Summary

The SUV market is projected to reach 53 million units by 2030 from 41 million units in 2024, at a CAGR of 4.4%. The SUV market is expected to experience growth driven by various factors. The automotive industry is currently under constant pressure to adapt to new changes due to technological advancements and end-user preferences. Adoption of electric SUVs is the key factor that has witnessed a rapid change in the SUVs market. In line with the EV sector, development and manufacturing of long-range batteries along with installation of fast and ultra-fast charging points for customers is the foremost agenda of the OEMs and EV solution providing companies.
Further, the introduction of autonomous SUVs with enhanced safety features and higher level of automation is shifting the trends in the SUV market. Moreover, OEMs are focused on reducing the production cost of the vehicle by standadizing the platform technology and planning & developing uniquw platforms for all the SUVs under their brand.
Furthermore, Fuel Cell Electric Vehicle (FCEV) SUVs can be a major break-through in the SUVs market. Although the FCEV technology is still in the initial stages, planned research & development is carried out and can become a next major factor in the overall automotive industry, SUVs included.
In addition, the current HEVs and BEVs are rapidly growing as several countries in Europe have put forth a strict plan for achieving ZEV targets.
“EV segment growth till 2030.”
The BEV, HEV and PHEV segments are expected to lead the SUV market during the forecast period. The growth of EVs is due to the Euro-7 implementation and ICE ban timelines. This has led to new EV SUV launches in 2022 and 2023. Similarly, over 20 new models of electric vehicles are set to launch in 2024 & 2025. This will lead to rapid adoption of EVs SUVs over ICE SUVs. Moreover, long range powered batteries and fast charging public points will lead to overcoming the major restraining factors of the EV market growth. For instance, in December 2023, Toyota launched a new long range Crown Sport PHEV model to cater the Japanese market. Similarly, market leaders such as BMW, Mercedes-Benz and Telsa amongst others have launched long range BEV models in different regional markets in the past two years. Having said that the volume of HEV will rise but till 2030 and will be stagnant for some years and then decline gradually to be replaced by BEVs. This will majorly happen due to the current limited range of the batteries and need to frequently charge the batteries during long distance travel, which will not be an restraint during 2030s.
“Autonomous SUVs are anticipated to witness growth.”
Autonomous SUVs are projected to grow significantly during the forecast due to the rising demand for safety, comfort, and driving convenience features. The launch of autonomous and semi-autonomous SUVs is another factor contributing to the market's expansion. Numerous OEMs are introducing Level 2, Level 3 and Level 4 autonomous vehicles, including Nissan, Honda, Audi, BMW, and Mercedes-Benz. For Instance, in March 2024, three midsize electric SUVs from Rivian were introduced in a single day, and they are all outfitted with 11 cameras, 5 radars, and a computational platform that enables the new series to drive autonomously with improved capabilities.
“Asia Pacific holds the largest market share in the forecast period”
Asia Pacific has emerged as a promising market for the global SUV industry. The principal driver of this trend is the Chinese market, which has grown to become the world's largest producer and buyer of SUVs. India, Japan, and South Korea are also important country-level markets in the region. While India is gradually becoming a major contributor in the SUV sector, Japan and South Korea are already well-established.
Further, China is the most dominant nation in automotive industry with respect to supplying raw materials, manufacturing as well as its sales. China has the most powerful supply chain of EV batteries. Over 50% of the EV batteries are manufactured in China. Moreover, around 75% of the components of EV batteries are manufactured in China. These Chinese manufacturers are looking to expand their services and acquire additional market share around the world. For instance, in September 2023, a leading Chinese EV battery manufacturer, Gotion, has announced to invest $2 billion to setup EV lithium battery plant in Illinois, US. In addition, western automakers are adopting strategies in collaboration with Chinese players to manufacture batteries. For instance, in May 2023, Ford announced a collaboration with CATL to set up a EV battery plant in Michigan, US by investing $3.5 billion, which will be operational by 2026.
