The SUV Market Share size and share are expected to exceed USD 1372.37 billion by 2032, with CAGR of 6.4% during the forecast period.

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SUV Market Size 2025-2029

The SUV market size is forecast to increase by USD 266.7 billion at a CAGR of 5.4% between 2024 and 2029.

The market is experiencing significant growth due to several key factors. One of the primary drivers is the increased preference for safety and comfort, which has led to a rise in sales. Another trend shaping the market is the rapid development of electric and hybrid SUVs offering a sustainable solution with zero emissions during operation, contributing to the decrease in greenhouse gases. Additionally, there is an increasing inclination toward cost-effective and compact SUV models, catering to budget-conscious buyers and those with limited parking space. Engine size is another factor influencing the market, with consumers opting for smaller engines to improve fuel efficiency and reduce greenhouse emissions. These trends are expected to continue shaping the market in the coming years.

What will be the Size of the SUV Market During the Forecast Period?

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The market continues to evolve, with advanced comfort and automatic safety features becoming increasingly important to consumers. Premium SUVs offer spacious interiors and refined driving experiences, while compact SUVs provide versatility and maneuverability. Full-size SUVs cater to those requiring heavy towing capacity and off-roading capabilities. Automakers respond to market demands by introducing multiple drivetrain options, including semi-autonomous and autonomous vehicles. European Commission emission norms and GhG emissions regulations are driving the electrification of SUVs, with automotive OEMs investing in electric SUVs. Ultra-luxurious cars are incorporating the latest connected technologies to offer a seamless and personalized experience to customers.



Advanced safety features like lane departure warnings, blind-spot detection, and adaptive cruise control are becoming standard. Off-roading capabilities are being improved through advanced suspension systems and terrain management technologies. The market is evolving with the rise of electric & hybrid vehicles, semi-autonomous vehicles, luxury cars, and ultra-luxurious cars, each offering unique features and catering to different consumer preferences. The market is also witnessing significant advancements in autonomous driving technologies. While fully autonomous vehicles are still in development, semi-autonomous features are becoming increasingly common. The future of the market lies in the integration of advanced technologies, electrification, and a focus on safety and comfort.

How is this SUV Industry segmented and which is the largest segment?

The SUV industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Vehicle Type

  Medium-sized SUVs
  Crossover and compact SUVs
  Large-sized SUVs


Fuel Type

  Gasoline
  Hybrid and electric SUV
  Diesel


Geography

  APAC

    China
    India
    Japan


  Europe

    Germany
    UK
    France


  North America

    Canada
    US


  Middle East and Africa



  South America

    Brazil

By Vehicle Type Insights

The medium-sized SUVs segment is estimated to witness significant growth during the forecast period.

Mid-size SUVs represent a significant segment in The market in 2024, offering advanced features and performance without the bulk of full-size SUVs. These vehicles provide premium features such as leather interiors, advanced infotainment systems, high-quality audio systems, and advanced safety features. Mid-size luxury SUVs also deliver impressive performance with powerful engines and responsive handling. Europe and the Asia-Pacific (APAC) region are the major markets for mid-size SUVs due to cost-conscious consumers seeking fuel efficiency.

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The medium-sized SUVs segment was valued at USD 333.50 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 46% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in the Asia Pacific (APAC) region exhibits significant growth potential, particularly in countries such as China, Japan, India, and South Korea. Factors driving this trend include the utility value of SUVs and their fuel efficiency, which are crucial considerations for cost-sensitive consumers in these markets. The European Commission's stringent emission norms and increasing focus on reducing GHG emissions have

SUV Market size was valued at USD 30.67 Billion in 2023 and is projected to reach USD 45.17 Billion by 2031, growing at a CAGR of 4.96% during the forecast period 2024-2031.

SUV Market: Definition/ Overview
An SUV, or Sport Utility Vehicle, is a versatile vehicle designed for both on- and off-road use, distinguished by higher ground clearance, a strong chassis, and a large interior. SUVs are popular for families and outdoor activities because they can accommodate numerous people and have plenty of luggage capacity. They frequently have four-wheel drive or all-wheel drive systems, which improves their performance in a variety of terrains and weather situations. SUVs have grown in popularity in the automobile industry due to their combination of passenger comfort and utility.
SUVs are used in various industries, including personal transportation, outdoor recreation, and commercial applications, due to their versatility and ability to transport families and freight. As consumer preferences shift toward larger, larger vehicles, the prospects for SUVs appear bright, particularly with the growing demand for electric and hybrid variants.
Advancements in technology, such as enhanced driver assistance systems and connectivity features, are expected to improve safety and convenience. Furthermore, the increased emphasis on sustainability will encourage manufacturers to create more environmentally friendly SUVs, making them an important component of the automobile market in the coming years.

