SUV Market Size, Share, Trends, Industry Analysis Report: By Type, Seating Capacity, Propulsion, and Region - Market Forecast, 2024

Description

List of Tables

The global SUV market size is expected to reach USD 1,372.37 billion by 2032, according to a new study by Polaris Market Research. The report "SUV Market Size, Share, Trends, Industry Analysis Report: By Type (Compact, Full-Size, Mid-Size, MPV, and Sub-Compact), Seating Capacity, Propulsion, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The surge in the SUV market is because of the growing disposable income worldwide. Increasing income levels have empowered consumers to invest in costlier, high-utility vehicles. For instance, in 2023, China's per capita disposable income rose by 6.3% to USD 5,500.72, as reported by the National Bureau of Statistics of China. This financial boost has enabled consumers to prioritize safety, comfort, and versatility in their vehicle choices, specifically preferring SUVs. Consequently, the growth in disposable income, particularly in emerging economies, has driven substantial investments in SUVs, fueling the expansion of the future of SUV market.

Technological advancements are playing an important role in driving the SUV market. Modern SUVs are equipped with a range of high-tech features that enhance comfort, convenience, and overall driving experience. Innovations such as infotainment systems, smartphone connectivity, advanced navigation, and driver assistance technologies have become standard or available options in many SUVs. Such technological enhancements are improving the driving experience and keeping the vehicles competitive in a rapidly evolving automotive landscape, thereby driving the SUV market growth.

Car manufacturers are heavily investing in the development of electric SUVs to leverage the advantages of zero-emission vehicles while retaining the features of regular SUVs. For instance, in May 2024, Mahindra & Mahindra Ltd., an Indian SUV manufacturer, pledged USD 1.4 billion to promote sustainable transportation and expand their electric vehicle (EV) business. Such significant investments are driving advancements in battery technology, resulting in longer driving ranges, faster charging capabilities, and improved overall performance. Thus, the increasing focus on EV technologies is meeting the changing market demands toward electric mobility, thereby fueling the growth of the SUV market.

Future of SUV Market Report Highlights

In 2023, the mid-size segment held the largest revenue share of the SUV market due to its optimal balance between size, performance, and affordability.

The electric vehicles segment is projected to grow substantially in the global market because of the expansion of the EV industry, which is enhancing the infrastructure for electric SUVs.

Asia Pacific dominated the global market due to the presence of several key players, including BYD; TOYOTA MOTOR CORPORATION; Hyundai Motor Company; Honda Motor Co., Ltd.; Mahindra&Mahindra Ltd.; and Tata Motors Limited, in the region.

North America SUV market is anticipated to grow with a substantial CAGR due to the increasing consumer preference for adaptable and spacious vehicles.

The global key market players are BMW AG; BYD; Ford Motor Company; Geely Auto; GMC; Honda Motor Co., Ltd.; Hyundai Motor Company; Jaguar Land Rover Automotive PLC; Mahindra&Mahindra Ltd.; Mercedes-Benz Group; Renault; Stellantis NV; Suzuki Motor Corporation; TATA Motors Limited; TOYOTA MOTOR CORPORATION; Volkswagen; and Volvo Car Corporation.

Polaris Market Research has segmented the SUV market report based on type, seating capacity, propulsion, and region:

By Type Outlook (Revenue - USD billion, Volume- Million Units, 2019 - 2032)

Compact
Full-Size
Mid-Size
MPV
Sub-Compact

By Seating Capacity Outlook (Revenue - USD billion, Volume- Million Units, 2019 - 2032)

4 Seater
5 Seater
> 5 Seater

By Propulsion Outlook (Revenue - USD billion, Volume- Million Units, 2019 - 2032)

Electric Vehicles
Hybrid (HEV, PHEV)
Internal Combustion Engine
Others

By Regional Outlook (Revenue - USD billion, Volume- Million Units, 2019 - 2032)

North America
US
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Australia
Rest of APAC
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest of MEA

Product Code: PM5123

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global SUV Market Insights

4.1. SUV Market - Market Snapshot
4.2. SUV Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Launch of New Models with Enhanced Features is Driving Market Growth
  - 4.2.1.2. Investments by Manufacturers in EV Technology Are Propelling Market Size
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. High Maintenance and Repair Costs is Hindering the SUV market growth
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. SUV Market Application Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis

