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Future of SUV Market worth 53 million units by 2030 _ MarketsandMarkets

Future of SUV Market worth 53 million units by 2030 _ MarketsandMarkets

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Future of SUV Market worth 53 million units by 2030 _ MarketsandMarkets

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  1. Future of SUV Market worth 53 million units by 2030 | MarketsandMarkets NEWS PROVIDED BY MarketsandMarkets Jul 08, 2024, 06:45 ET  CHICAGO, July 8, 2024 /PRNewswire/ -- The Future of SUV Market is projected to reach 53 million units by 2030 from 41 million units in 2024, at a CAGR of 4.4%, according to a new report by MarketsandMarkets. The SUV segment has rapidly gained popularity among consumers owing to its road presence, space & size, stylish design, and advanced safety and comfort features. Mid-size and full-size SUVs with in-cabin safety and comfort features such as 4WD/AWD, automatic transmission, advanced powerful engine, heated/ventilated seats, heated steering, and rear air conditioning have increased across all regions. Consumers around the globe prefer compact and mid-size SUVs over sedans and hatchback cars because of their versatility and cargo space.  MarketsandMarkets There is a noticeable trend towards compact SUVs, which blend the versatility of traditional SUVs with the agility and e?ciency of smaller vehicles. These compact SUVs appeal to urban dwellers seeking practicality without compromising on style or manoeuvrability. Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp? id=192980481 

  2. Browse in-depth TOC on "Future of SUV Market" 14 - Tables 79 - Figures 89 - Pages Future of SUV Market Scope: Report Coverage Details Market Revenue in 2024 41 million units Estimated Value by 2030 53 million units Growth Rate Poised to grow at a CAGR of 4.4% Market Size Available for 2023–2030 Forecast Period 2024-2030 Forecast Units Volume (Million Units) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Type (Sub-Compact, Compact, Mid-size, Full-size and MPV), Propulsion (Internal Combustion Engine, Hybrid and Electric Segments Covered Vehicles) and Region (North America, Europe and Asia-Pacific) - Global Forecast 2030 Geographies Covered North America, Europe and Asia-Pacific Report Highlights Updated financial information / product portfolio of players Key Market Opportunities Growing adoption of connected vehicles Key Market Drivers Demand for premium vehicles with advanced features "Mid-size SUVs are anticipated to witness growth by 2030" SUVs have surged in popularity due to their versatile nature, blending the practicality of o?-road capability with the comfort and convenience of city driving. They o?er spacious interiors, robust performance, and often incorporate advanced technology, making them a preferred choice for a wide range of consumers. The mid-size SUV holds the maximum share due to its larger passenger capacity and ample cargo space during long journeys. Consumers opt for mid-size SUVs due to their large interior, comfort, and safety features for both the driver and passenger. Large families prefer mid-size SUVs for long drives because of ample space for luggage and passenger. Most OEMs o?er third-row seating that is ideal for kids' seating. "Asia Paci?c is expected to be the largest market during the forecast period." 

  3. Asia-Paci?c regions hold the major share in the SUV sales volume. The major factor for this is the intensive manufacturing and export of cars in China. China is the most dominant nation in automotive industry with respect to supplying raw materials, manufacturing as well as its sales. In addition, China has the most powerful supply chain of EV batteries. Over 50% of the EV batteries are manufactured in China. Moreover, around 75% of the components of EV batteries are manufactured in China. These Chinese manufacturers are looking to expand their services and acquire additional market share around the world. Moreover, other Asian countries such as Japan, India and South Korea are other major markets of SUVs in the region. The Asia-Paci?c region has seen growth in automobile production in the past and continuing this trend, the Asia region will dominate the SUV market during the forecast period. Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp? id=192980481 Future Of SUV Market Dynamics: Drivers: ?. Demand for premium vehicles with advanced features Restraints: ?. High cost of SUVs Opportunities: ?. Growing adoption of connected vehicles Challenge: ?. Challenges in meeting fuel economy and emission limits Key Market Players Future of SUV Industry: 

  4. Prominent players in the Future Of SUV Market include Toyota Motors (Japan), Hyundai Motors (South Korea), General Motors (USA), Renault-Nissan-Mitsubishi Alliance, Stellantis N. V. (Netherlands), Honda Motors (Japan), Tesla (USA), Volkswagen (Germany), Ford (USA) , BYD (China)  Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=192980481 Future of SUV Industry Recent Developments: In February 2024, VinFast conducted the ground-breaking ceremony for its upcoming manufacturing plant in Thoothukudi, Tamil Nadu, India. The proposed investment amounts to USD 2 billion, with an initial investment of USD 500 million. In February 2024, Toyota announced to invest $1.3 billion in a Kentucky plant to produce a three- row SUV for the US market. The plant will be functional from late 2025 or early 2026, wherein the plan is to manufacture EV SUVs. In January 2024, General Motors Co. and Honda Motor Co. announced the start of hydrogen fuel cell production from their 50-50 joint venture in Michigan. Future of SUV Market Size - Key Bene?ts of Buying the Report: The report will help the market leaders/new entrants in this market with information on the closest approximations of the sales numbers for the SUVs and their subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities. This report provides insights on: 

  5. Analysis of SUVs by Type (Sub-compact, Compact, Mid-size, Full-size and MPV), by Propulsion (ICE, BEV and Hybrid). Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the SUV market. Market Development: Comprehensive information about lucrative markets – the report analyses the SUV market across varied regions. Market Diversi?cation: Exhaustive information about diversi?cation of technology, untapped features, recent developments, and investments in the SUV market Competitive Assessment: Assessment of market shares, growth strategies and service o?erings of leading players. The report also helps stakeholders understand the pulse of the SUVs market and provides them information on key market drivers, challenges, and opportunities. Related Reports: SUV Market - Global Forecast to 2027 Electric Vehicle Market - Global Forecast 2030 Connected Car Market - Global Forecast to 2030 Autonomous / Self-Driving Cars Market - Global Forecast to 2030 Get access to the latest updates on Future of SUV Companies and Future of SUV Industry Growth About MarketsandMarkets™: MarketsandMarkets™ has been recognized as one of America's best management consulting ?rms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine o?ering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us pro?cient in co-creating supernormal growth for clients. 

  6. Earlier this year, we made a formal transformation into one of America's best management consulting ?rms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to- Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To ?nd out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com Visit Our Website: https://www.marketsandmarkets.com/ Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg SOURCE MarketsandMarkets 

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