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.