5. Global SUV Market, by Type

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global SUV Market, by Type, 2019-2032 (USD billion, million Units)
5.3. Compact
- 5.3.1. Global SUV Market, by Compact, by Region, 2019-2032 (USD billion, Million Units)
5.4. Full-Size
- 5.4.1. Global SUV Market, by Full-Size, by Region, 2019-2032 (USD billion, Million Units)
5.5. Mid-Size
- 5.5.1. Global SUV Market, by Mid-Size, by Region, 2019-2032 (USD billion, Million Units)
5.6. MPV
- 5.6.1. Global SUV Market, by MPV, by Region, 2019-2032 (USD billion, Million Units)
5.7. Sub-Compact
- 5.7.1. Global SUV Market, by Sub-Compact, by Region, 2019-2032 (USD billion, Million Units)

6. Global SUV Market, by Seating Capacity

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
6.3. 4 Seater
- 6.3.1. Global SUV Market, by 4 Seater, by Region, 2019-2032 (USD billion, Million Units)
6.4. 5 Seater
- 6.4.1. Global SUV Market, by 5 Seater, by Region, 2019-2032 (USD billion, Million Units)
6.5. > 5 Seater
- 6.5.1. Global SUV Market, by > 5 Seater, by Region, 2019-2032 (USD billion, Million Units)

7. Global SUV Market, by Propulsion

7.1. Key Findings
7.2. Introduction
- 7.2.1. Global SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
7.3. Electric Vehicles
- 7.3.1. Global SUV Market, by Electric Vehicles, by Region, 2019-2032 (USD billion, Million Units)
7.4. Hybrid (HEV, PHEV)
- 7.4.1. Global SUV Market, by Hybrid (HEV, PHEV), by Region, 2019-2032 (USD billion, Million Units)
7.5. Internal Combustion Engine
- 7.5.1. Global SUV Market, by Internal Combustion Engine, by Region, 2019-2032 (USD billion, Million Units)
7.6. Others
- 7.6.1. Global SUV Market, by Others, by Region, 2019-2032 (USD billion, Million Units)

