Sports Utility Vehicles (SUVs) Market - Industry Current Trends, Opportunities & Challenges

A sports utility vehicle is a kind of passenger vehicle which combines load-hauling and passenger-carrying abilities with the usefulness of a light weight pickup truck. Most of the sports utility vehicles are designed having an engine compartment, approximately square cross-section, and a combined cargo and passenger compartment. Most full-size and mid-size sports utility vehicles have approximately five or more seats, along with a luggage area directly behind the last row of seats. The popularity of sports utility vehicles has grown gradually in recent years, particularly in the United States region. Various factors have contributed towards the growth of this kind of vehicle. Generally sports utility vehicle are perceived to offer a broad range of capabilities: power, performance, cargo room, better sightlines, functionality, luxury and safety. As a result, sports utility vehicles charm to a wide gamut of drivers.

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Nowadays various sports utility vehicle models are now built on a typical car platforms thus these vehicle handles more like cars than trucks or vans. Combining a car-like styling and driving, along with truck or van-like cargo capacity makes sports utility vehicles a smart substitute for some consumers. Since most of the drivers or users of sports utility vehicles do not use them for off-road driving, thus vehicle offerings in this segment have developed from the early models which were more rugged. Sport utility vehicles nowadays meet the requirements of several former truck, car and minivan drivers, but in a unlike package.

In the recent years, market trend has sturdily been in favor of sports utility vehicles. Consumers are motivated more towards compact vehicles that are also economical. Consumers those who love to go for long ride generally prefer sports utility vehicle with their family or friends.

The Indian car market is going through a shift. Departed are the days when people preferred huge sized sports utility vehicles, but now the attention has shifted to that of compact sports utility vehicles. With fuel prices touching the sky, consumers now demand for fuel-efficient sports utility vehicles and therefore sports utility vehicles and multi utility vehicles are the solutions.

The sports utility vehicles market can be segmented into two broad categories, by type, by fuel type and by seating capacity. By type, the sports utility vehicles market can be further segmented into sports utility vehicles (SUVs), multi utility vehicles (MUVs) and multi-purpose vehicles (MPVs). By fuel type the market can be further segmented into diesel, gasoline and hybrid. By seating capacity the sports utility vehicles market can be further divided into 5 seater, 7 seater and 8 and above seater. Additionally, the global sports utility vehicle market has been further divided into five regions - North America, Asia Pacific, Middle East and Africa, Europe, and Latin America.

The major drivers of the sports utility vehicles market are that they provide with ample room and leg space, along with, appealing and strong looks, and additionally, economical since they are fuel efficient and most suitable for bad patch of roads. The sports utility vehicle and multi utility vehicles segment together witnessed growth of around 15 per cent in the first six months of this base year 2015. Snowballing disposable incomes, more of earning power of the younger generation and changing needs of the young minds can be few drivers accountable for this change in the rise of sports utility vehicles during the forecast period from 2016 – 2024.

North America was the market leader in the sports utility vehicles market in the year 2015 followed by Asia Pacific and Europe. The Asia Pacific region is expected to grow at the highest rate. This growth of the market in Asia Pacific can be credited to high spending in of consumers in sports utility vehicles and decreasing prices of these kind of vehicles in countries such as India, Japan, and China. This has encouraged sports utility vehicles manufacturers to invest heavily in this segment of cars.

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The major players in this industry are Tata Motors Ltd. (India), Jaguar land Rover (U.K.), Ford Motor Company (U.S.), General Motors (U.S.), Daimler AG. (Germany), Toyota Motor Company (Japan), and Jeep LLC (U.S) among others.

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This release was published on openPR.