Between China and the United States, around 8.5 million new sport utility vehicles (SUVs) were bought in the first half of 2019. Although criticized by many for having a negative impact on the environment, SUVs are the most popular segment for new vehicle sales around the world. Some states in the U.S., such as California, will be accommodating to electric SUV drivers.

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Luxury SUV Market Size 2025-2029

The luxury SUV market size is forecast to increase by USD 38 billion, at a CAGR of 11.8% between 2024 and 2029.

The market is experiencing significant growth, driven by several key factors. One major trend is the increased preference for safety and comfort, which is leading consumers to invest in luxury SUVs. Another trend is the rapid development of luxury electric vehicles, as automakers respond to growing demand for sustainable transportation options.
Additionally, the declining exclusivity of luxury cars is making SUVs an increasingly attractive choice for consumers seeking a premium driving experience. These trends are shaping the future of the market and are expected to continue driving growth in the coming years.

What will be the Luxury SUV Market Size During the Forecast Period?

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The market continues to thrive in the global passenger vehicle industry, with consumers seeking vehicles that offer superior performance, comfort, and prestige. These road-going passenger automobiles cater to various application niches, including off-road adventures and urban commuting. Lightweight pickups and SUVs with seating capacity for seven or more passengers have gained popularity due to their versatility and spacious interiors. Four-wheel drive (4WD) models are particularly favored for their ability to handle diverse terrain, while two-wheel drive (2WD) variants offer better fuel efficiency for those primarily focused on city driving. However, market dynamics in the luxury SUV sector face challenges. Raw material shortages and shipping delays due to economic slowdowns can impact production and delivery schedules.
Automakers must navigate these obstacles while maintaining safety & security, CNG powertrains, and advanced features such as infotainment and connectivity systems. Battery models and driving range are increasingly important considerations for luxury SUV buyers. Consumers prioritize vehicles with long-lasting batteries and impressive driving ranges, reflecting the growing demand for electric and hybrid powertrains. Safety features remain a top priority, with exclusive features like adaptive cruise control, lane departure warnings, and automatic emergency braking becoming standard offerings. Prestige and consumer preferences continue to shape the luxury SUV landscape, with automakers investing in innovative designs and technologies to meet evolving market demands.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Individual
  Commercial


Type

  Mid-size luxury SUVs
  Full-size luxury SUVs


Geography

  North America

    Canada
    US


  APAC

    China
    India
    Japan
    South Korea


  Europe

    Germany
    UK
    France


  South America



  Middle East and Africa

By Application Insights

The individual segment is estimated to witness significant growth during the forecast period.

The market caters to the demand for personal use vehicles that combine advanced features, premium materials, and high-performance capabilities. This segment includes compact and performance luxury SUVs. Compact luxury SUVs offer luxury at a more affordable price point. Performance luxury SUVs, on the other hand, prioritize high-performance driving with powerful engines, sport-tuned suspension systems, and other performance-enhancing features. Consumer preferences for luxury vehicles continue to shape market growth, with disposable incomes and emission standards influencing purchasing decisions. Environmental organizations' emphasis on reducing exhaust emissions has led to the increasing popularity of electric SUV luxury vehicles. Incentives and subsidies from governments further encourage the adoption of eco-friendly options. The market encompasses various sub-segments, with size, price, and performance being key differentiators.

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The individual segment was valued at USD 25.60 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 45% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market share of various regions, Request Free Sample

The market in North America experiences significant growth due to the increasing number of high-net-worth individuals (HNWIs) in the region. These consumers seek vehicles with advanced technol

According to Cognitive Market Research, The Global Luxury SUV market size is USD 4.5 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 11.50% from 2023 to 2030.

One of the primary factors driving the market's rise is the rising demand for luxury SUVs that combine comfort and safety.
Demand for hybrid/electric remains higher in the luxury SUV market.
The mid-size category held the highest luxury SUV market revenue share in 2023.
Asia Pacific will continue to lead, whereas the North American luxury SUV market will experience the most substantial growth until 2030.

Increased Demand for Safety and Comfort in Cars to Provide Viable Market Output

The growing demand for safety and comfort in luxury SUVs is one of the main drivers behind the market's expansion. Even the most fully equipped commuter SUVs can't compare to the contemporary technology and features found in luxury cars. However, the manufacturer's advertisements, which present the SUV as a high-end vehicle and enhance the social standing of the purchasers, have a significant influence on the very image of luxury SUVs. Because these reflect the brand and image of the company, automakers, therefore, outfit their high-end SUV models with the newest technologies. Luxury SUVs provide far greater levels of security and safety for their passengers. Additionally, the rise in traffic incidents is anticipated to emphasize even more how crucial it is for premium cars to have extra safety features. As a result, prospective purchasers will find luxury SUVs more appealing. Furthermore, various safety elements in automobiles are mandated by governing authorities in an effort to lower the number of fatalities resulting from traffic accidents. This will incentivize automakers to incorporate cutting-edge safety systems into their luxury cars before doing the same for vehicles in the commuter class, preserving the distinctions between the two types of vehicles.

