Asia Pacific SUV Market to Surpass $ 716 Billion by 2023
Expanding product portfolio, technological
advancements, and growing preference for sports utility vehicles (SUVs) owing
to their off-roading capabilities, drive versatility, and top-of-the-line
safety features to drive Asia-Pacific SUV market through 2023
According to TechSci Research report, “Asia-Pacific SUV Market By Length, By Engine Capacity, By Fuel Type, By Country, Competition
Forecast & Opportunities, 2013 – 2023”, SUV market in the region is projected to cross $ 716
billion by the end of 2023, backed by growing technological advancements in SUV
manufacturing processes enabling automakers to offer SUVs at affordable prices.
Moreover, increasing adoption of hybrid and electric SUVs, growing preference
for compact SUVs, and availability of financing options are anticipated to
positively influence the Asia-Pacific SUV market during forecast period. Emerging
economies in the region and rising popularity of off-roading activities would
further fuel the region’s SUV market.
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On the basis of length, SUV-C segment dominated
the Asia-Pacific SUV market in 2017 and the trend is anticipated to continue in
the coming years as well, as demand for compact SUVs is growing at a brisk pace
across the region, owing to the economical pricing. China SUV market is the
largest in the region, on the back of huge population and increasing enthusiasm
of the Chinese people towards SUVs. During the forecast period, China is
anticipated to maintain its dominance in the region’s SUV market, on account of
increasing disposable income and rising preference for off-roading activities.
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“Growing focus of the automakers towards
manufacturing high engine capacity vehicles with advanced safety and
infotainment systems, coupled with inclination of car manufacturers towards compact
SUVs is anticipated to have a positive impact on the Asia-Pacific SUV market
during the forecast period. Increasing demand for performance vehicles and
comfortable ride experience is expected to provide lucrative opportunities to
SUV companies in the region over the course of next five years.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm..
“Asia-Pacific SUV Market By Length, By Engine Capacity, By Fuel Type, By Country, Competition
Forecast & Opportunities, 2013 – 2023” has analyzed the potential of SUV market across the region,
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 Asia-Pacific SUV market.
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