According to Technavio’s latest market research study, the global sports utility vehicle (SUV) market is expected to grow at a CAGR of more than 19% during the forecast period 2017-2021.
This report by Technavio provides an in-depth analysis of the global SUV market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the vehicle type
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Global SUV market for medium-sized SUVs: The impressive pace of medium-sized SUVs on off-road capability with four-wheel drive or all-wheel drive is driving the growth of this market segment. The growing demand for these vehicles in emerging countries like China will attribute to the evolution of market during the forecast period. Some of the well-established SUVs in the C-segment and D-segment category from automakers are Toyota Motor, Ford Motor, and Nissan Motor.
“These SUVs are equipped with rugged off-road capabilities and stiffened suspensions, which make them very popular among consumer. These features contribute to an optimum ride and driving comfort even in the difficult terrains resulting in the increasing demand for these cars in the market. The OEMs in the industry are offering distinctive off-road capabilities and adventure to increase their sales and revenues,” says Siddharth Jaiswal, a lead analyst at Technavio for research on automotive manufacturing.
Global SUV market for small-sized SUVs: The increasing availability of small and compact SUVs is driving the development of this market segment. The vendors in the market are launching vehicles that are low price, have cheap ownership cost, and provide high seating position, which will boost the demand for these vehicles in the market. The manufacturers are also introducing new and affordable SUVs to attract a large consumer base and increase their profitability.
Global SUV market for large-sized SUVs: The growing demand for premium and luxury SUVs from the developed economies such as Europe and the US will drive the growth of this market segment during the forecast period. The manufacturers are launching new SUVs that offer advanced comfort, safety, and convenient features to expand their businesses in emerging markets like China and India. The vendors are also implementing all-terrain-management systems for a comfortable ride through every terrain to increase their consumer base.
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The top vendors operating in the global SUV market are:
- Ford
- GM
- Daimler
- Toyota
- Volkswagen
Other prominent vendors in the market include Honda Motor and Nissan Motor.
A more detailed analysis is available in the Technavio report titled, ‘Global SUV Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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