Future Of SUV Market by Type, Propulsion and Region

Description

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.

Scope of the Report
Years Considered for the Study	2023-2030
Base Year	2024
Forecast Period	2024-2030
Units Considered	Volume (Million Units)
Segments	Type, Propulsion (Internal Combustion Engine, Hybrid and Electric Vehicles) and Region (North America, Europe and Asia-Pacific) - Global Forecast 2030
Regions covered	North America, Europe and Asia-Pacific

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.

Product Code: AT 9066

1 EXECUTIVE SUMMARY

1.1 SUV SALES FORECAST, BY TYPE
- FIGURE 1 SUV SALES, BY TYPE, 2023 VS. 2027 VS. 2030
1.2 SUV SALES FORECAST, BY PROPULSION
- FIGURE 2 SUV SALES, BY PROPULSION, 2023 VS. 2027 VS. 2030
1.3 SUV SALES FORECAST, BY REGION
- FIGURE 3 SUV SALES, BY REGION, 2023 VS. 2027 VS. 2030
1.4 OEM SUV SALES SHARE, 2023
- FIGURE 4 OEM SUV SALES SHARE, 2023
1.5 GLOBAL SUV L**H ANALYSIS
- FIGURE 5 SUV L**H GLOBAL ANALYSIS, 2023
1.6 GLOBAL E-SUV L**H ANALYSIS
- FIGURE 6 E-SUV L**H GLOBAL ANALYSIS, 2023

2 DEFINITION I SCOPE I METHODOLOGY

2.1 MARKET DEFINITION
2.2 MARKET SCOPE
- TABLE 1 MARKET SCOPE
- FIGURE 7 SUV MARKET SEGMENTATION
2.3 RESEARCH METHODOLOGY
- FIGURE 8 RESEARCH METHODOLOGY MODEL
- FIGURE 9 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
2.4 RESEARCH ASSUMPTIONS
- TABLE 2 RESEARCH ASSUMPTIONS
2.5 ASSUMPTIONS, ASSOCIATED RISKS, AND IMPACT
- TABLE 3 ASSUMPTIONS, ASSOCIATED RISKS, AND IMPACT
2.6 RESEARCH LIMITATIONS

3 MARKET ANALYSIS

3.1 SUV VS. TOTAL PASSENGER VEHICLE VOLUME SALES (2018-2023)
- FIGURE 10 SUV VS. TOTAL PASSENGER VEHICLE VOLUME SALES (2018-2023)
3.2 SUV VS. TOTAL PASSENGER VEHICLE VOLUME SALES (2024-2030)
- FIGURE 11 SUV VS. TOTAL PASSENGER VEHICLE VOLUME SALES (2024-2030)
3.3 SUV PENETRATION IN TOTAL PASSENGER VEHICLE SALES (2018-2030)
- FIGURE 12 SUV PENETRATION IN TOTAL PASSENGER VEHICLE SALES (2018-2030)
3.4 GLOBAL SUV SALES, BY TYPE (2023-2030)
- FIGURE 13 GLOBAL SUV SALES, BY TYPE (2023-2030)
3.5 GLOBAL SUV SALES, BY PROPULSION (2023-2030)
- FIGURE 14 GLOBAL SUV SALES, BY PROPULSION (2023-2030)
3.6 GLOBAL SUV SALES, BY REGION (2023-2030)
- FIGURE 15 GLOBAL SUV SALES, BY REGION (2018-2022)
- FIGURE 16 GLOBAL SUV SALES, BY REGION (2023-2030)

4 CONSUMER ANALYSIS

4.1 CONSUMER ANALYSIS
- FIGURE 17 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
- 4.1.1 DRIVERS
  - 4.1.1.1 Demand for premium SUVs with advanced features
  - 4.1.1.2 Consumer inclination toward compact and mid-size SUVs
  - 4.1.1.3 Launch of EV models by major OEMs
- 4.1.2 RESTRAINTS
  - 4.1.2.1 High cost of SUVs
- 4.1.3 OPPORTUNITIES
  - 4.1.3.1 Electrification of SUVs
- 4.1.4 CHALLENGES
  - 4.1.4.1 Meeting fuel economy and emission limits
  - 4.1.4.2 Building long-range E-SUVs