Furthermore, the market growth in Asia Pacific can be attributed to the high vehicle production and increased use of advanced electronics in Japan, South Korea, and China. The governments of these countries have recognized the growth potential of the automotive sector and have consequently undertaken various initiatives to encourage major OEMs to enter their domestic markets. Several global automobile manufacturers, such as Volkswagen (Germany), Mercedes Benz (Germany), and General Motors (US), have shifted their production plants to emerging economies in the region.
In addition, being the most populous region, Asia-Pacific also holds the largest share of the SUV market. The per capita GDP of the people here is favorable for the growth of the SUV market. The spending capacity of the people in this region has grown gradually with the rise in foreign investments and setup in manufacturing plants in this region.
Research Coverage:
The market analysis encompasses the SUV market, focusing on the sales volume. Additionally, it examines the developments that occurred in the SUVs in the past. The report delves into the trends propelling the sales of SUVs, analyzing factors that influenced the factors. The study encompasses a broad range, including Internal Combustion Engine (ICE) vehicles, Hybrid Electric Vehicles (HEVs) and Electric Vehicles (EVs) market. Moreover over the type of SUVs such as sub-compact, compact, mid-size, full-size and MPVs are also consired in the analysis of the report. Geographically, the report covers North America, Europe, and Asia-Pacific.
Report Scope
The report will help the market leaders/new entrants in this market with information on the closest approximations of the sales numbers for the SUVs and their subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of SUVs by Type (Sub-compact, Compact, Mid-size, Full-size and MPV), by Propulsion (ICE, BEV and Hybrid).
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the SUV market
• Market Development: Comprehensive information about lucrative markets – the report analyses the SUV market across varied regions
• Market Diversification: Exhaustive information about diversification of technology, untapped features, recent developments, and investments in the SUV market
• Competitive Assessment: Assessment of market shares, growth strategies and service offerings of leading players. The report also helps stakeholders understand the pulse of the SUVs market and provides them information on key market drivers, challenges, and opportunities.

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Table of Contents

