South America SUV Market to Grow at 13% CAGR through 2023
Growing inclination towards off-roading recreational
activities coupled with rising demand for performance cars, entry of several
automakers and increasing product offerings to drive South America SUV market
through 2023
According to TechSci Research report, “South America SUV Market By Length, By Engine Capacity, By Fuel Type, By Country,
Competition Forecast & Opportunities, 2013 – 2023”, South America SUV market is forecast to grow
at a CAGR of more than 13%, in value terms, during 2018 - 2023. Key factors
expected to fuel the market are SUVs’ versatility to drive in tough terrain and
high load carrying capacity even at slopes or rough roads, growing per capita
income and increasing preference for off-roading sports tournaments. Moreover, technological
advancements, launch of new models, and rising demand for compact SUVs are
anticipated to fuel the SUV market in South America during the forecast
period.
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Brazil dominated the South America SUV market in
2017 with a volume share of more than 45%, and the country is expected to
maintain its market dominance in the coming years as well. In terms of vehicle
length, SUV-C segment accounts for the largest market share, owing to huge
demand for compact SUVs in the region, backed by their several features similar
to big SUVs and economical pricing. Some of the major players in the South
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.
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“Increasing focus of automakers towards manufacturing
high engine capacity SUVs with advanced safety and infotainment systems, rising
demand for performance vehicles and comfortable ride experience, and growing
product portfolio are expected to have a positive impact on the South 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.
“South 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 South America
SUV market.
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