SUVs - United States

United States

Highlights

Revenue in the SUVs market is projected to reach US$333bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.60%, resulting in a projected market volume of US$323bn by 2029.
SUVs market unit sales are expected to reach 7.4m vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$43k.
From an international perspective it is shown that the most revenue will be generated United States (US$333bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The SUVs market in United States has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the SUVs market in United States is the changing customer preferences. SUVs are known for their versatility, spaciousness, and off-road capabilities, which appeals to a wide range of customers. Additionally, the rise of electric SUVs has attracted environmentally-conscious consumers who are looking for a greener alternative to traditional gasoline-powered vehicles.

Trends in the market: The SUVs market in United States has seen a shift towards smaller, more fuel-efficient models. This trend is driven by the increasing demand for compact SUVs, which offer the benefits of an SUV in a more compact and fuel-efficient package. Another trend in the market is the rise of luxury SUVs, as consumers are willing to pay a premium for high-end features and superior comfort.

Local special circumstances: The United States has a unique car culture, with a long history of large and powerful vehicles. This cultural preference for bigger cars has contributed to the popularity of SUVs in the country. Additionally, the United States has a vast and diverse landscape, which makes SUVs a practical choice for many Americans who enjoy outdoor activities such as camping, hiking, and skiing.

Underlying macroeconomic factors: The strong economy in the United States has also played a role in the growth of the SUVs market. With low unemployment rates and rising incomes, consumers have more disposable income to spend on vehicles. The availability of affordable financing options has also made it easier for consumers to purchase SUVs. Additionally, low gas prices have made SUVs more attractive to consumers, as they are not as concerned about fuel efficiency as they were in the past. In conclusion, the SUVs market in United States is experiencing significant growth due to changing customer preferences, including the demand for smaller and more fuel-efficient models, as well as the rise of luxury SUVs. The country's unique car culture and diverse landscape also contribute to the popularity of SUVs. Furthermore, a strong economy, affordable financing options, and low gas prices have made SUVs more accessible and appealing to consumers.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).