5 SUV TECHNOLOGY AND FEATURE ANALYSIS

5.1 SUV L**H ANALYSIS, BY REGION
- 5.1.1 NORTH AMERICA: SUV L**H ANALYSIS
- FIGURE 18 NORTH AMERICA: SUV L**H ANALYSIS
- 5.1.2 EUROPE: SUV L**H ANALYSIS
- FIGURE 19 EUROPE: SUV L**H ANALYSIS
- 5.1.3 ASIA PACIFIC: SUV L**H ANALYSIS
- FIGURE 20 ASIA PACIFIC: SUV L**H ANALYSIS
5.2 GLOBAL AVERAGE BATTERY COST ANALYSIS
- FIGURE 21 GLOBAL AVERAGE BATTERY PACK PRICE
- FIGURE 22 AUXILIARIES COST VS. CELL COST (%)
- FIGURE 23 EV BATTERY COST IN SUV
5.3 TOTAL COST OF OWNERSHIP ANALYSIS (BEV VS. ICE)
- FIGURE 24 EV VS. ICE SUV TOTAL COST OF OWNERSHIP ANALYSIS
5.4 EV VS. ICE PRICE COMPARISON
- FIGURE 25 ICE VS. EV PRICE COMPARISON
5.5 E-SUV BATTERY CAPACITY VS. RANGE, BY MODEL ANALYSIS
- FIGURE 26 E-SUV BATTERY CAPACITY VS. RANGE, BY MODEL ANALYSIS
5.6 E-SUV PRICING VS. RANGE ANALYSIS
- FIGURE 27 E- SUV PRICING VS. RANGE ANALYSIS
5.7 E-SUV TECHNICAL COMPARISON
- TABLE 4 E-SUV TECHNICAL COMPARISON
5.8 FUEL CELLS IN SUV
- FIGURE 28 FUEL CELLS IN SUV
5.9 SUV PLATFORM
- 5.9.1 CURRENT SUV PLATFORMS
- FIGURE 29 CURRENT SUV PLATFORMS
- 5.9.2 FUTURE OF SUV PLATFORMS
- FIGURE 30 FUTURE OF SUV PLATFORMS
5.10 GOVERNMENT REGULATIONS FOR SUV

6 COMPARATIVE ANALYSIS

6.1 MAJOR SUV OEMS AND THEIR REGIONAL SALES SHARE
- 6.1.1 NORTH AMERICA: OEM SALES SHARE ANALYSIS, 2023
- FIGURE 31 NORTH AMERICA: OEM SALES SHARE ANALYSIS, 2023
- 6.1.2 EUROPE: OEM SALES SHARE ANALYSIS, 2023
- FIGURE 32 EUROPE: OEM SALES SHARE ANALYSIS, 2023
- 6.1.3 ASIA PACIFIC: OEM SALES SHARE ANALYSIS, 2023
- FIGURE 33 ASIA PACIFIC: OEM SALES SHARE ANALYSIS, 2023
6.2 SUV MANUFACTURING PLANTS BY OEM AND LOCATION
- FIGURE 34 SUV MANUFACTURING PLANTS
- TABLE 5 SUV MANUFACTURING PLANTS BY OEM AND LOCATION (NUMBER OF MANUFACTURING PLANTS)
6.3 SUV L**H ANALYSIS, BY OEM
- 6.3.1 TOYOTA GROUP: SUV L**H ANALYSIS
- FIGURE 35 TOYOTA GROUP: SUV L**H ANALYSIS
- 6.3.2 VOLKSWAGEN GROUP: SUV L**H ANALYSIS
- FIGURE 36 VOLKSWAGEN GROUP: SUV L**H ANALYSIS
- 6.3.3 HYUNDAI GROUP: SUV L**H ANALYSIS
- FIGURE 37 HYUNDAI GROUP: SUV L**H ANALYSIS
6.4 SUV LAUNCHES IN 2022-2023
- TABLE 6 SUV LAUNCHES IN 2022-2023
6.5 UPCOMING LAUNCHES, 2024 AND BEYOND
- TABLE 7 SUV LAUNCHES IN 2024-2027
6.6 FUTURE FOCUS OF KEY OEMS
- FIGURE 38 FUTURE FOCUS OF KEY OEMS

