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SUV Market Trends

Report ID: GMI8694
Published Date: Mar 2024
Report Format: PDF

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SUV Market Trends

Expansion of hybrid and plug-in hybrid SUV offerings could emerge as a key factor strengthening the SUV industry. Hybrid and plug-in hybrid SUVs are gaining popularity as a transitional solution for consumers who want improved fuel efficiency without fully committing to electric vehicles. Automakers are expanding their hybrid and plug-in hybrid SUV lineups, offering models with increased electric range, enhanced performance, and advanced features. These vehicles provide the versatility and utility of traditional SUVs while reducing fuel consumption and emissions, appealing to a broad range of consumers looking for greener transportation options.

For instance, in March 2024, Audi AG unveiled its highly anticipated all-electric vehicle, the Q6 e-tron, at its headquarters in Ingolstadt, Germany. Representing a significant milestone, the Q6 e-tron is the inaugural model from the VW Group to utilize the modular premium platform electric (PPE) platform, marking a substantial leap forward in technological innovation for its electric vehicle lineup.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of SUV reached USD 869.6 billion in 2023 and is set to witness 6% CAGR between 2024 and 2032, attributed to the shifting consumer preferences and lifestyle changes.

The gasoline segment held a major market share of around 43% in 2023, owing to the established infrastructure.

Asia Pacific market accounted for major share of over 47% in 2023, due to rapid urbanization and rising disposable incomes.

BMW Group, Ford Motor Company, General Motors, Honda Motor Co Ltd, KIA, Mitsubishi Motors, Nissan Motors, Tesla, Inc, Toyota Motor Corporation and Volkswagen AG.