Large SUVs Global Market Report 2024

Large SUVs, or sport utility vehicles, are characterized by their increased size, offering a seating capacity for 7-8 passengers, a larger cargo space, heightened strength, and off-road capabilities. Individuals opt for large SUVs for their comfortable driving experience, additional seating, and spacious cargo area.

Large SUVs come with various fuel options, including petrol, diesel, electric, and other alternative fuels. Petrol is a mixture of flammable hydrocarbons derived from petroleum, primarily used in internal combustion engines. The main categories of SUVs include sub-compact SUVs, crossovers, MPVs (multi-purpose vehicles), and other SUV variants. These vehicles are available in different price ranges, spanning from medium to premium options.

The large SUVs market research report is one of a series of new reports that provides large SUVs market statistics, including large SUVs industry global market size, regional shares, competitors with a large SUVs market share, detailed large SUVs market segments, market trends and opportunities, and any further data you may need to thrive in the large SUVs industry. This large SUVs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The large suvs market size has grown rapidly in recent years. It will grow from $404.51 billion in 2023 to $445.11 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth observed during the historic period can be attributed to factors such as consumer preferences, a focus on safety and versatility, increased towing capacity, the appeal of all-wheel drive and off-road capability, and the emphasis on luxury and comfort.

The large suvs market size is expected to see strong growth in the next few years. It will grow to $649.32 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The anticipated growth in the forecast period can be attributed to factors such as regulatory emissions standards, heightened focus on fuel efficiency and environmental concerns, the trend towards electrification, market expansion in emerging economies, increased demand for customization and personalization, and the importance placed on ride comfort and interior space. Key trends expected in the forecast period encompass the integration of advanced driver assistance systems (ADAS), emphasis on connectivity and infotainment, improvements in off-road capability, enhanced safety features, and a growing interest in hybridization and electrification.

The large SUV market is anticipated to experience growth, driven by the increasing popularity of sports utility vehicles (SUVs) among consumers. SUVs, characterized by their robustness and capability to navigate challenging terrains, have gained traction due to their safety features, spacious interiors, and fuel efficiency. This rising popularity fuels manufacturers in the large SUV market to innovate and develop improved and larger SUV models. For example, the International Energy Agency reported a surge in the number of SUVs to 320 million in 2021, reflecting the widespread preference for these vehicles. Consequently, the upward trend in SUV popularity is a significant factor propelling the growth of the large SUV market.

The expansion of the automotive and transportation industry is poised to drive the large SUV market in the foreseeable future. As a vital component of the automotive sector, the market for large SUVs plays a crucial role in the industry's overall growth, particularly in the post-COVID-19 recovery phase. Notably, the United States saw an increase of 40.8 million registered automobiles from 2012 to 2021, marking a 16.4% rise. By September 2022, the total number of registered vehicles, including cars, SUVs, vans, and others, reached 290.8 million. This growth underscores the significance of the automotive and transportation industry in propelling the large SUV market.

A prominent trend in the large SUV market is the focus on product innovations by major companies to strengthen their market positions. Companies are introducing new products with attractive designs and innovative features. For instance, Wuling Motors, based in China, launched its latest product line, Alvez, which garnered attention for its blend of appealing design and innovation.

Strategic partnership agreements are a noteworthy trend in the large SUV market, with major companies seeking collaborative ventures to enhance their capabilities. In June 2022, Toyota Motor Corporation, a Japanese automaker, entered a partnership with Suzuki Motor Corporation, another Japanese automotive company. This collaboration involved the immediate production of a new SUV type developed by Suzuki at Toyota Kirloskar Motor Pvt. Ltd. (TKM), exemplifying the benefits of business collaborations in the automotive industry.

In January 2021, the French-based automaker Peugeot S. A. (Groupe PSA) merged with Italy-based Fiat Chrysler Automobiles N. V. (FCA) to establish Stellantis N. V., a company valued at approximately $52 billion. This merger aimed to leverage the strengths of both companies in addressing the challenges of sustainable mobility and competing in the electric driving market. Stellantis N. V., headquartered in the Netherlands, operates in the large SUV market.

Major companies operating in the in the large suvs market report are Stellantis NV, Toyota Motor Corporation, Renault Group, Volkswagen AG, Hyundai Motor Company, Ford Motor Company, General Motors Company, Nissan Motor Corporation, Honda Motor Co Ltd., Kia Corporation, Subaru Corporation, Mercedes-Benz, Bayerische Motoren Werke AG, Audi AG, Volvo Group, Maruti Suzuki India Limited, Jeep, Chevrolet, Cadillac Motor Company, Buick Motor Company, Lincoln National Corporation, Mitsubishi Motors Corporation, Porsche AG, Jaguar Land Rover Automotive plc, Rolls-Royce Limited, Acura, Alfa Romeo Automobiles SpA, Lincoln Motor Company, Mazda Motor Corporation, Polestar

North America was the largest region in the large SUVs market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the large suvs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the large suvs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The large SUVs market consists of sales of cars and vans. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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