DUBLIN--(BUSINESS WIRE)--The "SUV Market Size, Trends and Growth opportunity, By Type, By Propulsion, By EV Type, By Size, By Seating Capacity, By Price Range, By Class By Application, Regional Outlook, Competitive Market Share & Forecast, Global Forecast till 2027." report has been added to ResearchAndMarkets.com's offering.

The global SUV Market was valued at USD 827 billion in 2021 and is expected to reach 1,221.7 billion by 2027, at a CAGR 5.11% from 2022-2027.

SUV (Sports Utility Vehicle) is defined as a kind of a passenger vehicle or suburban utility vehicle classified as a light truck, but used as a family vehicle. It is featured with roughness and raised ground clearance. This vehicle is meant for rough roads and is commonly used on highways and streets. The SUV also features a high seating position, tall interior packaging, upright build body, and includes the towing capacity of a pickup truck.

An SUV is a kind of vehicle in which all the 4 wheels work at the same time, based on regular automotive platforms for lighter weight and better fuel efficiency. It is segmented to diesel cars, petrol cars, and electric cars.

Market Drivers

The major factors leading to the increasing growth of the SUV market is the need for premium vehicles in the advanced nations and the rise in acceptance for SUV. The surge in purchasing power of the population in developed and developing countries drives the market further. Furthermore, the rise in technological advancements, such as real-time information solutions, and integrating advanced systems with the Internet of Things, accelerates market growth.

Market Restraint

On the other hand, high and increasing cost of the vehicles, unstable preference towards the electric vehicles, and low fuel efficiency, are expected to obstruct the market growth. Also, constant maintenance expenses and high insurance rates are projected to challenge the sport utility vehicle market in the forecast period of 2027.

Market Segmentation

By Type

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

By Propulsion

  • Petrol
  • Diesel
  • Gasoline
  • Electric

By EV Type

  • BEV
  • PHEV
  • FCEV

By Size

  • Mini-SUV
  • Compact
  • Mid-Size
  • Full-Size
  • Extended-Length (MPV/MUV)

By Seating Capacity

  • 5-Seater
  • 7-Seater
  • 8 and above Seater

By Price Range

  • Medium
  • Premium

By Class

  • Class B
  • Class C
  • Class D
  • Class E

By Application

  • Remote Areas
  • Recreation
  • Motorsport

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Companies Mentioned

  • Toyota Motor Corporation
  • Honda Motor Co. Ltd
  • Hyundai Motor Company
  • General Motors
  • Ford Motor Company
  • Stellantis
  • Daimler AG
  • Volkswagen AG
  • Nissan Motor Co. Ltd
  • BMW Group
  • Tesla
  • AB Volvo
  • Continental AG

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