PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490293
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490293
Crossover Vehicles Market size was valued at USD 610,924.23 Million in 2023, expanding at a CAGR of 8.12% from 2024 to 2032.
Sports utility vehicles (SUVs) with unibody construction fall under the category of crossover vehicles. Because crossovers sometimes share a platform with passenger cars, they usually offer more comfortable interiors and a more docile ride.
Crossover Vehicles Market- Market Dynamics
Increased fuel efficiency and rise in the demand for electric & hybrid vehicles is expected to propel market demand
By combining cutting-edge engine technologies, lightweight materials, and aerodynamic designs, automakers have been concentrating on enhancing the performance and fuel efficiency of crossover cars. Several crossover models appeal to buyers looking for higher fuel economy without compromising performance since they come with more fuel-efficient drivetrains, such as electric drivetrains, hybrid systems, and turbocharged engines. Crossover cars are becoming more and more popular due to urbanization trends and traffic congestion in cities. These vehicles provide an excellent combination of interior space and maneuverability, making them perfect for urban settings.
Furthermore, Crossover cars come with cutting-edge technology and safety measures that improve the security of both drivers and passengers. Advanced driving assistance systems (ADAS), blind-spot monitoring, lane departure warning, adaptive cruise control, and collision mitigation systems are a few examples of these. Crossover car demand has been fueled by the availability of these features, as buyers continue to place a high premium on safety. Automakers are producing more electric and hybrid crossover models in response to consumer demand for more environmentally friendly transportation options, as well as stiffer emissions rules and growing environmental concerns. Environmentally aware consumers are pushing the adoption of electric and hybrid crossovers because to their lower emissions, reduced fuel consumption, and possible cost savings throughout the vehicle's lifetime.
Crossover Vehicles Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.12% over the forecast period (2024-2032)
Based on Type segmentation, compact crossovers segment was predicted to show maximum market share in the year 2023, owing to high demand for small cars, hatchbacks, etc.
Based on Fuel Type segmentation, the diesel segment was the leading Fuel Type in 2023, mainly due to greater demand from commercial vehicles.
Based on Application segmentation, the commercial segment was the leading Application in 2023, mainly due to high demand from commercial utility of crossover vehicles.
On the basis of region, Asia Pacific was the leading revenue generator in 2023, owing to high demand from the automotive sector.
The Global Crossover Vehicles Market is segmented on the basis of Type, Fuel Type, Application, and Region.
The market is divided into four categories based on Type: compact crossovers, sub-compact crossovers, mid-size crossovers, and full-size crossovers. The compact crossovers segment dominates the market. The increasing demand for cars, and SUVs is expected to spur the segment growth.
The market is divided into two categories based on Fuel Type: petrol and diesel. The diesel segment dominates the market and is likely to maintain its dominance during the forecast period. The rising demand for diesel-based vehicles from the commercial sector is anticipated to contribute to market growth.
The market is divided into two categories based on Application: personal use and commercial use. The commercial use segment dominates the market and is expected to maintain its high dominance during the forecast period. Increasing demand for crossover vehicles in commercial utility is boosting the growth of the market.
Crossover Vehicles Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific is estimated to dominate the global crossover vehicles market owing to increased demand for passenger car, and commercial vehicles which, is projected to contribute to regional market growth. These regions are further split as per the nations bringing business for the companies.
Crossover Vehicles Market is formed by small & large market players. Market players in the market focus on adopting new technologies and are investing in cutting-edge automotive solutions. In addition, the growing attention that automakers are paying to sustainability, cutting-edge technology, and electrification in the crossover car market. To keep up with changing market trends, automakers are investing in creative solutions to suit the growing consumer demand for electric and hybrid crossover cars.
In 2023, General Motors launched the Cadillac LYRIQ, an all-electric crossover SUV featuring advanced technology and luxury amenities.
In 2023, Hyundai introduced the Hyundai NEXO, a fuel cell crossover SUV with a long-range and fast refueling times.