7 KEY TAKEAWAYS

7.1 RISING ADOPTION OF SUVS
7.2 POPULARITY OF COMPACT AND MID-SIZE SUVS
7.3 GROWING ADOPTION OF E-SUVS
7.4 DECREASING BATTERY COSTS TO BOOST E-SUV AFFORDABILITY
7.5 ASIA PACIFIC TO BE MAJOR SUV MARKET
7.6 FINDING RIGHT SIZE FIT
7.7 GLOBAL SUV MARKET: KEY PLAYERS AND REGIONAL DYNAMICS
7.8 FCEV: NEXT GENERATION OF FUEL
7.9 STANDARDIZED PLATFORMS TO DRIVE COST EFFICIENCY
7.10 ADAS FEATURES ENHANCE SUV APPEAL AND SAFETY

8 APPENDIX

8.1 SUV SALES BY TYPE AND REGION
- 8.1.1 SUB-COMPACT SUV SALES, BY REGION
- FIGURE 39 SUB-COMPACT SUV SALES, BY REGION, 2023-2030
- 8.1.2 COMPACT SUV SALES, BY REGION
- FIGURE 40 COMPACT SUV SALES, BY REGION, 2023-2030
- 8.1.3 MID-SIZE SUV SALES, BY REGION
- FIGURE 41 MID-SIZE SUV SALES, BY REGION, 2023-2030
- 8.1.4 FULL-SIZE SUV SALES, BY REGION
- FIGURE 42 FULL-SIZE SUV SALES, BY REGION, 2023-2030
- 8.1.5 MPV SALES, BY REGION
- FIGURE 43 MPV SALES, BY REGION, 2023-2030
8.2 SUV SALES BY PROPULSION AND REGION
- 8.2.1 ICE SUV SALES, BY REGION
- FIGURE 44 ICE SUV SALES, BY REGION, 2023-2030
- 8.2.2 BEV SUV SALES, BY REGION
- FIGURE 45 BEV SUV SALES, BY REGION, 2023-2030
- 8.2.3 HYBRID SUV SALES, BY REGION
- FIGURE 46 HYBRID SUV SALES, BY REGION, 2023-2030
8.3 REGIONAL SUV SALES, BY COUNTRY
- 8.3.1 NORTH AMERICA: COUNTRY-WISE SUV SALES
- FIGURE 47 NORTH AMERICA: COUNTRY-WISE SUV SALES (2023-2030)
- 8.3.2 EUROPE: SUV COUNTRY-WISE SALES
- FIGURE 48 EUROPE: COUNTRY-WISE SUV SALES (2023-2030)
- 8.3.3 ASIA PACIFIC: SUV COUNTRY-WISE SALES
- FIGURE 49 ASIA PACIFIC: COUNTRY-WISE SUV SALES (2023-2030)
8.4 SUV SALES, BY COUNTRY
- 8.4.1 NORTH AMERICA: SUV SALES
  - 8.4.1.1 US: SUV Sales
    - 8.4.1.1.1 US: SUV Sales, By Type
- FIGURE 50 US: SUV SALES, BY TYPE, 2023-2030
- FIGURE 51 US: SUV SALES, BY PROPULSION, 2023-2030
  - 8.4.1.2 Canada: SUV Sales
    - 8.4.1.2.1 Canada: SUV Sales, By Type
- FIGURE 52 CANADA: SUV SALES, BY TYPE, 2023-2030
- FIGURE 53 CANADA: SUV SALES, BY PROPULSION, 2023-2030
  - 8.4.1.3 Mexico: SUV Sales
    - 8.4.1.3.1 Mexico: SUV Sales, By Type
- FIGURE 54 MEXICO: SUV SALES, BY TYPE, 2023-2030
- FIGURE 55 MEXICO: SUV SALES, BY PROPULSION, 2023-2030
- 8.4.2 EUROPE: SUV SALES
  - 8.4.2.1 Germany: SUV Sales
    - 8.4.2.1.1 Germany: SUV Sales, By Type
- FIGURE 56 GERMANY: SUV SALES, BY TYPE, 2023-2030
- FIGURE 57 GERMANY: SUV SALES, BY PROPULSION, 2023-2030
  - 8.4.2.2 UK: SUV Sales
    - 8.4.2.2.1 UK: SUV Sales, By Type
- FIGURE 58 UK: SUV SALES, BY TYPE, 2023-2030
- FIGURE 59 UK: SUV SALES, BY PROPULSION, 2023-2030
  - 8.4.2.3 France: SUV Sales
    - 8.4.2.3.1 France: SUV Sales, By Type