Swift Advancement of Luxury Electric Car Technology to Propel Market Growth

Throughout the projection period, an important luxury SUV market trend that is anticipated to have a beneficial impact is the quick development of electrified luxury vehicles. The popularity of electrified vehicles, such as plug-in hybrid electric vehicles, pure electric vehicles, and hybrid electric vehicles, is rising due to growing concerns about lowering vehicle emissions. Luxury car makers are starting to favor electrified automobiles.

BMW introduced ten electric car models—nine plug-in hybrids and one all-electric. Additionally, the business declared that it will introduce 25 electrified vehicles by 2025, comprising 12 pure electric vehicles and 13 plug-in hybrid vehicles.

(Source: www.autocarindia.com/car-news-amp/bmw-to-introduce-9-new-evs-by-2025-418519)

Furthermore, well-known producers of luxury electric vehicles, like Tesla, are expanding their product lines by launching new electric vehicle models.

Tesla stated in January 2019 that it was working on a new electric car, a crossover called the Model Y.

(Source: en.m.wikipedia.org/wiki/Tesla_Model_Y#:~:text=The%20Model%20Y%20fills%20a,deliveries%20on%20March%2013%2C%202020.)

Therefore, it is anticipated that the quick adoption and development of premium electric vehicles would positively impact the luxury SUV industry worldwide.

Market Dynamics of the Luxury SUV

Decreasing Luxury Car Exclusivity to Restrict Market Growth

Throughout the projection period, one of the biggest challenges facing the luxury SUV industry will be the diminishing exclusivity of luxury automobiles. The primary motivators for buying a luxury SUV are its high-end amenities and the prestige that comes with owning one. However, the growing number of luxury brands, fiercer rivalry, and rising demand for luxury sport utility vehicles (SUVs) have forced luxury car makers to grow their companies and provide their products to the mainstream market using the same distribution channels used for other vehicle segments. The exclusivity decreases even if it has no direct impact on these cars' sales. Advanced technology features are another important way that luxury SUVs stand out from the competition. These days, mid-segment SUVs come with features that are only found in luxury cars, such as heated seats, sunroofs, steering assistance, pedestrian detection, advanced emergency braki...

Global sport utility vehicle (SUV) sales are expected to double between 2017 and 2023 and exceed 50 million units by 2023. Sport utility vehicles combine the characteristics of road-use passenger cars and off-road vehicles. Consumer preference for SUVs increases in key regions
SUV popularity has increased significantly worldwide. Traditionally, this body style has been most successful in North America. The United States is the region with the highest market share of SUVs with about 50 percent of vehicle sales. The U.S. is not the only market where SUV sales are thriving, though. SUV sales in Europe and China have also begun to pick up steam in recent years. Four out of 10 passenger vehicles sold in China were SUVs, compared to about one third in Europe. Small and crossover sub-segment sales as well as compact SUV models such as the Dacia Duster have grown the most. The improvements in safety, weight, and fuel economy are major factors in its appeal to a wider audience. The electric SUV competition gains traction
Alongside consumer interest in SUVs, electric vehicles (EVs) are becoming increasingly popular. Many governments across the world are incentivizing electric car purchases and investing in infrastructure. Much like the SUV, improvements in technology and, particularly, the chemical composition of batteries, coupled with lower costs due to economies of scale has made electric vehicles more competitive against conventional cars. It also opens up the industry to electrify heavier and larger vehicle segments. As the SUV is fast becoming the most popular vehicle type in major passenger car markets, electrified versions will become a highly competitive ground. BYD had the best-selling all-electric sport utility vehicle in its line-up in 2019.

In 2023, China sold over 13 million units of sport utility vehicles (SUV). It accounted for approximately 51 percent of the Chinese passenger car market.

The Large SUVs Market is projected to grow at 10.3% CAGR, reaching $710.49 Billion by 2029. Where is the industry heading next? Get the sample report now!

In 2018, sport utility vehicles (SUVs) accounted for almost 50 percent of new vehicle sales in the United States and, worldwide, more than every third vehicle sold was an SUV. This type of motor vehicle caused global carbon dioxide emissions to increase by more than 0.5 gigatons between 2010 and 2018.