1 EXECUTIVE SUMMARY 13
1.1 SUV SALES FORECAST, BY TYPE 13
FIGURE 1 SUV SALES, BY TYPE, 2023 VS. 2027 VS. 2030 13
1.2 SUV SALES FORECAST, BY PROPULSION 14
FIGURE 2 SUV SALES, BY PROPULSION, 2023 VS. 2027 VS. 2030 14
1.3 SUV SALES FORECAST, BY REGION 15
FIGURE 3 SUV SALES, BY REGION, 2023 VS. 2027 VS. 2030 15
1.4 OEM SUV SALES SHARE, 2023 16
FIGURE 4 OEM SUV SALES SHARE, 2023 16
1.5 GLOBAL SUV L*H ANALYSIS 17
FIGURE 5 SUV L*H GLOBAL ANALYSIS, 2023 17
1.6 GLOBAL E-SUV L*H ANALYSIS 18
FIGURE 6 E-SUV L*H GLOBAL ANALYSIS, 2023 18
2 DEFINITION І SCOPE І METHODOLOGY 19
2.1 MARKET DEFINITION 19
2.2 MARKET SCOPE 19
TABLE 1 MARKET SCOPE 19
FIGURE 7 SUV MARKET SEGMENTATION 19
2.3 RESEARCH METHODOLOGY 20
FIGURE 8 RESEARCH METHODOLOGY MODEL 20
FIGURE 9 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 21
2.4 RESEARCH ASSUMPTIONS 21
TABLE 2 RESEARCH ASSUMPTIONS 21
2.5 ASSUMPTIONS, ASSOCIATED RISKS, AND IMPACT 22
TABLE 3 ASSUMPTIONS, ASSOCIATED RISKS, AND IMPACT 22
2.6 RESEARCH LIMITATIONS 22
3 MARKET ANALYSIS 23
3.1 SUV VS. TOTAL PASSENGER VEHICLE VOLUME SALES (2018−2023) 23
FIGURE 10 SUV VS. TOTAL PASSENGER VEHICLE VOLUME SALES (2018−2023) 23
3.2 SUV VS. TOTAL PASSENGER VEHICLE VOLUME SALES (2024−2030) 23
FIGURE 11 SUV VS. TOTAL PASSENGER VEHICLE VOLUME SALES (2024−2030) 24
3.3 SUV PENETRATION IN TOTAL PASSENGER VEHICLE SALES (2018−2030) 24
FIGURE 12 SUV PENETRATION IN TOTAL PASSENGER VEHICLE SALES (2018−2030) 24
3.4 GLOBAL SUV SALES, BY TYPE (2023−2030) 25
FIGURE 13 GLOBAL SUV SALES, BY TYPE (2023−2030) 25
3.5 GLOBAL SUV SALES, BY PROPULSION (2023−2030) 25
FIGURE 14 GLOBAL SUV SALES, BY PROPULSION (2023−2030) 26
3.6 GLOBAL SUV SALES, BY REGION (2023−2030) 26
FIGURE 15 GLOBAL SUV SALES, BY REGION (2018−2022) 26
FIGURE 16 GLOBAL SUV SALES, BY REGION (2023−2030) 27
4 CONSUMER ANALYSIS 28
4.1 CONSUMER ANALYSIS 28
FIGURE 17 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 28
4.1.1 DRIVERS 29
4.1.1.1 Demand for premium SUVs with advanced features 29
4.1.1.2 Consumer inclination toward compact and mid-size SUVs 30
4.1.1.3 Launch of EV models by major OEMs 30
4.1.2 RESTRAINTS 31
4.1.2.1 High cost of SUVs 31
4.1.3 OPPORTUNITIES 32
4.1.3.1 Electrification of SUVs 32
4.1.4 CHALLENGES 33
4.1.4.1 Meeting fuel economy and emission limits 33
4.1.4.2 Building long-range E-SUVs 33
5 SUV TECHNOLOGY AND FEATURE ANALYSIS 34
5.1 SUV L*H ANALYSIS, BY REGION 34
5.1.1 NORTH AMERICA: SUV L*H ANALYSIS 34
FIGURE 18 NORTH AMERICA: SUV L*H ANALYSIS 34
5.1.2 EUROPE: SUV L*H ANALYSIS 34
FIGURE 19 EUROPE: SUV L*H ANALYSIS 35
5.1.3 ASIA PACIFIC: SUV L*H ANALYSIS 35
