Global Sport Utility Vehicle (SUV) Market Insights Forecasts to 2033

• The Global Sport Utility Vehicle (SUV) Market Size was Valued at USD 891.8 Billion in 2023.
• The market is Growing at a CAGR of 6.53% from 2023 to 2033.
• The Worldwide Sport Utility Vehicle (SUV) Market Size is expected to reach USD 1678.34 Billion by 2033.
• North America is expected to Grow the fastest during the forecast period.

The Global Sport Utility Vehicle (SUV) Market Size is expected to reach USD 1678.34 Billion by 2033, at a CAGR of 6.53% during the forecast period 2023 to 2033.

The sport utility vehicle (SUV) sales are increasing in developing countries due to the increased speed, bigger space, and higher level of comfort of luxury SUVs over sedans. These factors, together with the advanced comfort and autonomous safety systems that these vehicles provide, are also contributing to the market's growth. Similar to sedans, full-size SUVs have several benefits, including affordability compared to sedans, adaptability, a variety of drivetrain options, the ability to off-road on difficult and muddy terrain, substantial towing capacity, roomier seats and a larger trunk, and superior comfort. Furthermore, the SUV industry has a lot of room to grow given the growing popularity of electric and hybrid cars as well as the developments in semi-autonomous and autonomous vehicles. For instance, in Feb 2024, Skoda Auto, the Czech automaker, approved its next phase of investment in India, which will focus on compact SUVs and battery electric vehicles, according to Klaus Zellmer, the company CEO. In addition to increasing production capacity by 30%, the increased investment will increase the brand's potential market to roughly 50–60% of the nation's rapidly expanding passenger vehicle market. Furthermore, severe emission standards have prompted the automotive industry to turn its attention to hybrid and electric cars, which has led to an exponential increase in these types of vehicles in recent years, while electric SUV sales have also increased significantly.

Report Coverage

This research report categorizes the market for global sport utility vehicle (SUV) market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global sport utility vehicle (SUV) market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the global sport utility vehicle (SUV) market.

Driving Factors

Consumer preferences changed as global economic conditions improved. Increasing financial freedom has driven consumers' preferences to shift, and modern lifestyles have led their needs to change as well. This has had a positive impact on ultra-luxury car sales worldwide. In addition, factors like convenience, comfort, entertainment, safety features, advanced networking features, autonomous driving possibilities, and the newest powertrain electrification technologies all contribute to a need for SUV vehicles. In addition, In India, Maruti Suzuki leading the SUV industry and plans to increase sales and production by 2023. Maruti Suzuki India Ltd, which was formerly known for its small cars, has successfully transformed to become India's largest SUV manufacturer. Just 9.5% of SUVs were owned by Maruti a year ago, far smaller than that of Tata Motors, the market leader at the time, and even South Korea's Kia. However, Maruti surpassed Mahindra to take the top spot as the nation's largest SUV manufacturer in the first half of 2023–2024.

Restraining Factors

SUVs and trucks are subjected to a pollution tax in France, and high-emission vehicles are subject to a vehicle tax in Germany. In a similar vein, India's Road Transport and Highways Department authorized a "green tax" plan on older, more polluting cars. Thus, the expansion of the ICE engine sport utility vehicle (SUV) market might be hampered by more strict government rules on traditional SUVs and reduced fuel efficiency.

Market Segmentation

By Type Insights

The mid- & full-size segment dominates the market with the largest revenue share over the forecast period.

On the basis of type, the global sport utility vehicle (SUV) market is segmented into mini, compact, mid- & full-size, and MPV. Among these, the mid- & full-size segment is dominating the market with the largest revenue share over the forecast period. The interiors of midsize SUVs are typically quite spacious. This enables them to have a large cargo capacity and offer lots of space for passengers. Furthermore, because the market is so varied, there are spacious space in the midsize SUVs with two rows of seats and others with three rows. Thus, such factors are fuelling the market growth in the forecast period.

By Fuel Type Insights

The gasoline segment is witnessing significant CAGR growth over the forecast period.

