Large SUVs Market Growth & Trends
The global large SUVs market size is expected to reach USD 334.3 billion by 2028, registering a CAGR of 0.5% from 2022 to 2028, according to a new report by Grand View Research, Inc. The market growth of the large SUVs is significantly driven by the increasing popularity pertaining to the characteristics of on-road passenger cars and off-road sport vehicles. The rising popularity among car consumers in Europe, the Middle East, China, and India are expected to drive the market growth. Other characteristics such as large storage and seating space, higher ground clearance for mountain terrains, higher vantage point, etc. attracts consumers fueling the market growth. Furthermore, the introduction of an electric version of large SUVs is likely to propel market growth. For instance, as published on 17th November 2021, Hyundai revealed a new extra-large electric SUV, Hyundai Seven at Los Angeles Auto show.
Large SUVs Market Segmentation
Grand View Research has segmented the large SUVs market based on fuel type, and region:
Based on the Fuel Type Insights, the market is segmented into Petrol, Diesel, Electric, Others.
- By fuel type segmentation, the petrol segment dominated the global large SUVs market, registering a market share of around 70% in 2021. Market share of petrol SUVs is still dominating due to consumer preference attributed to the better fuel efficiency, easy maintenance, and easy availability. Over the last few years, many carmakers have stopped producing diesel vehicles as diesel cars are more polluting than others, which also resulted in the adoption of petrol vehicles. Electric vehicles, on the other hand, are still not widely available and tend to be expensive.
- In the global large SUVs market, the electric segment by fuel type is anticipated to witness the highest growth rate over the forecast period. The electric segment is pegged to register a CAGR of 11.1% from 2022 to 2028. The segment growth is attributed to the government initiatives to lower the greenhouse gas emission and manufacturers' increased product launches, majorly in Europe.
Large SUVs Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Market Share Insights
- February 2021: Hyundai Motor India plans to increase its SUV portfolio in India, which includes a seven-seater SUV. General Motors Co. is working on expanding the Corvette line with crossover SUV, published on 15th January 2021.
Key Companies Profile & Market Share Insights
The majority of the market is captured by global companies playing important role in the market. The main focus of the companies is to increase sales through product launches, R&D activities, and expansion to the new geographies.
Some of the prominent players operating in the global large SUVs market include,
- Stellantis NV
- Toyota Motor
- Renault
- Volkswagen
- Hyundai Motor Company
- Volvo Car Corporation
- Suzuki Motor Corporation
- General Motors
- Ford Motor Company
- BMW Group
- Peugeot S.A.
- Geely
Order a free sample PDF of the Large SUVs Market Intelligence Study, published by Grand View Research.
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