SUV Market to Grow with a CAGR of 7.68% in North America through to 2028
The major drivers for the North America
SUV market include consumer preference for larger and versatile vehicles, a
growing demand for SUVs as family vehicles, and the popularity of SUVs among
urban and suburban demographics.
According to TechSci Research report, “North
America SUV Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the North America SUV Market stood at USD 280 Billion
in 2022 and is anticipated to grow with a CAGR of 7.68% in the forecast period,
2024-2028. The North American SUV market is primarily driven by a combination
of factors. Firstly, the preference for larger vehicles due to safety concerns
and spacious interiors has significantly boosted demand. With the increasing
number of families and individuals seeking vehicles that provide ample space
for passengers and cargo, SUVs have become the go-to choice.
Additionally, the rise in disposable income has
allowed more consumers to consider purchasing luxury SUVs. Alongside this,
attractive financing options have made these vehicles more accessible to a
wider range of buyers. As a result, there is a growing trend of consumers
gravitating towards the added comfort, style, and prestige that luxury SUVs
offer.
Furthermore, technological advancements have played a
crucial role in shaping the North American SUV market. Manufacturers have been
investing in research and development to create more fuel-efficient and
eco-friendly models. This not only helps consumers reduce their carbon
footprint but also provides cost-saving benefits in the long run.
Lastly, the market dynamics are also influenced by
constantly evolving lifestyle trends and customer preferences. SUVs that offer
a blend of comfort, utility, and performance continue to be in high demand.
Whether it's for family road trips, outdoor adventures, or everyday commuting,
consumers are looking for vehicles that can meet their diverse needs.
In summary, the North American SUV market is driven by
a combination of factors such as safety concerns, spacious interiors, rising
disposable income, attractive financing options, technological advancements,
and evolving lifestyle trends. These factors collectively contribute to the
popularity and growth of SUVs in the region.
Browse over 26 market data Figures
spread through 91 Pages and an in-depth TOC on "North America SUV Market”
The North America SUV market is a dynamic and thriving
segment within the automotive industry. With its wide range of SUV models, it
caters to diverse consumer preferences and lifestyles. From compact crossovers
perfect for urban adventures to rugged and spacious SUVs designed for off-road
enthusiasts, there is a vehicle for every need. Whether you seek fuel
efficiency, advanced safety features, luxurious comfort, or powerful
performance, the North America SUV market offers an array of options to suit your
desires.
One of the defining features of the North American SUV
market is its sheer size and dominance. SUVs have consistently held a
significant share of the automotive market, reflecting the strong appeal of
these vehicles among North American consumers. This popularity can be
attributed to the versatility and adaptability of SUVs, which meet a variety of
consumer needs, from family transportation and outdoor adventures to daily
commuting.
Moreover, these vehicles offer spacious interiors with
ample legroom and cargo space, ensuring comfort and convenience for both
drivers and passengers. The advanced safety features and technologies
integrated into SUVs provide added peace of mind on the road, making them a
preferred choice for families and individuals alike.
Furthermore, SUVs come in a range of sizes and styles,
catering to different preferences and lifestyles. Whether you're looking for a
compact SUV for city driving or a rugged and powerful SUV for off-road
excursions, the North American market offers a wide selection to choose from.
In summary, the North American SUV market stands out
for its size, dominance, and unwavering popularity among consumers. With their
versatility, comfort, safety features, and diverse range of options, SUVs
continue to be a driving force in the automotive industry, meeting the needs
and preferences of countless individuals and families across the continent.
Within the North America SUV market, there is a
remarkable diversity of offerings. Automakers have responded to the varying
preferences of consumers by producing SUVs in different sizes, styles, and
price ranges. Compact and subcompact SUVs have gained traction in urban
settings, offering a balance between maneuverability and interior space.
Midsize and full-size SUVs cater to those seeking more substantial vehicles for
family and cargo needs. Luxury SUVs have also carved a significant niche,
appealing to consumers looking for a combination of style, performance, and
advanced features.
Safety and technology have played central roles in
shaping the North America SUV market. Consumers prioritize safety features and
advanced driver-assistance systems, and automakers have responded by equipping
SUVs with a wide array of these technologies. Connectivity and infotainment
have also become critical aspects, with SUVs featuring advanced touchscreen
displays, smartphone integration, and voice recognition systems. As technology
continues to evolve, SUVs are expected to offer even more sophisticated connectivity
and safety options.
Environmental considerations have influenced the North
America SUV market, with a growing interest in hybrid and electric SUVs. As
awareness of climate change and emissions reduction increases, automakers are
introducing hybrid and electric SUV models to meet the demand for more
sustainable transportation. This trend aligns with the region's commitment to
reducing carbon emissions and promoting environmental responsibility.
In summary, the North America SUV market is
characterized by its size, diversity, safety features, technological
advancements, and responsiveness to environmental concerns. SUVs remain a
popular choice among North American consumers for their adaptability and
versatility. While the market has shown resilience and growth, it continues to
evolve as automakers adapt to changing consumer preferences, regulatory
requirements, and technological advancements.
Major companies operating in North America SUV Market
are:
- Ford Motor Company
- General Motors
- AUDI AG
- Kia Motors Corporation
- Groupe Renault
- Groupe PSA
- SAIC Motor Corporation
Limited
- Daimler AG
- BMW AG
- Mahindra & Mahindra
Limited
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“The North American SUV market is primarily driven by
a combination of factors. Firstly, the preference for larger vehicles due to
safety concerns and spacious interiors has significantly boosted demand.
Additionally, the rise in disposable income, coupled with attractive financing
options, are enabling consumers to gravitate towards luxury SUVs. Technological
advancements leading to more fuel-efficient and eco-friendly models are also
playing a crucial part. Lastly, the market dynamics are shaped by the
constantly evolving lifestyle trends and customer preferences towards SUVs that
offer a blend of comfort, utility, and performance.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“SUV Market – North
America Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Length (SUV-C, SUV-D,
SUV-E and SUV-F), By Transmission Type, By Fuel Type (Diesel, Petrol and Hybrid
& Others), By Country, Competition”, has evaluated
the future growth potential of North America SUV Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in North America SUV Market.
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