Global Sports Utility Vehicles (SUVs) Market to Reach 127.4 Million Units by 2030
The global market for Sports Utility Vehicles (SUVs) estimated at 66.7 Million Units in the year 2024, is expected to reach 127.4 Million Units by 2030, growing at a CAGR of 11.4% over the analysis period 2024-2030. Diesel, one of the segments analyzed in the report, is expected to record a 10.1% CAGR and reach 52.3 Million Units by the end of the analysis period. Growth in the Petrol segment is estimated at 12.0% CAGR over the analysis period.
The U.S. Market is Estimated at 17.2 Million Units While China is Forecast to Grow at 14.7% CAGR
The Sports Utility Vehicles (SUVs) market in the U.S. is estimated at 17.2 Million Units in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of 29.1 Million Units by the year 2030 trailing a CAGR of 14.7% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 7.7% and 9.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.9% CAGR.
Global Sports Utility Vehicles (SUVs) Market - Key Trends and Drivers Summarized
Sports Utility Vehicles (SUVs) have experienced a surge in global popularity, becoming a dominant choice in the automotive market due to their blend of style, functionality, and versatility. Designed to perform adeptly in both urban and rugged terrains, SUVs are characterized by their tall stature, spacious interiors, and higher seating positions, which enhance road visibility and ease of entry. The robust construction of these vehicles makes them suitable for challenging conditions, contributing to their reputation as durable and reliable options for various uses. Their capacious interiors also position them as ideal family vehicles, offering more passenger and cargo space compared to traditional sedans and hatchbacks, making them highly versatile for different lifestyle needs.
The increasing appeal of SUVs can be attributed to several factors that enhance both their urban and off-road driving capabilities. Modern SUVs often feature monocoque construction that affords sedan-like handling, high-speed stability, and improved fuel efficiency, making them more economical and environmentally friendly. The availability of affordable pricing across many models has opened up SUV ownership to a broader audience, elevating their aspirational value. Additionally, SUVs are equipped with advanced features like automatic gearboxes, turbocharged engines, and enhanced safety systems, which amplify their functionality and capacity, catering to larger families or groups seeking practical yet comfortable vehicles.
Several market forces drive the demand for SUVs, including significant improvements in fuel efficiency and heightened safety features that align with the growing consumer focus on environmental consciousness and cost-effectiveness. The crossover SUV segment, in particular, has seen considerable growth by combining the comfort of a sedan with the practical advantages of an SUV, appealing to those who desire versatility without compromising on drivability. Technological advancements have further augmented the appeal of SUVs, integrating cutting-edge features such as advanced connectivity and infotainment systems that attract tech-savvy consumers. Moreover, changing lifestyle trends that favor outdoor activities boost the practicality of SUVs for transporting equipment and navigating varied terrains. The shift towards electric and hybrid models addresses environmental concerns, enhancing the SUV market`s growth. Additionally, cultural influences and government policies that favor larger vehicles for their perceived safety and status, along with innovative financing options and effective marketing strategies, have significantly contributed to the robust growth and diversification of the SUV market, establishing them as a preferred choice for a wide range of consumers globally.
SCOPE OF STUDY:TARIFF IMPACT FACTOR
Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.
We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.
We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.
As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.
To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!
APRIL 2025: NEGOTIATION PHASE
Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.
JULY 2025 FINAL TARIFF RESET
Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.
Reciprocal and Bilateral Trade & Tariff Impact Analyses:
USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.
Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.
Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook