SUVs - Worldwide | Statista Market Forecast

SUVs - Worldwide

Worldwide

Highlights

Revenue in the SUVs market is projected to reach US$1tn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.62%, resulting in a projected market volume of US$1tn by 2029.
SUVs market unit sales are expected to reach 32.8m vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$35k.
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 Worldwide is experiencing significant growth and development.

Customer preferences: Customers worldwide are increasingly drawn to SUVs due to their versatility, spaciousness, and rugged appeal. SUVs offer a higher seating position, which provides better visibility on the road, and their larger size allows for more cargo space. Additionally, SUVs are often equipped with advanced safety features and technology, making them an attractive option for families and individuals alike.

Trends in the market: One of the key trends in the SUVs market is the rise of compact SUVs. These smaller-sized SUVs are becoming increasingly popular as they offer the benefits of an SUV in a more maneuverable and fuel-efficient package. Compact SUVs appeal to urban dwellers who value the versatility and practicality of an SUV but require a vehicle that is easy to park and navigate through congested city streets. Another trend in the SUVs market is the growing demand for electric SUVs. As environmental concerns become more prominent, consumers are seeking greener alternatives to traditional gasoline-powered vehicles. Electric SUVs offer the benefits of an SUV while reducing carbon emissions. The advancements in battery technology have made electric SUVs more practical and affordable, further driving their popularity.

Local special circumstances: In the United States, the SUVs market is thriving due to several factors. Americans have a preference for larger vehicles, and SUVs provide the size and comfort that many desire. Additionally, low fuel prices in the US make SUVs more affordable to operate compared to other regions where fuel prices are higher. The availability of a wide range of SUV models from both domestic and foreign manufacturers also contributes to the strong demand in the US market. In Europe, the SUVs market has seen rapid growth in recent years. This can be attributed to changing customer preferences and the introduction of more compact SUV models that are well-suited for European cities. Additionally, European governments have implemented incentives and regulations to promote the adoption of electric vehicles, including electric SUVs. This has further fueled the growth of the SUVs market in the region.

Underlying macroeconomic factors: The global economy plays a significant role in the development of the SUVs market. As economies grow and disposable incomes rise, consumers have more purchasing power to invest in larger and more expensive vehicles like SUVs. Economic stability and low interest rates also encourage consumers to make big-ticket purchases, further driving the demand for SUVs. In addition, advancements in technology and manufacturing processes have made SUVs more affordable and accessible to a wider range of consumers. This has contributed to the growth of the SUVs market worldwide. Overall, the SUVs market in Worldwide is experiencing a surge in demand due to customer preferences for versatile and spacious vehicles, trends towards compact and electric SUVs, local special circumstances in different regions, and underlying macroeconomic factors. As these factors continue to evolve, the SUVs market is likely to see further growth and development in the coming years.

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).