SUV Market Growth Credited to High Demand for Off-Road Capabilities
As per Inkwood Research, the Global Sport Utility Vehicle (SUV) Market is projected to grow at a CAGR of 6.08% in terms of revenue during the forecasting period of 20242032.
An SUV blends the capabilities of off-road vehicles with the comfort and design of passenger cars, making it a popular choice across a wide range of consumers. Additionally, these sport utility vehicles offer superior safety features and an elevated driving position, further boosting their widespread appeal.
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Increasing Demand for Off-Road Capabilities to Promote SUV Market Growth
The rising demand for off-road capabilities is a key factor driving the growth of the SUV market. As more consumers seek vehicles that can handle a variety of terrains, SUVs offer the perfect blend of durability and versatility, making them ideal for both urban and adventure-focused driving. Enhanced features such as all-wheel drive, improved ground clearance, and robust suspension systems are becoming increasingly popular among drivers looking for performance in rugged conditions. This growing preference for off-road functionality, combined with advancements in automotive technology, is set to further propel the SUV market’s expansion.
Two-Wheel Drive: Major Drivetrain Type by 2032
Consumers focused on fuel efficiency and reduced maintenance costs are increasingly turning to two-wheel drive (2WD) vehicles within the global SUV market. Predominantly offered in front-wheel drive configurations, these SUVs provide advantages like increased ground clearance and roomy interiors while delivering better fuel economy than all-wheeldrive models. The demand for 2WD SUVs is particularly rising in urban and suburban areas where off-road capabilities are less critical, contributing to the growth of this segment.
Asia-Pacific is Expected to be the Fastest-Growing Region during the Forecast Period
In 2022, the region accounted for over 40% of global SUV sales, according to the International Organization of Motor Vehicle Manufacturers (OICA). SUVs are highly favored due to their versatility, spacious interiors, and higher ground clearance, making them suitable for both urban and rural driving conditions. Key markets such as China, India, and Australia have been major contributors to this growth. In China, the China Association of Automobile Manufacturers (CAAM) reported that SUVs comprised nearly 45% of total vehicle sales in 2022.
Meanwhile, in India, the Society of Indian Automobile Manufacturers (SIAM) recorded a 10% rise in SUV sales, driven by consumer demand for enhanced road presence and comfort. Additionally, the growing trend toward hybrid and electric SUVs is influencing the market, with Japan and South Korea introducing stricter emission regulations and incentives for electric vehicle adoption. Japan’s Ministry of Economy, Trade, and Industry (METI) noted a 15% increase in hybrid and electric SUV sales in 2022, reflecting the rising demand for sustainable mobility options.
Furthermore, some of the leading companies operating in the global market are MercedesBenz Group AG, Volkswagen Group, AB Volvo, Toyota Motor Corporation, Kia Motors Corporation, etc.
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