety measures, and a focus on hybridization and electrification are anticipated.
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What Are the Key Growth Drivers Fueling the Large SUVs Market Expansion?
The large SUV market is anticipated to experience increased growth due to the escalating appeal of sports utility vehicles among consumers. A sports utility vehicle is a potent four-wheeler ideal for rough terrains. The growing allure of these vehicles is credited to their safety features, ample space, fuel efficiency, and additional attributes. This burgeoning popularity prompts large SUV manufacturers to develop superior, sizable SUVs to fulfill their clientele's needs. As an example, in May 2024, the International Energy Agency (IEA), a French intergovernmental organization, revealed that SUVs, accounting for 48% of worldwide car sales, hit a new peak in 2023, therefore reinforcing their status in the automotive industry. In 2022, SUV sales exceeded 20 million in developed economies, reaching a 50% market share for the first time, while over 360 million SUVs were operational globally. Hence, the expanding appeal of sports utility vehicles is fueling the large SUV market's growth.
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What Are the Key Trends Driving Large SUVs Market Growth?
In the large SUVs market, product innovations are emerging as a crucial trend. Key players in the large SUVs sector are launching new products to consolidate their market presence. As an example, Wuling Motors, a Chinese automotive firm, launched its latest product line, Alvez, in May 2023. At the Wuling exposition held at Big Mall Samarinda, clients had the opportunity to experience the Alvez, a perfect blend of enticing design and innovation.
How Is the Large SUVs Market Segmented?
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 Companies Are Leading the Charge in Large SUVs Market Innovation?
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
Which Regions Are Leading the Global Large SUVs Market in Revenue?
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
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Learn More About The Business Research Company
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