Press Release

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 Pages and an in-depth TOC on "Global SUV Market"

 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 research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.


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