Large SUVs Market Report 2025

This Large SUVs market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The large suvs market size has grown strongly in recent years. It will grow from $439.01 billion in 2024 to $480.36 billion in 2025 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to consumer preferences, safety and versatility, towing capacity, all-wheel drive and off-road capability, luxury and comfort.

The large suvs market size is expected to see rapid growth in the next few years. It will grow to $710.49 billion in 2029 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to regulatory emissions standards, fuel efficiency and environmental concerns, electrification, market expansion in emerging economies, customization and personalization, ride comfort and interior space. Major trends in the forecast period include advanced driver assistance systems (ADAS), connectivity and infotainment, off-road capability, enhanced safety, hybridization and electrification.

The increasing popularity of sport utility vehicles (SUVs) is anticipated to drive growth in the large SUV market in the coming years. An SUV is a powerful four-wheeled vehicle designed to navigate rough terrains. The surge in SUV popularity can be attributed to factors such as enhanced safety features, ample space, and fuel efficiency, prompting large SUV manufacturers to develop improved models to meet consumer demand. For instance, in May 2024, data from the International Energy Agency (IEA), a France-based intergovernmental organization, revealed that SUVs accounted for 48% of global car sales, reaching a new record in 2023. Sales of SUVs in advanced economies exceeded 20 million in 2022, marking a 50% market share for the first time, with over 360 million SUVs on the roads worldwide. Thus, the rising popularity of sport utility vehicles is significantly influencing 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, in May 2023, 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 June 2024, Volkswagen AG, a German automobile manufacturer, invested $5 billion in Rivian Automotive, Inc. This partnership aims to collaborate on electric vehicle architecture and software development, which will enable Rivian to efficiently produce its R2 SUVs. Additionally, the collaboration will allow Volkswagen to enhance its software capabilities and reduce operational costs through shared resources. Rivian Automotive, Inc. is a U.S.-based manufacturer of electric vehicles and automotive technology.

Major companies operating in the large suvs market include Stellantis NV, Toyota Motor Corporation, Volkswagen AG, Hyundai Motor Company, Ford Motor Company, General Motors Company, Nissan Motor Corporation, Kia Corporation, Mercedes-Benz, Bayerische Motoren Werke AG, Audi AG, Volvo Group, Jeep, Chevrolet, Cadillac Motor Company, Buick Motor Company, Lincoln National Corporation, Jaguar Land Rover Automotive plc, Acura, Lincoln Motor Company, Polestar.

North America was the largest region in the large SUVs market in 2024. 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.

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 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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