Global SUV Market Set to Grow at CAGR 11% till 2023
Growing
preference for sports utility vehicles (SUVs) owing to their off-roading
capabilities, drive versatility, and top-of-the-line safety and technological
features coupled with expected entry of several automakers and continuous
expansion of product portfolio to fuel the global SUV market through 2023
According to TechSci Research report, “Global SUV Market
By Length, By Engine Capacity, By Fuel Type, By
Region, Competition Forecast & Opportunities, 2013 – 2023”, sports utility vehicle (SUV) market, globally, is
forecast to grow at a CAGR of 11.7% during 2018-2023. Anticipated
growth in the global SUV market can be attributed to increasing demand for
compact SUVs, growing technological advancements in SUV manufacturing processes
enabling automakers to offer SUVs at affordable prices, and rising adoption of
hybrid and electric SUVs. According
to a consumer survey conducted by TechSci Research, Jeep and Toyota are
the most recognized SUV manufacturers across the globe. Moreover, Jeep accounts
for the highest satisfaction level among SUV customers, globally.
Browse 170 market data Figures and Table spread through 257
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As compact SUVs offer all the features an SUV can, but
at a lower price, demand for compact SUVs is growing at a brisk pace across the
globe, and consequently, SUV-C segment by length accounts for the largest share
in the global SUV market. Asia-Pacific SUV market is the largest across the
globe, owing to huge population, increasing enthusiasm of
the Asian people towards SUVs and expanding operations of global automakers. The region is anticipated to maintain its dominance in
the global SUV market in the coming years as well, on the back of rapid
expansion in automobile production and growing sales of automobiles in the
region.
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“Increasing focus of the automakers towards producing sportier
cars with advanced safety and infotainment systems, along with growing consumer
preference for compact SUVs is expected to have a positive impact on the global
SUV market during the forecast period. Moreover, rising demand for performance
vehicles and comfortable ride quality, coupled with increasing consumer inclination
towards off-roading is anticipated to provide lucrative opportunities to SUV
companies over the course of next five years.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global SUV Market By Length, By Engine
Capacity, By Fuel Type, By Region, Competition Forecast & Opportunities,
2013 – 2023” has analyzed
the potential of SUV market across the globe, and provides statistics and
information on market size, shares and trends. The report will suffice in
providing the intending clients with cutting-edge market intelligence and help
them in taking sound investment decisions. Besides, the report also identifies
and analyzes emerging trends along with essential drivers and key challenges
faced by the global SUV market.
About TechSci Research
TechSci
Research is a leading global market research firm publishing premium market
research reports. Serving 700 global clients with more than 600 premium market
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employing innovative research solutions and tracking global and country
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market trends.
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