Sport Utility Vehicle (SUV) Market to Grasp Outstanding CAGR of 15.30% by 2030, Trends, Opportunities, Key Drivers and Growth Prospectus

PRESS RELEASE
Published November 9, 2023

The newest report from Data Bridge Market Research, “Sport Utility Vehicle (SUV) Market” examines growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and the competitive environment in detail. In order to thrive in the rapidly evolving marketplace, businesses today require innovative and exceptional solutions. The Sport Utility Vehicle (SUV) market research report serves as an outstanding resource, offering up-to-date technical and financial insights into the industry until 2030. Clients gain an unparalleled understanding of the best market opportunities within their respective sectors through this comprehensive report. Market segmentation is extensively covered, considering multiple aspects that can greatly assist businesses.

Data Bridge Market Research analyses that the Sport Utility Vehicle (SUV) Market is expected to reach USD 124.63 billion by 2030, which is USD 39.99 billion in 2022, at a CAGR of 15.30% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Get a Sample PDF of Sport Utility Vehicle (SUV) Market Research Report: https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-suv-market&Somesh=

Sport Utility Vehicle (SUV) Market Drivers

  • Increasing demand of heavy and luxury vehicles

The surge in demand for luxury and heavy vehicles coupled with growth in diesel-operated vehicles are expected to accelerate the market’s growth. Furthermore, rise in awareness regarding advantages and capabilities of these heavy and luxury vehicles vehicles, such as off-roading capabilities, greater comfort and the increasing focus of manufacturers to produce sports car with security, safety and infotainment systems help in the growth of the market during the forecast period.

  • Increasing stringent regulation and policy for the installation of security and safety equipment

Stringent regulation and policy by government, mandating the installation of security and safety equipment in vehicles and increasing preference for better safety measures among consumers are expected to drive the growth of the sport utility vehicle (SUV) market. For instance, in November 2012, as per the Transportation Recall Enhancement, Accountability and Documentation (TREAD) Act, European Union mandated the Tire Pressure Monitoring System (TPMS) in every passenger car models. These technologies provide improved safety and efficient operation which is expected to boost the market growth.

Top Leading Key Players of Sport Utility Vehicle (SUV) Market:

  • Ford Motor Company (U.S.)
  • General Motors (U.S.)
  • AUDI AG (Germany)
  • Kia Motors Corporation (South Korea)
  • Groupe Renault (France)
  • Groupe PSA (France)
  • SAIC Motor Corporation Limited (China)
  • Tesla (U.S.)
  • Daimler AG (Germany)
  • BMW AG (Germany)
  • Hyundai Motor Company (South Korea)
  • BYD Company Ltd. (China)
  • Continental AG (Germany)
  • TOYOTA MOTOR CORPORATION (Japan)
  • Nissan Motor Co., LTD. (Japan)
  • Volkswagen AG (Germany)
  • AB Volvo (Sweden)
  • Honda Motor Co., Ltd. (Japan)

Recent Development

  • In 2022, Suzuki Motor Corporation and Toyota Motor Corporation, have announced plans to stsrt manufacturing of hybrid SUV vehicles. The alliance influences Suzuki’s capability in compact vehicles and Toyota’s expertise in electrification for wider adoption and combined manufacturing of EVs. Thus, this is eventually going to help in market growth.
  • In 2022, Honda Motor Co., Ltd. launched a ZR-V, an all-new SUV. All-new ZR-V adopts elegant and smart design, making this model fit for urban environments. This hybrid model of all-new ZR-V will be the first Honda sport utility vehicle (SUV) to be prepared with Sports e:HEV that combines a 2.0-liter direct injection engine and the advanced 2-motor hybrid system (e-CVT).
  • In 2022, Hyundai Motor announced the launch of Ioniq 5 EV. The international model will come in 72.6kWh and 58kWh battery models, offering 480 kms and 385 kilometres driving range respectively. Additional, both battery models will come in 4WD and 2WD options.

To Gain More Insights into the Market Analysis, Browse Summary of the Sport Utility Vehicle (SUV) Market Report@ https://www.databridgemarketresearch.com/reports/global-suv-market?Somesh=

Key Market Segments Covered in Sport Utility Vehicle (SUV) Industry Research

Type

  • SUV-C
  • SUV-D
  • SUV-E
  • SUV-F

Fuel Type

  • Petrol
  • Diesel
  • Electric SUV

Size

  • Mini-SUV
  • Compact

Mid-Size

  • Full-Size
  • Extended-Length

Seating Capacity

  • 5 Seater
  • 7 Seater
  • 8 and above Seater

Price Range

  • Medium
  • Premium

Application

  • Remote Areas
  • Recreation
  • Motorsport

Sport Utility Vehicle (SUV) Market Regional Analysis/Insights

The countries covered in the Sport Utility Vehicle (SUV) Market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and rest of South America as part of South America.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Investing in this study would grant you access to valuable information, including:

  • Comprehensive coverage of the Sport Utility Vehicle (SUV) Market, both globally and broken down by regions.
  • Regional-level breakdowns of the market, including North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
  • Country-specific market size splits for the most important countries with major market shares.
  • Market share and revenue/sales data for the industry’s leading players.
  • Analysis of market trends such as emerging technologies, products, and start-ups, as well as PESTEL Analysis, SWOT Analysis, Porter’s Five Forces, and more.
  • Detailed market size data, including breakdowns by application/industry verticals.
  • Projections and forecasts for the market’s future growth and development.

New Business Strategies, Challenges & Policies are mentioned in Table of Content, Request TOC: https://www.databridgemarketresearch.com/toc/?dbmr=global-suv-market&Somesh=

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