- FIGURE 60 FRANCE: SUV SALES, BY TYPE, 2023-2030
- FIGURE 61 FRANCE: SUV SALES, BY PROPULSION, 2023-2030
  - 8.4.2.4 Italy: SUV Sales
    - 8.4.2.4.1 Italy: SUV Sales, By Type
- FIGURE 62 ITALY: SUV SALES, BY TYPE, 2023-2030
- FIGURE 63 ITALY: SUV SALES, BY PROPULSION, 2023-2030
  - 8.4.2.5 Spain: SUV Sales
    - 8.4.2.5.1 Spain: SUV Sales, By Type
- FIGURE 64 SPAIN: SUV SALES, BY TYPE, 2023-2030
- FIGURE 65 SPAIN: SUV SALES, BY PROPULSION, 2023-2030
  - 8.4.2.6 Rest of Europe: SUV Sales
    - 8.4.2.6.1 Rest of Europe: SUV Sales, By Type
- FIGURE 66 REST OF EUROPE: SUV SALES, BY TYPE, 2023-2030
- FIGURE 67 REST OF EUROPE: SUV SALES, BY PROPULSION, 2023-2030
- 8.4.3 ASIA PACIFIC: SUV SALES
  - 8.4.3.1 China: SUV Sales
    - 8.4.3.1.1 China: SUV Sales, By Type
- FIGURE 68 CHINA: SUV SALES, BY TYPE, 2023-2030
- FIGURE 69 CHINA: SUV SALES, BY PROPULSION, 2023-2030
  - 8.4.3.2 Japan: SUV Sales
    - 8.4.3.2.1 Japan: SUV Sales, By Type
- FIGURE 70 JAPAN: SUV SALES, BY TYPE, 2023-2030
- FIGURE 71 JAPAN: SUV SALES, BY PROPULSION, 2023-2030
  - 8.4.3.3 India: SUV Sales
    - 8.4.3.3.1 India: SUV Sales, By Type
- FIGURE 72 INDIA: SUV SALES, BY TYPE, 2023-2030
- FIGURE 73 INDIA: SUV SALES, BY PROPULSION, 2023-2030
  - 8.4.3.4 South Korea: SUV Sales
    - 8.4.3.4.1 South Korea: SUV Sales, By Type
- FIGURE 74 SOUTH KOREA: SUV SALES, BY TYPE, 2023-2030
- FIGURE 75 SOUTH KOREA: SUV SALES, BY PROPULSION, 2023-2030
  - 8.4.3.5 Australia: SUV Sales
    - 8.4.3.5.1 Australia: SUV Sales, By Type
- FIGURE 76 AUSTRALIA: SUV SALES, BY TYPE, 2023-2030
- FIGURE 77 AUSTRALIA: SUV SALES, BY PROPULSION, 2023-2030
  - 8.4.3.6 Rest of Asia Pacific: SUV Sales
    - 8.4.3.6.1 Rest of Asia Pacific: SUV Sales, By Type
- FIGURE 78 REST OF ASIA PACIFIC: SUV SALES, BY TYPE, 2023-2030
- FIGURE 79 REST OF ASIA PACIFIC: SUV SALES, BY PROPULSION, 2023-2030
8.5 PRODUCT PORTFOLIO
- TABLE 8 SUV PORTFOLIO
8.6 LUXURY SUV PORTFOLIO
- TABLE 9 LUXURY SUV PORTFOLIO
8.7 DEVELOPMENT OF ADVANCED AUTONOMOUS SUV TECHNOLOGY
- TABLE 10 AUTONOMOUS SUVS AND THEIR FEATURES
8.8 HEAD-UP DISPLAY IN SUV
- TABLE 11 HEAD-UP DISPLAY IN SUV
8.9 OEM STRATEGIC DEALS
- TABLE 12 DEALS, JANUARY 2021-FEBRUARY 2024
8.10 OEM MANUFACTURING EXPANSIONS
- TABLE 13 EXPANSIONS, JANUARY 2021-FEBRUARY 2024
8.11 KEY PLAYER STRATEGIES, JANUARY 2021- FEBRUARY 2024
- TABLE 14 KEY PRODUCT DEVELOPMENTS AND EXPANSIONS, 2021-2024

Future Of SUV Market by Type (Sub-Compact, Compact, Mid-size, Full-size and MPV), Propulsion (Internal Combustion Engine, Hybrid and Electric Vehicles) and Region (North America,Europe and Asia-Pacific) - Global Forecast 2030