PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1326608
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1326608
Global Sports Utility Vehicle Market is valued approximately USD 31.9 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 10% over the forecast period 2023-2030. Sports Utility Vehicle is a type of vehicle that is designed to provide more space and comfort and they are larger than cars and have higher ground clearance. The Sports Utility Vehicle market is expanding because of factors such as rising demand of passenger cars and increase demand of luxury cars. However, Passenger cars are generally more fuel-efficient and are easier to handle in close spaces. Its importance has progressively increased during the last few decades.
According to the Statista, Passenger automobile sales are expected to total 73.98 million units by 2027, With approximately 23.56 million units sold in 2022, China remained the world's largest market for passenger automobile sales. Luxury sports utility is increasingly used owing to its benefits such as large cargo capacity, greater visibility due to large windows, and increased fuel efficiency. According to the Statista, the global market for luxury vehicles in 2022 was over USD 566 billion, an increase of almost 9% from the previous year. In addition, rising demand of safety features in automobiles and rising technological advancement in Sports Utility Vehicles would create lucrative growth opportunity. However, shifting preference toward electric vehicles and rising cost of fuel stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Sports Utility Vehicle Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominates the market during the forecast period owing to, increasing demand for premium cars with augmented comfort feature in this region. Asia-Pacific is fastest growing region during the forecast period owing to the factors such as, high investments in research and development activities and growing demand for automobiles and a rising focus on high comfort and safety in the region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures are dummy in nature, final lists may vary in the final deliverable
List of tables and figures are dummy in nature, final lists may vary in the final deliverable