SUV Market to Grow with a CAGR of 7.19% in Asia-Pacific through to 2028

The major drivers for the Asia-Pacific SUV market include the region's rising middle-class population with increasing disposable incomes, a preference for larger and versatile vehicles, and growing urbanization, which drives demand for SUVs as a practical and stylish choice for commuting and family use.

 

According to TechSci Research report, “Asia-Pacific SUV Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Asia-Pacific SUV Market stood at USD 230 Billion in 2022 and is anticipated to grow with a CAGR of 7.19% in the forecast period, 2024-2028. The Asia-Pacific SUV Market is experiencing robust growth driven by several key factors. One of the primary drivers is the increasing demand for SUVs in developing countries like India and China. This surge in demand can be attributed to the rising disposable income and the expanding middle class in these regions. As people have more purchasing power, they are increasingly opting for larger vehicles like SUVs for their families.

Moreover, the improved road infrastructure in many Asian countries has made SUVs a practical choice for daily commuting and family use. The preference for spacious and comfortable vehicles has further fueled the popularity of SUVs in the region. Families can now enjoy a comfortable and safe ride, thanks to the advanced features and amenities offered by SUV models.

Another significant factor contributing to the growth of the Asia-Pacific SUV Market is the increasing interest in off-roading and adventure tourism. SUVs are known for their ruggedness and capability to tackle various terrains, making them a popular choice for adventure enthusiasts. This trend has led to a surge in demand for SUVs specifically designed for off-roading purposes.

Additionally, advancements in fuel efficiency technologies have made SUVs more environmentally friendly and cost-effective to own and operate. Manufacturers have been investing in developing hybrid and electric SUV models to cater to the growing demand for eco-friendly vehicles. This, combined with the availability of a wide variety of SUV models that cater to different consumer preferences, has further propelled the market growth in the Asia-Pacific region.

In conclusion, the Asia-Pacific SUV Market is witnessing significant growth due to various factors such as increasing disposable income, growing middle class, preference for larger vehicles, improved road infrastructure, interest in off-roading, and advancements in fuel efficiency technologies. These factors have collectively contributed to the rising popularity and market demand for SUVs in the region.

 

Browse over 26 market data Figures spread through 91 Pages and an in-depth TOC on "Asia-Pacific SUV Market” 

 

The Asia-Pacific SUV (Sport Utility Vehicle) market is a dynamic and rapidly evolving segment within the automotive industry. Covering a wide spectrum of SUV models, from compact urban crossovers to full-sized, off-road-capable vehicles, this market reflects the diverse preferences and needs of consumers across the region.

In terms of market size and growth, the Asia-Pacific SUV market is among the largest and fastest-growing automotive segments globally. This robust growth is attributed to several factors, including the region's economic expansion, the increasing middle-class population, and the ongoing trend of urbanization. These elements have contributed to the surging demand for SUVs, with notable popularity in countries like China and India. SUVs have become favored choices for consumers, both in urban and rural settings.

One of the defining characteristics of the Asia-Pacific SUV market is the diverse range of consumer preferences. This diversity has prompted automakers to offer an extensive array of SUV models to cater to the varying needs and tastes of consumers. In urban areas, where maneuverability and fuel efficiency are paramount, compact and subcompact SUVs have gained traction. Conversely, in rural regions with challenging terrains, larger SUVs equipped with off-road capabilities are in high demand. This breadth of preferences has led to a proliferation of SUV models, with automakers continuously adapting their offerings to align with local market demands.

Another notable trend within the Asia-Pacific SUV market is the rise of electric SUVs. Environmental concerns and stringent emissions regulations have spurred the adoption of electric vehicles (EVs), including SUVs. Automakers have responded by introducing electric SUV models that offer lower emissions, reduced operating costs, and the potential for enhanced energy efficiency. Incentives from governments, particularly in countries like China, have further accelerated the adoption of electric SUVs, making them an increasingly popular choice among eco-conscious consumers.

The compact and subcompact SUV segments are experiencing significant growth in the Asia-Pacific region. These smaller SUVs provide a compelling combination of versatility, affordability, and fuel efficiency, which resonates particularly well with urban consumers. As urbanization continues at a rapid pace, compact and subcompact SUVs are expected to maintain their popularity, offering practical solutions for consumers navigating crowded city streets.

The integration of advanced driver-assistance systems (ADAS) is another notable trend in the Asia-Pacific SUV market. ADAS features, such as adaptive cruise control, lane-keeping assist, and automatic emergency braking, have become standard in many SUV models. These technologies not only enhance safety but also contribute to an improved overall driving experience. With the growing demand for semi-autonomous driving features, the integration of ADAS in SUVs is expected to become more pervasive.

Connectivity and infotainment systems are also central to the Asia-Pacific SUV market's trends. Consumers increasingly expect their vehicles to seamlessly integrate with smartphones, navigation systems, and digital services. As a result, automakers are equipping SUVs with advanced infotainment systems, smartphone mirroring capabilities, and connectivity options like 4G and 5G. These connected features enhance the driving experience, provide real-time information, and enable over-the-air software updates.

In conclusion, the Asia-Pacific SUV market is a dynamic and diverse segment that reflects the region's evolving automotive landscape. Its growth is driven by a combination of economic expansion, diverse consumer preferences, environmental considerations, electric SUV adoption, and the integration of advanced technologies. As automakers continue to adapt to changing consumer demands and regulatory requirements, the Asia-Pacific SUV market is expected to remain a focal point of innovation and competition within the global automotive industry.

 

Major companies operating in Asia-Pacific SUV Market are:

• Ford Motor Company
• General Motors
• AUDI AG
• Kia Motors Corporation
• Groupe Renault
• Groupe PSA
• SAIC Motor Corporation Limited
• Daimler AG
• BMW AG
• Mahindra & Mahindra Limited  

 

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“The major drivers for the Asia-Pacific SUV Market can be attributed to several factors. The primary driver is the rising demand for SUVs in developing countries such as India and China, driven by increasing disposable income and a growing middle class. Furthermore, the preference for larger vehicles for family use, coupled with the improved road infrastructure, has significantly bolstered the popularity of SUVs. A surge in interest towards off-roading and adventure tourism has also boosted the segment. Additionally, advancements in fuel efficiency technologies and the availability of a wide variety of SUV models catering to different consumer preferences are contributing to the market growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“SUV Market – Asia-Pacific Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Length (SUV-C, SUV-D, SUV-E and SUV-F), By Transmission Type, By Fuel Type (Diesel, Petrol and Hybrid & Others), By Country, Competition”, has evaluated the future growth potential of Asia-Pacific SUV Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Asia-Pacific SUV Market.        

 

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