SUV Market on Track to Achieve USD 1,372.37 Billion Value by 2032 with a 6.4% CAGR

NEW YORK CITY, NY, UNITED STATES, October 30, 2024 /EINPresswire.com/ -- Our comprehensive research report on SUVs offers a thorough analysis of the market, covering every important aspect stakeholders need to know.

The market for SUVs is projected to witness robust growth, according to the latest research study by Polaris Market Research. The SUV market size was valued at USD 785.90 billion in 2023 and is projected to grow to USD 1,372.37 billion by 2032, exhibiting a CAGR of 6.4% from 2024 to 2032.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧:
Sports utility vehicle (SUV) is a loose term that covers a broad range of vehicles that offer elegant city driving and can be taken off-road. It combines the features of a passenger car with the capabilities of an off-road vehicle. SUVs are often equipped with four-wheel drive and have a raised ground clearance, making them suitable for challenging terrain. The frame and body of these vehicles are built separately and joined together during the production process. They have a lot of space for passengers, luggage, work tools, and hauling.
SUVs typically have a higher driving position, which can give drivers a better view of the road. Also, the larger tires and increased ground clearance of these vehicles enable them to handle off-roading. Besides, SUVs can be fuel efficient as compared to their size. With rising disposable incomes and the booming automotive industry worldwide, the SUV market demand is projected to rise.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.polarismarketresearch.com/industry-analysis/suv-market/request-for-sample

𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐜𝐨𝐩𝐞 𝐚𝐧𝐝 𝐀𝐭𝐭𝐫𝐢𝐛𝐮𝐭𝐞𝐬:
• Market Size Value in 2023: USD 785.90 billion
• Revenue Forecast in 2032: USD 1,372.37 billion
• CAGR: 6.4% from 2024 to 2032
• Base Year: 2023
• Historical Data: 2019–2022
• Forecast Period: 2024–2032
• Report Format: PDF + Excel

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:
The market for SUVs is characterized by intense competition. It has the presence of both established players and new entrants. The key players are dominating the market with their extensive product portfolios. The SUV market key players include:
• BMW AG
• BYD
• Ford Motor Company
• Geely Auto
• Jaguar Land Rover Automotive PLC
• Mercedes-Benz Group
• TATA Motors Limited
• TOYOTA MOTOR CORPORATION
• Volkswagen
• Volvo Car Corporation

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞:
https://www.polarismarketresearch.com/industry-analysis/suv-market/request-for-discount-pricing

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬:
• Launch of New Models: Automobile manufacturers are continuously innovating and focusing on the incorporation of advanced technologies to cater to the needs of consumers seeking high-performing vehicles. This offering of advanced features and models is driving the SUV market.

• Increasing Investments: Automobile companies are allocating substantial funding for developing sport utility vehicles that combine the benefits of zero-emission vehicles with the features of SUVs. Such investments have led to improvements in battery technology, thereby impacting the market for SUVs favorably.

• Growing Production: Automobile manufacturers are increasing the production of automobiles to cater to the growing need for luxury vehicles. The increased automobile production supports the development and availability of more affordable SUVs.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
Asia Pacific dominated the SUV market. The region’s growth is primarily fueled by the presence of several key players in the region. Besides, the increased focus of global companies on collaboration and partnerships in countries like India impacts the regional market favorably.
North America is anticipated to experience a substantial SUV market share from 2024 to 2032. SUVs are becoming highly popular among North American consumers owing to their large interior space and enhanced cargo capacity. Also, the changing family dynamics in North America drive the demand for SUVs in the region.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐦𝐨𝐫𝐞 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐛𝐞𝐟𝐨𝐫𝐞 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞:
https://www.polarismarketresearch.com/industry-analysis/suv-market/inquire-before-buying

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:
By Type Outlook:
• Compact
• Full-Size
• Mid-Size
• MPV
• Sub-Compact

By Seating Capacity Outlook:
• 4 Seater
• 5 Seater
• 5 Seater

By Propulsion Outlook:
• Electric Vehicles
• Hybrid (HEV, PHEV)
• Internal Combustion Engine

By Regional Outlook:
• North America
o US
o Canada

• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe

• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Rest of Asia Pacific

• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa
• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America

𝐁𝐫𝐨𝐰𝐬𝐞 𝐏𝐌𝐑'𝐬 𝐒𝐔𝐕 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 𝐟𝐫𝐨𝐦 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐏𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬:
The global SUV industry is expected to reach USD 1,372.37 billion by 2032, exhibiting a CAGR of 6.4% during the forecast period.

𝐅𝐀𝐐𝐬:
How much is the SUV market worth?
The SUV market size was valued at USD 785.90 billion in 2023 and is projected to grow to USD 1,372.37 billion by 2032.

What is the expected growth rate of the SUV market?
The market is projected to register a CAGR of 6.4% from 2024 to 2032.

Which region held the largest SUV market share?
Asia Pacific held the largest share of the market.

Which SUV type dominated the market in 2023?
The mid-size segment held the largest revenue share of the SUV market.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
Advanced Driver Assistance Systems (Adas) Market:
https://www.polarismarketresearch.com/industry-analysis/advanced-driver-assistance-systems-adas-market

Electric Transporters Market:
https://www.polarismarketresearch.com/industry-analysis/electric-transporters-market

Electric Vehicles (Ev) Market:
https://www.polarismarketresearch.com/industry-analysis/electric-vehicles-ev-market

Mountain Bike Market:
https://www.polarismarketresearch.com/industry-analysis/mountain-bike-market

All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) Market:
https://www.polarismarketresearch.com/industry-analysis/all-terrain-vehicle-atv-and-utility-task-vehicle-utv-market

About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

Likhil G
Polaris Market Research and Consulting
+ +1 929-297-9727
[email protected]
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