SUV Market Size, Share, Trends, Industry Analysis Report: By Type (Compact, Full-Size, Mid-Size, MPV, and Sub-Compact), Seating Capacity, Propulsion, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Foreca

SUV Market Size, Share, Trends, Industry Analysis Report: By Type (Compact, Full-Size, Mid-Size, MPV, and Sub-Compact), Seating Capacity, Propulsion, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2024 - 2032

The global SUV market size is expected to reach USD 1,372.37 billion by 2032, according to a new study by Polaris Market Research. The report “SUV Market Size, Share, Trends, Industry Analysis Report: By Type (Compact, Full-Size, Mid-Size, MPV, and Sub-Compact), Seating Capacity, Propulsion, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The surge in the SUV market is because of the growing disposable income worldwide. Increasing income levels have empowered consumers to invest in costlier, high-utility vehicles. For instance, in 2023, China's per capita disposable income rose by 6.3% to USD 5,500.72, as reported by the National Bureau of Statistics of China. This financial boost has enabled consumers to prioritize safety, comfort, and versatility in their vehicle choices, specifically preferring SUVs. Consequently, the growth in disposable income, particularly in emerging economies, has driven substantial investments in SUVs, fueling the expansion of the future of SUV market.

Technological advancements are playing an important role in driving the SUV market. Modern SUVs are equipped with a range of high-tech features that enhance comfort, convenience, and overall driving experience. Innovations such as infotainment systems, smartphone connectivity, advanced navigation, and driver assistance technologies have become standard or available options in many SUVs. Such technological enhancements are improving the driving experience and keeping the vehicles competitive in a rapidly evolving automotive landscape, thereby driving the SUV market growth.

Car manufacturers are heavily investing in the development of electric SUVs to leverage the advantages of zero-emission vehicles while retaining the features of regular SUVs. For instance, in May 2024, Mahindra & Mahindra Ltd., an Indian SUV manufacturer, pledged USD 1.4 billion to promote sustainable transportation and expand their electric vehicle (EV) business. Such significant investments are driving advancements in battery technology, resulting in longer driving ranges, faster charging capabilities, and improved overall performance. Thus, the increasing focus on EV technologies is meeting the changing market demands toward electric mobility, thereby fueling the growth of the SUV market.

Future of SUV Market Report Highlights

• In 2023, the mid-size segment held the largest revenue share of the SUV market due to its optimal balance between size, performance, and affordability.
• The electric vehicles segment is projected to grow substantially in the global market because of the expansion of the EV industry, which is enhancing the infrastructure for electric SUVs.
• Asia Pacific dominated the global market due to the presence of several key players, including BYD; TOYOTA MOTOR CORPORATION; Hyundai Motor Company; Honda Motor Co., Ltd.; Mahindra&Mahindra Ltd.; and Tata Motors Limited, in the region.
• North America SUV market is anticipated to grow with a substantial CAGR due to the increasing consumer preference for adaptable and spacious vehicles.
• The global key market players are BMW AG; BYD; Ford Motor Company; Geely Auto; GMC; Honda Motor Co., Ltd.; Hyundai Motor Company; Jaguar Land Rover Automotive PLC; Mahindra&Mahindra Ltd.; Mercedes-Benz Group; Renault; Stellantis NV; Suzuki Motor Corporation; TATA Motors Limited; TOYOTA MOTOR CORPORATION; Volkswagen; and Volvo Car Corporation.

Polaris Market Research has segmented the SUV market report based on type, seating capacity, propulsion, and region:

By Type Outlook (Revenue - USD billion, Volume- Million Units, 2019 - 2032)

Compact

Full-Size

Mid-Size

MPV

Sub-Compact

By Seating Capacity Outlook (Revenue - USD billion, Volume- Million Units, 2019 - 2032)

4 Seater

5 Seater

> 5 Seater

By Propulsion Outlook (Revenue - USD billion, Volume- Million Units, 2019 - 2032)

Electric Vehicles

Hybrid (HEV, PHEV)

Internal Combustion Engine

Others

By Regional Outlook (Revenue - USD billion, Volume- Million Units, 2019 - 2032)

North America

• US
• Canada

Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of APAC

Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of MEA