On the basis of the fuel type, the global sport utility vehicle (SUV) market is segmented into gasoline, diesel, and electric SUV. Among these, the gasoline segment is witnessing significant growth over the forecast period. The gasoline in automobile emission standards to lower the dangerous amounts of sulphur and particulate matter (PM) in these cars. Significant nations including the US, India, Japan, and the majority of Europe have seen a change in automakers' decision to stop producing diesel-powered automobiles. For example, following the implementation of the BS-VI standard, Maruti Suzuki, the country's largest OEM, ceased to produce diesel engines. As a result, many national, international, and local authorities have switched to cleaner fuel. Moreover, the price difference between gasoline and diesel SUVs has narrowed, and gasoline engines have improved to include powerful turbocharged engines that are ideally suited for SUVs and provide higher fuel efficiency

By Seating Capacity Insights

The >5 seater dominate the market with the largest revenue share over the forecast period.

Based on the seating capacity, the global sport utility vehicle (SUV) market is segmented into 5 seater, and >5 seater. Among these, the >5 seater segment is dominating the market with the largest revenue share over the forecast period. Mid-size SUVs with seven seats have a 100–200 mm longer overall length. For buyers with large families seeking more seats at a price point comparable to a mid-size SUV, these vehicles are perfect. SUVs with more than five seats are typically high-end cars with all the modern conveniences and safety features needed to meet consumer demands. The >5-seater SUV category is anticipated to grow in the future due to the Americas region's dominance in this market and its high share of full-size SUVs, as well as the Asia Pacific region's growing mid-size and full-size SUV adoption.

Regional Insights

Asia Pacific dominates the market with the largest market share over the forecast period.

Asia Pacific is dominating the market with the largest market share over the forecast period. The rising demand for automobiles in Asia Pacific nations like China, Japan, and India can be linked to shifting customer preferences, rising middle-class per capita income, and cost benefits for international automakers. Owing to rising car sales and manufacturing, China is thought to be the sport utility vehicle (SUV) Market with the greatest size. Furthermore, Toyota will soon be launching its first electric SUV in India, which is expected to be available in dealerships in September or October of 2025, or the second part of that year. With the same platform as Maruti's eVX, this debutante EV is expected to arrive six months after that car's launch. It highlights Toyota's distinct approach to electric vehicle design.

North America is expected to grow the fastest during the forecast period. Americans prefer larger vehicles, and SUVs offer the space and comfort that many people need. SUVs are also less expensive to operate in the US than in other countries where fuel prices are greater due to the country's low fuel prices. The abundance of SUV models from both domestic and international producers adds to the market's high demand in the United States. Governments around North America have also put laws and incentives in place to encourage the use of electric cars, particularly electric SUVs. This has contributed to the SUV's expansion even further.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global sport utility vehicle (SUV) Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market

List of Key Market Players

• Tesla Inc. 
• Tata Motors
• Toyota Motor Corporation
• Mahindra & Mahindra
• Mercedes-Benz
• Nissan Motor Corporation
• Volkswagen AG
• Honda Motor Co., Ltd. 
• BYD Company Ltd.
• Ford Motor Company
• Hyundai Motor Company 
• AB Volvo 
• Others

Key Market Developments

• In May 2023, Range Rover has announced that its array of luxury SUVs will now feature a hybrid powertrain. The company plans to add a new V8 variant and hybrid and plug-in hybrid powertrains to every Range Rover SUV.
• In April 2023, In Mexico, MG Motor introduced a plug-in hybrid SUV vehicle. The corporation decided to offer this given the growing potential for a hybrid market in the area. The eHS model from MG Motor will retail for USD 45,610 in Mexico.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Sport Utility Vehicle (SUV) Market based on the below-mentioned segments:

Sport Utility Vehicle (SUV) Market, Type Analysis

• Mini
• Compact
• Mid- & Full-Size
• MPV

Sport Utility Vehicle (SUV) Market, Fuel Type Analysis

• Gasoline
• Diesel
• Electric SUV

Sport Utility Vehicle (SUV) Market, Seating Capacity Analysis

• 5 Seater
• >5 Seater

Sport Utility Vehicle (SUV) Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa