Sport Utility Vehicle (SUV) Market Size

The global sport utility vehicle (SUV) market size was valued at $1,014.15 billion in 2024 and is projected to reach $1,521.97 billion by 2030, growing at a CAGR of 7.0% during the forecast period.

Sport Utility Vehicle (SUV) Market Overview 

A sports utility vehicle (SUV) is a versatile and rugged type of vehicle designed to accommodate passengers and cargo while providing enhanced performance both on and off-road. Characterized by their spacious interiors, high ground clearance, and robust build, SUVs offer a blend of comfort, capability, and versatility suitable for various driving conditions and lifestyles. These vehicles typically feature a taller stance and a more commanding presence on the road compared to traditional sedans or hatchbacks. SUVs come in various sizes, from compact crossovers to full-size models, catering to different preferences and needs of consumers. Due to their practicality and adaptability, SUVs have gained popularity worldwide, serving as popular choices for families, adventurers, and urban commuters alike.

Sport Utility Vehicle (SUV) Market Dynamics 

• The sport utility vehicle (SUV) market is expected to witness significant growth in the future due to the increasing adoption of SUV-D in developing countries and shifting consumer preferences towards SUV.

• Additionally, rising demand for hybrid and electric SUVs and increasing urbanization and demand for reliable transportation solutions are the prominent factors driving the growth of the market.

• However, increasing fuel cost and competition from alternative vehicle types restraining the market growth.

• On the contrary, growing demand for premium vehicles with advanced features and technological advancements leading to improved fuel efficiency are creating opportunities for market growth.

By Propulsion Type, Gasoline segment is expected to be the Fastest Growing Segment in the Sport Utility Vehicle (SUV) Market

The gasoline segment is anticipated to experience the most rapid growth within the sport utility vehicle (SUV) market during the forecast period owing to the increase emphasis on vehicle emission standards designed to minimize dangerous sulphur and particulate matter (PM) levels in these cars. As a result, several worldwide and regional governments have shifted towards cleaner fuel. Furthermore, the price difference between diesel and gasoline SUVs has narrowed, as has the development of gasoline engines with upgraded and strong turbocharged engines that are ideally suited for SUVs and provide higher fuel efficiency. For example, in India, the largest local OEM, Maruti Suzuki, discontinued making diesel engines after the implementation of the BS-VI regulations.

By Geography, Asia Pacific Holds the Dominant Position in the Market Revenue

The Asia Pacific is experiencing significant position during the forecast period due to evolving consumer tastes, rising middle-class incomes, and cost benefits for global Original Equipment Manufacturers (OEMs) across the region. China, experiencing a surge in vehicle production and sales, is poised to emerge as the largest SUV market. With a growing demand for passenger vehicles, consumers are increasingly prioritizing comfort and advanced safety features. Additionally, regional OEMs offer a diverse range of competitively priced SUV variants, leading to a shift in consumer preference from sedans to hatchbacks. Consequently, the escalating vehicle production and demand for enhanced safety and comfort amenities present lucrative prospects in the sector.

Key Target Audience: 

• Automotive Manufacturers

• Suppliers and Consumers

• Urban Commuters

• Rental Car Companies

• Fleet Management Companies

• Government Agencies (Regulatory Bodies)

• Insurance Companies

List of the Key Players Profiled in the Report Includes:

• AB Volvo 

• AUDI AG 

• BMW AG 

• BYD Company Ltd.

• Ford Motor Company 

• General Motors 

• Honda Motor Co., Ltd.

• Hyundai Motor Company 

• Kia Motors Corporation 

• Nissan Motor Co., LTD. 

• Tesla 

• TOYOTA MOTOR CORPORATION 

• Volkswagen AG

Recent Developments: 

• In March 2024, Hyundai unveiled the redesigned 2025 TUCSON SUV for North America. This updated version builds upon its Sensuous Sportiness design concept, featuring a more striking front and rear appearance, refreshed lighting signatures, new alloy wheel designs, and a significantly revamped interior.

• In February 2024, Skoda's Indian unit, owned by the Volkswagen Group, announced plans to introduce a compact sport utility vehicle (SUV) by the second half of 2025. This upcoming SUV, positioned as Skoda's entry-level model in India, will target price-conscious urban and small-town consumers. It forms a crucial part of the company's strategy to compete with leading players like Tata Motors and Hyundai in India's rapidly expanding SUV segment. Skoda aims to achieve total annual sales of 100,000 units in the country by fiscal 2026, with this new SUV playing a pivotal role in reaching that goal.

Market Segmentation: 

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Type:

• Compact SUV

• Mid-size SUV

• Full-size SUV

Market by, Propulsion Type:

• Diesel

• Gasoline

• Electric

Market by, Class: 

• Class B

• Class C

• Class D

• Class E 

Market by, Seating Capacity: 

• 5 Seater

• >5 Seater 

Market by, EV Type:

• Battery Electric Vehicle (BEV)

• Plug-in Hybrid Electric Vehicle (PHEV)

• Fuel Cell Electric Vehicle (FCEV)

Market by, Geography: 

The sport utility vehicle (SUV) market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

Scope of the Report:

The report oGlobal Sport Utility Vehicle (SUV) Market: Industry Analysis, Opportunities and Forecast up to 2030o by Diligence Insights provides a detailed analysis of the present market and future outlook with market estimates and forecasts for all specified segments, encompassing both global and regional perspectives as outlined within the research framework. The study includes historical market data for the years 2022, 2023 and offers revenue estimations for 2024, and project forecasts spanning from 2025 to 2030. It places significant emphasis on the examination of market trends, key industry participants, supply chain developments, technological advancements, pivotal milestones, and prospective strategies. Comprehensive market assessments are carried out across major geographic regions, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. As such, this report constitutes a valuable resource for current industry stakeholders, newcomers to the field, and potential investors.

The study offers an in-depth market analysis, drawing insights from industry experts across the value chain. A special focus has been made on 25 countries, including the United States, Canada, Mexico, the United Kingdom, Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, and South Africa, among others. The market data has been meticulously collected through extensive primary interviews and comprehensive secondary research. Market size determination is rooted in the revenue generated from sales across all the specified segments and sub-segments as defined within the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures.

The report offers insights into the following aspects:

• Analysis of major market trends, factors driving, restraining, threatening, and providing opportunities for the market.

• Analysis of the market structure by identifying various segments and sub-segments of the market.

• Understand the revenue forecast of the market for North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

• Analysis of opportunities by identification of high-growth segments/revenue pockets in the market.

• Understand major player profiles in the market and analyze their business strategies.

• Understand competitive developments such as joint ventures, alliances, mergers and acquisitions, and new product launches in the market.