The Tesla Model Y was the best-selling SUV model in 2024. This was the first year the Tesla Model reached first place, despite sales being down by 1.2 percent. The Toyota RAV4 was second in the ranking. Toyota models were also among the best-selling cars and light trucks. The United States is one of the most important regions for SUV sales: It is projected to remain the first SUV market in the world in 2024 based on market size. Toyota as an SUV market leader Toyota, as the most valuable car brand worldwide based on brand value, boasts further SUV models in its core segment, such as the C-HR, 4Runner, Highlander, and Sequoia. Small and large SUVs make up two of Toyota’s top-four segments. For another year running, Honda represents Toyota’s main competitor in the SUV market. SUVs and carbon footprint As demand for SUVs is growing at a steady rate, so is the urgency to curb CO2 emissions across the globe. SUVs have been ranked the second-largest contributor to overall global carbon dioxide emissions over the last few years due to their size, aerodynamics, and weight. In this context, Toyota aims to achieve carbon neutrality in Europe by 2040 and additionally reduce CO2 emissions from its next-generation vehicles by 100 percent.

The global sports utility vehicle market size was valued at USD 863.35 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 1,283.02 Billion by 2033, exhibiting a CAGR of 4.28% during 2025-2033. North America currently dominates the market. Significant growth in the automotive industry, extensive research, and development (R&D) activities, and rapid technological advancements represent some of the key factors driving the market.

IMARC Group provides an analysis of the key trends in each segment of the global sports utility vehicle market, along with forecasts at the global, regional, and country levels from 2025-2033. The market has been categorized based on type, fuel type, and seating capacity.

In 2024, the GV80 from Genesis recorded a 34.7 percent market share in the large SUV segment in South Korea. It was followed by Hyundai's Palisade, which held approximately 18.5 percent, about half of Genesis' share.

In 2024, Kia Motor's small SUV model Seltos recorded the highest market share of unit sales for its segment in South Korea with 35.9 percent. The leading three models accounted for over 61 percent of the small SUV market, and were all produced by different automakers.

In 2024, the Kia Sorento was the best-selling sports utility vehicle (SUV) in South Korea, with a 12.2 percent market share. It was followed by the all-new Hyundai Santa Fe, which held approximately 10 percent of the market.

Global Vehicle Dynamic Control System Market Size By Type (Saloon Car Dynamic Control System, SUV Dynamic Control System), By Application (Passenger Cars, Commercial Vehicles), By Geographic Scope And Forecast

Automotive Composite Liftgate Market Size And Forecast

Automotive Composite Liftgate Market size was valued at USD 1.32 Billion in 2023 and is projected to reach USD 2.51 Billion by 2031, growing at a CAGR of 9.25 % from 2024 to 2031.

Automotive Composite Liftgate Market Drivers

Strict Regulations and Emission Standards: The car sector is facing increasingly strict regulations aimed at lowering emissions and boosting fuel efficiency. Composite materials, which are lighter than traditional metals, help manufacturers achieve these regulatory standards by dramatically reducing vehicle weight. As governments throughout the world implement higher pollution requirements, the market for automotive composite liftgates is likely to increase due to their role in improving vehicle efficiency.

Consumer Demand for Lightweight and Gasoline-Efficient Automobiles: With rising environmental awareness and fluctuating gasoline prices, consumers are increasingly drawn to automobiles that provide improved fuel efficiency. Automotive composite liftgates help to meet this demand by lowering vehicle weight, which improves fuel efficiency. Furthermore, lightweight vehicles are typically seen as more nimble and responsive, which improves the driving experience and increases consumer preference for vehicles with composite liftgates.

Advancements in Composite Material Technologies: Rising progress in composite material technologies has resulted in the creation of lightweight yet durable materials ideal for automotive applications. These materials have higher strength-to-weight ratios, corrosion resistance, and design flexibility, making them excellent for usage in automobile liftgates. As research & development efforts continue to improve the characteristics and manufacturing methods of composite materials, the Automotive Composite Liftgate Market stands to profit from these technological advancements.

Design Innovation and Customization Opportunities: compared to typical metal alternatives, automotive composite liftgates offer greater design options to automakers. Composite materials can be molded into complicated shapes and profiles, allowing for creative and adaptable designs that set vehicles apart in the market. This design flexibility allows automakers to construct visually appealing automobiles while adhering to performance and regulatory standards. As consumer preferences shift and automakers seek to differentiate their vehicles, demand for automotive composite liftgates is likely to rise, owing to the options for design innovation and customization they provide.

Until 2020, medium cars were the most popular segment within the battery-electric vehicle (BEV) market in the United States. These were taken over by sport-utility vehicles in 2021. By 2023, some 65 percent of all BEV sales in the U.S. were SUVs, which was some 20 percentage points higher than the share of SUV sales in the global BEV market.

In 2024, the Kia Sorento captured a 19.4 percent market share in midsize SUV sales in South Korea. It was followed by Hyundai's All-New Santa Fe, which held approximately 15.9 percent of the market.