8. Global SUV Market, by Geography

8.1. Key Findings
8.2. Introduction
- 8.2.1. SUV Market Assessment, By Geography, 2019-2032 (USD billion, Million Units)
8.3. SUV Market - North America
- 8.3.1. North America: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
- 8.3.2. North America: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
- 8.3.3. North America: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.3.4. SUV Market - U.S.
  - 8.3.4.1. U.S.: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.3.4.2. U.S.: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.3.4.3. U.S.: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.3.5. SUV Market - Canada
  - 8.3.5.1. Canada: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.3.5.2. Canada: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.3.5.3. Canada: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
8.4. SUV Market - Europe
- 8.4.1. Europe: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
- 8.4.2. Europe: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
- 8.4.3. Europe: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.4.4. SUV Market - UK
  - 8.4.4.1. UK: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.4.4.2. UK: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.4.4.3. UK: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.4.5. SUV Market - France
  - 8.4.5.1. France: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.4.5.2. France: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.4.5.3. France: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.4.6. SUV Market - Germany
  - 8.4.6.1. Germany: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.4.6.2. Germany: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.4.6.3. Germany: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.4.7. SUV Market - Italy
  - 8.4.7.1. Italy: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.4.7.2. Italy: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.4.7.3. Italy: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.4.8. SUV Market - Spain
  - 8.4.8.1. Spain: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.4.8.2. Spain: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.4.8.3. Spain: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.4.9. SUV Market - Netherlands
  - 8.4.9.1. Netherlands: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.4.9.2. Netherlands: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.4.9.3. Netherlands: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.4.10. SUV Market - Russia
  - 8.4.10.1. Russia: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.4.10.2. Russia: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.4.10.3. Russia: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.4.11. SUV Market - Rest of Europe
  - 8.4.11.1. Rest of Europe: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.4.11.2. Rest of Europe: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.4.11.3. Rest of Europe: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
8.5. SUV Market - Asia Pacific
- 8.5.1. Asia Pacific: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
- 8.5.2. Asia Pacific: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
- 8.5.3. Asia Pacific: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.5.4. SUV Market - China
  - 8.5.4.1. China: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.5.4.2. China: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.5.4.3. China: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.5.5. SUV Market - India
  - 8.5.5.1. India: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.5.5.2. India: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.5.5.3. India: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.5.6. SUV Market - Malaysia
  - 8.5.6.1. Malaysia: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.5.6.2. Malaysia: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.5.6.3. Malaysia: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.5.7. SUV Market - Japan
  - 8.5.7.1. Japan: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.5.7.2. Japan: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.5.7.3. Japan: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.5.8. SUV Market - Indonesia
  - 8.5.8.1. Indonesia: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.5.8.2. Indonesia: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.5.8.3. Indonesia: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.5.9. SUV Market - South Korea
  - 8.5.9.1. South Korea: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.5.9.2. South Korea: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.5.9.3. South Korea: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.5.10. SUV Market - Australia
  - 8.5.10.1. Australia: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.5.10.2. Australia: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.5.10.3. Australia: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.5.11. SUV Market - Rest of Asia Pacific
  - 8.5.11.1. Rest of Asia Pacific: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.5.11.2. Rest of Asia Pacific: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.5.11.3. Rest of Asia Pacific: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
8.6. SUV Market - Middle East & Africa
- 8.6.1. Middle East & Africa: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
- 8.6.2. Middle East & Africa: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
- 8.6.3. Middle East & Africa: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.6.4. SUV Market - Saudi Arabia
  - 8.6.4.1. Saudi Arabia: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.6.4.2. Saudi Arabia: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.6.4.3. Saudi Arabia: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.6.5. SUV Market - UAE
  - 8.6.5.1. UAE: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.6.5.2. UAE: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.6.5.3. UAE: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.6.6. SUV Market - Israel
  - 8.6.6.1. Israel: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.6.6.2. Israel: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.6.6.3. Israel: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.6.7. SUV Market - South Africa
  - 8.6.7.1. South Africa: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.6.7.2. South Africa: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.6.7.3. South Africa: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.6.8. SUV Market - Rest of Middle East & Africa
  - 8.6.8.1. Rest of Middle East & Africa: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.6.8.2. Rest of Middle East & Africa: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.6.8.3. Rest of Middle East & Africa: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
8.7. SUV Market - Latin America
- 8.7.1. Latin America: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
- 8.7.2. Latin America: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
- 8.7.3. Latin America: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.7.4. SUV Market - Mexico
  - 8.7.4.1. Mexico: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.7.4.2. Mexico: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.7.4.3. Mexico: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.7.5. SUV Market - Brazil
  - 8.7.5.1. Brazil: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.7.5.2. Brazil: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.7.5.3. Brazil: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.7.6. SUV Market - Argentina
  - 8.7.6.1. Argentina: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.7.6.2. Argentina: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.7.6.3. Argentina: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)
- 8.7.7. SUV Market - Rest of Latin America
  - 8.7.7.1. Rest of Latin America: SUV Market, by Type, 2019-2032 (USD billion, Million Units)
  - 8.7.7.2. Rest of Latin America: SUV Market, by Seating Capacity, 2019-2032 (USD billion, Million Units)
  - 8.7.7.3. Rest of Latin America: SUV Market, by Propulsion, 2019-2032 (USD billion, Million Units)

9. Competitive Landscape

9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
9.2. Partnerships/Collaborations/Agreements/Exhibitions

10. Company Profiles

10.1. BMW AG
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
10.2. BYD
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
10.3. Ford Motor Company
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
10.4. Geely Auto
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
10.5. GMC
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
10.6. Honda Motor Co., Ltd.
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
10.7. Hyundai Motor Company
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
10.8. Jaguar Land Rover Automotive PLC
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
10.9. Mahindra&Mahindra Ltd.
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
10.10. Mercedes-Benz Group
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
10.11. Renault
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
10.12. Stellantis NV
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
10.13. Suzuki Motor Corporation
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
10.14. TATA Motors Limited
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development
10.15. TOYOTA MOTOR CORPORATION
- 10.15.1. Company Overview
- 10.15.2. Financial Performance
- 10.15.3. Product Benchmarking
- 10.15.4. Recent Development
10.16. Volkswagen
- 10.16.1. Company Overview
- 10.16.2. Financial Performance
- 10.16.3. Product Benchmarking
- 10.16.4. Recent Development
10.17. Volvo Car Corporation
- 10.17.1. Company Overview
- 10.17.2. Financial Performance
- 10.17.3. Product Benchmarking
- 10.17.4. Recent Development