PUBLISHER: Allied Market Research | PRODUCT CODE: 1414806
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414806
The crossovers market is expected to experience a significant growth rate of 7.6% from 2023-2032 due to the expansion of various factors influencing consumer preferences and the automotive industry as a whole - Allied Market Research
The popularity of SUVs has emerged as a compelling force with a positive impact on the crossovers market, shaping consumer preferences and contributing significantly to the overall growth of the automotive segment. CUVs, or Crossover Utility Vehicles, have witnessed a remarkable surge in popularity over the past few decades, owing to several factors, including the desire for a commanding driving position, increased visibility, and a rugged aesthetic that resonates with a diverse range of consumers. The crossovers image as a versatile vehicle capable of handling diverse terrains and varying weather conditions has contributed to its widespread appeal. This surge in popularity has led to increase in the sales of crossovers market, positively influencing its trajectory.
Crossovers, often considered a more refined and urban-oriented iteration of traditional SUVs, share many of the attractive features that have fueled the SUV craze. The elevated driving position, which provides a clear view of the road, is a characteristic that both SUVs and crossovers share. This feature appeals to drivers seeking a sense of confidence and control while navigating through various driving environments.
Moreover, consumers are attracted to the perceived sense of safety and security provided by SUVs, which has significantly contributed to their widespread popularity. The sturdy construction and expansive size of SUVs play a crucial role in instilling a heightened feeling of safety among drivers on the road. Crossovers inherit these safety features, offering families and individuals a vehicle that not only meets their practical needs but also aligns with their safety concerns. Manufacturers are strategically introducing a diverse range of crossover models, drawing inspiration from the success of SUV designs. Crossovers now come in various sizes and configurations, catering to different consumer preferences and family sizes.
Also, the positive influence of SUVs on the crossovers market extends to the driving experience. Consumers appreciate the smooth ride and handling characteristics of SUVs, traits that crossover vehicles have adopted to create a more enjoyable and comfortable driving experience. The crossovers market has embraced these attributes, positioning itself as an attractive option for those seeking a blend of SUV-like features with the efficiency and urban-friendly design of a sedan. Hence, the popularity of SUVs has played a pivotal and positive role in shaping the crossovers market.
The global crossovers market is segmented by type, by propulsion, by gear transmission, and by region. On the basis of type, the market is divided into compact crossovers, mid-size crossovers, and full-size crossovers. By propulsion, it is bifurcated into ICE and electric. By gear transmission, it is bifurcated into manual and automatic. By region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players covered in the report include Ford Motor Company, Mitsubishi Motors North America, Inc., Hyundai Motor Group, Kia Motors, Nissan Motor Company Ltd, TATA Motors, Toyota Motor Corporation, Volkswagen AG , Subaru of America, Inc., and Mazda Motor Corporation.
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