North America SUV Market to Cross $ 570 Billion by 2023
Increasing
popularity of off-road recreational activities, technological developments and
growing product portfolio to drive North America SUV market through 2023
According
to TechSci Research report, “North America SUV Market By Length, By Engine Capacity, By Fuel Type, By Country,
Competition Forecast & Opportunities, 2013 – 2023”, the North America SUV market is projected to
reach $ 570.9 billion by the end of 2023, on the back of technological
advancements in SUV manufacturing and increasing preference for off-roading
activities in the region. Additionally, rising acceptance of hybrid and electric
SUVs, launch of new models and growing product portfolio are among the key
factors that would have a positive impact on the region’s SUV market in the
coming years.
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By length, North America SUV market has been
segmented into SUV-C, SUV-D, SUV-E and SUV-F. Of these categories, SUV-D
accounted for one-third of the market share in 2017 and is expected to continue
dominating the region’s SUV market during the forecast period as well. Growing
popularity of large SUVs in the region can be attributed to their advantages
such as better road handling on uneven terrain and mechanical sturdiness. The
United States is the largest market for SUVs in the region, owing to the
presence of several major manufacturing companies in the country.
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“Some of the major players operating in North
America SUV market are Fiat Chrysler Automobiles N.V., Honda Motor Co. Ltd., Toyota
Motor Corporation, Nissan Motor Corporation, Ford Motor Company and General
Motors Company. Increasing demand for performance vehicles and comfortable ride
experience, growing consumer preference for off-roading recreational activities,
and increasing focus of the automakers towards manufacturing high engine capacity
vehicles with advanced safety and infotainment systems in SUVs are anticipated
to aid the growth of North America SUV market over the course of next five
years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“North America SUV Market By Length, By Engine Capacity, By Fuel Type, By Country,
Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of SUV market across the region,
and provides statistics and information on market size, shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by the North America SUV market.
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