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Large SUVs Market to Surpass $686.58 Billion by 2029 | Key Trends & Insights
Large SUVs Market
How Will the Large SUVs Market Grow by 2025 in Terms of Size and Growth?
The market size for large SUVs has seen robust growth in the past few years. It is projected to increase from $439.01 billion in 2024 to $473.44 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%. Factors such as consumer preferences, safety and versatility, towing capacity, four-wheel drive and off-road capability, alongside luxury and comfort have contributed to the growth observed in the historical period.
What Are the Estimated Growth Rates for the Large SUVs Industry Through 2029?
The size of the large SUVs market is anticipated to experience robust growth in the coming years, projected to reach $686.58 billion by 2029 with a compound annual growth rate (CAGR) of 9.7%. This surge during the forecast period can be credited to factors like regulatory emissions standards, fuel efficiency and environmental concerns, electrification, expansion in emerging markets, customization and personalization, and ride comfort and interior space. Major trends forecasted during this period encompass advanced driver assistance systems (ADAS), connectivity and infotainment, off-road capability, enhanced safety features, and a shift towards hybridization and electrification.
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What Are the Strategic Drivers Boosting Large SUVs Market Performance?
The increasing attraction towards sports utility vehicles (SUVs) among users is predicted to spur the expansion of the large SUV market in the future. SUVs, denoting a robust 4-wheeler that has the capability to navigate through rough landscapes, have seen an upsurge in attractiveness owing to their safety measures, spaciousness, fuel efficacy, among various other factors. This ongoing trend has been beneficial to large SUV manufacturers as it allows them to design superior and sizable SUVs for their clientele. To illustrate, in May 2024, the International Energy Agency (IEA), an intergovernmental organization based in France, released data indicating that SUVs, accounting for 48% of global car sales, set a new record in 2023, thereby reaffirming their standing in the automobile market. In 2022, the sale of SUVs in advanced economies exceeded 20 million, marking a 50% market share for the first time, whereas over 360 million SUVs were noted to be in use globally. As such, the escalating popularity of SUVs is actively propelling the large SUV market.
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What Are the Segments in 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)
What Are the Key Adoption Trends in the Large SUVs Market?
In the large SUVs market, product innovations are becoming significantly more popular as a key trend. Large SUV manufacturers are launching new products to solidify their market standing. Wuling Motors, a company based in China specializing in automobiles, for example, introduced their latest product line, Alvez, in May 2023. The Wuling expo held at Big Mall Samarinda presented customers with an exclusive opportunity to experience Alvez, a perfect fusion of captivating design and innovation.
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Which Companies Lead the Competitive Landscape of the Large SUVs Industry?
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
Where Are the Key Large SUVs Market Opportunities by Region?
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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