United States Sport Utility Vehicle (Suv) Market Forecast 2024-2032

United States Sport Utility Vehicle (Suv) Market Forecast 2024-2032

The United States sport utility vehicle (SUV) market is forecasted to grow with a CAGR of 5.81% over the projection period of 2024-2032. The market was valued at $169.10 billion in 2023 and is expected to reach a revenue of $280.55 billion by 2032.

MARKET INSIGHTS

The United States SUV market has experienced substantial growth in recent years, driven by a strong consumer preference for these vehicles. According to the United States Environmental Protection Agency, 60% of US consumers favor SUVs due to their perceived safety, ample cargo capacity, and off-road capabilities. This preference has contributed to a steady rise in SUV sales, which now represent nearly half of all new vehicle sales in the country. The widespread appeal of SUVs is largely due to their versatility, making them well-suited for a variety of activities and driving conditions.

Technological advancements and environmental considerations have also played a significant role in shaping the SUV market. Between 2017 and 2022, leading manufacturers like Toyota and Kia achieved notable reductions in CO2 emissions for their SUV models, with decreases of 32 grams per mile and 21 grams per mile, respectively, as reported by the Environmental Protection Agency. Additionally, the average fuel economy for new SUVs improved to 24.1 miles per gallon in 2022. These developments reflect a broader trend towards making SUVs more environmentally friendly and fuel-efficient.

Furthermore, the United States SUV market is characterized by a diverse demographic of buyers. Data shows that the majority of new SUV purchasers are between the ages of 25 and 54, with a significant number constituting the 65 and older age group. Additionally, there is a marked preference for SUVs among male buyers, who make up 57% of the market. In terms of income, 40% of SUV buyers have a household income of $100,000 or more. These demographics underscore the broad appeal of SUVs across various age and income groups, further reinforcing their dominant position in the United States automotive market.

SEGMENTATION ANALYSIS

The United States sport utility vehicle (SUV) market segmentation includes drivetrain type, SUV size, price range, seating capacity, and fuel type. The price range segment is further classified into luxury, mid-range, and budget.

Luxury sport utility vehicles (SUVs) cater to affluent consumers who seek a blend of premium features, advanced technology, and superior performance. These vehicles combine the practicality and versatility of traditional SUVs with high-end materials, cutting-edge infotainment systems, and powerful powertrains, leading to a rapid expansion of this market segment in recent years. Premium automakers are continually introducing new models to satisfy the growing demand for upscale SUVs, which typically start at around USD 50,000 and can exceed USD 200,000 for ultra-luxury variants.

A standout in this category is the Mercedes-Benz GLE-Class, with prices ranging from approximately $56,150 to $117,850. The GLE offers a selection of powerful engines, including hybrid options, and is equipped with advanced driver assistance systems, such as the MBUX infotainment system, which features artificial intelligence capabilities. Another strong competitor in the luxury SUV market is the BMW X5, priced between $61,600 and $108,900. The X5 is known for its sophisticated design, exceptional driving dynamics, and luxurious interior. It also offers a range of powertrains, including a plug-in hybrid option, appealing to environmentally conscious consumers seeking luxury.

COMPETITIVE INSIGHTS

Major companies in the United States sport utility vehicle (SUV) market include Ford Motor Company, Audi AG, BMW AG, Mercedes-Benz Group AG, etc.

Ford Motor Co (Ford), headquartered in the United States, is a global automotive company involved in the design, manufacturing, marketing, and servicing of a wide range of vehicles, including cars, trucks, sport utility vehicles, and electrified vehicles. In addition to its core automotive operations, Ford provides vehicle-related financing and leasing services, with its products marketed under the Ford and Lincoln brand names. The company’s extensive customer base spans multiple regions, including South America, the Middle East, Europe, North America, Africa, and the Asia Pacific.

Ford operates a variety of facilities around the world, including transmission plants, assembly plants, casting plants, metal stamping plants, engine plants, and other component manufacturing facilities. The company also maintains assembly facilities, manufacturing plants, parts distribution centers, and engineering centers globally.

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