FIGURE 20 ASIA PACIFIC: SUV L*H ANALYSIS 36
5.2 GLOBAL AVERAGE BATTERY COST ANALYSIS 36
FIGURE 21 GLOBAL AVERAGE BATTERY PACK PRICE 36
FIGURE 22 AUXILIARIES COST VS. CELL COST (%) 37
FIGURE 23 EV BATTERY COST IN SUV 37
5.3 TOTAL COST OF OWNERSHIP ANALYSIS (BEV VS. ICE) 37
FIGURE 24 EV VS. ICE SUV TOTAL COST OF OWNERSHIP ANALYSIS 38
5.4 EV VS. ICE PRICE COMPARISON 38
FIGURE 25 ICE VS. EV PRICE COMPARISON 39
5.5 E-SUV BATTERY CAPACITY VS. RANGE, BY MODEL ANALYSIS 39
FIGURE 26 E-SUV BATTERY CAPACITY VS. RANGE, BY MODEL ANALYSIS 39
5.6 E-SUV PRICING VS. RANGE ANALYSIS 40
FIGURE 27 E- SUV PRICING VS. RANGE ANALYSIS 40
5.7 E-SUV TECHNICAL COMPARISON 40
TABLE 4 E-SUV TECHNICAL COMPARISON 40
5.8 FUEL CELLS IN SUV 41
FIGURE 28 FUEL CELLS IN SUV 42
5.9 SUV PLATFORM 43
5.9.1 CURRENT SUV PLATFORMS 43
FIGURE 29 CURRENT SUV PLATFORMS 43
5.9.2 FUTURE OF SUV PLATFORMS 44
FIGURE 30 FUTURE OF SUV PLATFORMS 44
5.10 GOVERNMENT REGULATIONS FOR SUV 44
6 COMPARATIVE ANALYSIS 46
6.1 MAJOR SUV OEMS AND THEIR REGIONAL SALES SHARE 46
6.1.1 NORTH AMERICA: OEM SALES SHARE ANALYSIS, 2023 46
FIGURE 31 NORTH AMERICA: OEM SALES SHARE ANALYSIS, 2023 46
6.1.2 EUROPE: OEM SALES SHARE ANALYSIS, 2023 47
FIGURE 32 EUROPE: OEM SALES SHARE ANALYSIS, 2023 47
6.1.3 ASIA PACIFIC: OEM SALES SHARE ANALYSIS, 2023 47
FIGURE 33 ASIA PACIFIC: OEM SALES SHARE ANALYSIS, 2023 47
6.2 SUV MANUFACTURING PLANTS BY OEM AND LOCATION 48
FIGURE 34 SUV MANUFACTURING PLANTS 48
TABLE 5 SUV MANUFACTURING PLANTS BY OEM AND LOCATION (NUMBER OF MANUFACTURING PLANTS) 48
6.3 SUV L*H ANALYSIS, BY OEM 49
6.3.1 TOYOTA GROUP: SUV L*H ANALYSIS 49
FIGURE 35 TOYOTA GROUP: SUV L*H ANALYSIS 49
6.3.2 VOLKSWAGEN GROUP: SUV L*H ANALYSIS 50
FIGURE 36 VOLKSWAGEN GROUP: SUV L*H ANALYSIS 50
6.3.3 HYUNDAI GROUP: SUV L*H ANALYSIS 51
FIGURE 37 HYUNDAI GROUP: SUV L*H ANALYSIS 51
6.4 SUV LAUNCHES IN 2022−2023 51
TABLE 6 SUV LAUNCHES IN 2022−2023 52
6.5 UPCOMING LAUNCHES, 2024 AND BEYOND 53
TABLE 7 SUV LAUNCHES IN 2024−2027 53
6.6 FUTURE FOCUS OF KEY OEMS 55
FIGURE 38 FUTURE FOCUS OF KEY OEMS 55
7 KEY TAKEAWAYS 56
7.1 RISING ADOPTION OF SUVS 56
7.2 POPULARITY OF COMPACT AND MID-SIZE SUVS 56
7.3 GROWING ADOPTION OF E-SUVS 56
7.4 DECREASING BATTERY COSTS TO BOOST E-SUV AFFORDABILITY 56
7.5 ASIA PACIFIC TO BE MAJOR SUV MARKET 56
7.6 FINDING RIGHT SIZE FIT 57
7.7 GLOBAL SUV MARKET: KEY PLAYERS AND REGIONAL DYNAMICS 57
7.8 FCEV: NEXT GENERATION OF FUEL 57
7.9 STANDARDIZED PLATFORMS TO DRIVE COST EFFICIENCY 57
7.10 ADAS FEATURES ENHANCE SUV APPEAL AND SAFETY 58
8 APPENDIX 59
8.1 SUV SALES BY TYPE AND REGION 59
8.1.1 SUB-COMPACT SUV SALES, BY REGION 59
FIGURE 39 SUB-COMPACT SUV SALES, BY REGION, 2023−2030 59
8.1.2 COMPACT SUV SALES, BY REGION 59
FIGURE 40 COMPACT SUV SALES, BY REGION, 2023−2030 59
8.1.3 MID-SIZE SUV SALES, BY REGION 60
FIGURE 41 MID-SIZE SUV SALES, BY REGION, 2023−2030 60
8.1.4 FULL-SIZE SUV SALES, BY REGION 60
FIGURE 42 FULL-SIZE SUV SALES, BY REGION, 2023−2030 60
8.1.5 MPV SALES, BY REGION 61
FIGURE 43 MPV SALES, BY REGION, 2023−2030 61
8.2 SUV SALES BY PROPULSION AND REGION 61
8.2.1 ICE SUV SALES, BY REGION 61
FIGURE 44 ICE SUV SALES, BY REGION, 2023−2030 61
8.2.2 BEV SUV SALES, BY REGION 62
FIGURE 45 BEV SUV SALES, BY REGION, 2023−2030 62
8.2.3 HYBRID SUV SALES, BY REGION 62
FIGURE 46 HYBRID SUV SALES, BY REGION, 2023−2030 62
8.3 REGIONAL SUV SALES, BY COUNTRY 63
8.3.1 NORTH AMERICA: COUNTRY-WISE SUV SALES 63
FIGURE 47 NORTH AMERICA: COUNTRY-WISE SUV SALES (2023−2030) 63
8.3.2 EUROPE: SUV COUNTRY-WISE SALES 63
FIGURE 48 EUROPE: COUNTRY-WISE SUV SALES (2023−2030) 63
8.3.3 ASIA PACIFIC: SUV COUNTRY-WISE SALES 64
FIGURE 49 ASIA PACIFIC: COUNTRY-WISE SUV SALES (2023−2030) 64
8.4 SUV SALES, BY COUNTRY 64
8.4.1 NORTH AMERICA: SUV SALES 64
8.4.1.1 US: SUV Sales 64
8.4.1.1.1 US: SUV Sales, By Type 64
FIGURE 50 US: SUV SALES, BY TYPE, 2023−2030 64
8.4.1.1.2 US: SUV Sales, By Propulsion 65
FIGURE 51 US: SUV SALES, BY PROPULSION, 2023−2030 65
8.4.1.2 Canada: SUV Sales 65
8.4.1.2.1 Canada: SUV Sales, By Type 65
FIGURE 52 CANADA: SUV SALES, BY TYPE, 2023−2030 65
8.4.1.2.2 Canada: SUV Sales, By Propulsion 66
FIGURE 53 CANADA: SUV SALES, BY PROPULSION, 2023−2030 66
8.4.1.3 Mexico: SUV Sales 66
8.4.1.3.1 Mexico: SUV Sales, By Type 66
FIGURE 54 MEXICO: SUV SALES, BY TYPE, 2023−2030 66
8.4.1.3.2 Mexico: SUV Sales, By Propulsion 67
FIGURE 55 MEXICO: SUV SALES, BY PROPULSION, 2023−2030 67
8.4.2 EUROPE: SUV SALES 67
8.4.2.1 Germany: SUV Sales 67
8.4.2.1.1 Germany: SUV Sales, By Type 67
FIGURE 56 GERMANY: SUV SALES, BY TYPE, 2023−2030 67
8.4.2.1.2 Germany: SUV Sales, By Propulsion 68
FIGURE 57 GERMANY: SUV SALES, BY PROPULSION, 2023−2030 68
8.4.2.2 UK: SUV Sales 68
8.4.2.2.1 UK: SUV Sales, By Type 68
FIGURE 58 UK: SUV SALES, BY TYPE, 2023−2030 68
8.4.2.2.2 UK: SUV Sales, By Propulsion 69
FIGURE 59 UK: SUV SALES, BY PROPULSION, 2023−2030 69
8.4.2.3 France: SUV Sales 69
8.4.2.3.1 France: SUV Sales, By Type 69
FIGURE 60 FRANCE: SUV SALES, BY TYPE, 2023−2030 69
8.4.2.3.2 France: SUV Sales, By Propulsion 70
FIGURE 61 FRANCE: SUV SALES, BY PROPULSION, 2023−2030 70
8.4.2.4 Italy: SUV Sales 70
8.4.2.4.1 Italy: SUV Sales, By Type 70
FIGURE 62 ITALY: SUV SALES, BY TYPE, 2023−2030 70
8.4.2.4.2 Italy: SUV Sales, By Propulsion 71
FIGURE 63 ITALY: SUV SALES, BY PROPULSION, 2023−2030 71
8.4.2.5 Spain: SUV Sales 71
8.4.2.5.1 Spain: SUV Sales, By Type 71
FIGURE 64 SPAIN: SUV SALES, BY TYPE, 2023−2030 71
8.4.2.5.2 Spain: SUV Sales, By Propulsion 72
FIGURE 65 SPAIN: SUV SALES, BY PROPULSION, 2023−2030 72
8.4.2.6 Rest of Europe: SUV Sales 72
8.4.2.6.1 Rest of Europe: SUV Sales, By Type 72
FIGURE 66 REST OF EUROPE: SUV SALES, BY TYPE, 2023−2030 72
8.4.2.6.2 Rest of Europe: SUV Sales, By Propulsion 73
FIGURE 67 REST OF EUROPE: SUV SALES, BY PROPULSION, 2023−2030 73
8.4.3 ASIA PACIFIC: SUV SALES 73
8.4.3.1 China: SUV Sales 73
8.4.3.1.1 China: SUV Sales, By Type 73
FIGURE 68 CHINA: SUV SALES, BY TYPE, 2023−2030 73
8.4.3.1.2 China: SUV Sales, By Propulsion 74
FIGURE 69 CHINA: SUV SALES, BY PROPULSION, 2023−2030 74
8.4.3.2 Japan: SUV Sales 74
8.4.3.2.1 Japan: SUV Sales, By Type 74
FIGURE 70 JAPAN: SUV SALES, BY TYPE, 2023−2030 74
8.4.3.2.2 Japan: SUV Sales, By Propulsion 75
FIGURE 71 JAPAN: SUV SALES, BY PROPULSION, 2023−2030 75
8.4.3.3 India: SUV Sales 75
8.4.3.3.1 India: SUV Sales, By Type 75
FIGURE 72 INDIA: SUV SALES, BY TYPE, 2023−2030 75
8.4.3.3.2 India: SUV Sales, By Propulsion 76
FIGURE 73 INDIA: SUV SALES, BY PROPULSION, 2023−2030 76
8.4.3.4 South Korea: SUV Sales 76
8.4.3.4.1 South Korea: SUV Sales, By Type 76
FIGURE 74 SOUTH KOREA: SUV SALES, BY TYPE, 2023−2030 76
8.4.3.4.2 South Korea: SUV Sales, By Propulsion 77
FIGURE 75 SOUTH KOREA: SUV SALES, BY PROPULSION, 2023−2030 77
8.4.3.5 Australia: SUV Sales 77
8.4.3.5.1 Australia: SUV Sales, By Type 77
FIGURE 76 AUSTRALIA: SUV SALES, BY TYPE, 2023−2030 77
8.4.3.5.2 Australia: SUV Sales, By Propulsion 78
FIGURE 77 AUSTRALIA: SUV SALES, BY PROPULSION, 2023−2030 78
8.4.3.6 Rest of Asia Pacific: SUV Sales 78
8.4.3.6.1 Rest of Asia Pacific: SUV Sales, By Type 78
FIGURE 78 REST OF ASIA PACIFIC: SUV SALES, BY TYPE, 2023−2030 78
8.4.3.6.2 Rest of Asia Pacific: SUV Sales, By Propulsion 79
FIGURE 79 REST OF ASIA PACIFIC: SUV SALES, BY PROPULSION, 2023−2030 79
8.5 PRODUCT PORTFOLIO 79
TABLE 8 SUV PORTFOLIO 79
8.6 LUXURY SUV PORTFOLIO 82
TABLE 9 LUXURY SUV PORTFOLIO 82
8.7 DEVELOPMENT OF ADVANCED AUTONOMOUS SUV TECHNOLOGY 83
TABLE 10 AUTONOMOUS SUVS AND THEIR FEATURES 83
8.8 HEAD-UP DISPLAY IN SUV 85
TABLE 11 HEAD-UP DISPLAY IN SUV 85
8.9 OEM STRATEGIC DEALS 86
TABLE 12 DEALS, JANUARY 2021−FEBRUARY 2024 86
8.10 OEM MANUFACTURING EXPANSIONS 87
TABLE 13 EXPANSIONS, JANUARY 2021–FEBRUARY 2024 87
8.11 KEY PLAYER STRATEGIES, JANUARY 2021– FEBRUARY 2024 89
TABLE 14 KEY PRODUCT DEVELOPMENTS AND EXPANSIONS, 2021−2024 89