Triton Market Research estimates that the Global Sport Utility Vehicle (SUV) Market is likely to grow with a CAGR of 6.21% in the forecast period 2024-2032.
Known for spacious interiors, a sport utility vehicle (SUV) is a versatile transport medium that combines the comfort of passenger cars with the durability of off-road models. Consequently, the demand for SUVs with advanced off-road capabilities is surging leading to the expansion of the global SUV market growth.
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Top
3 Trends in SUV Market:
1.
Balance
Luxury with Environmental Responsibility
The highly anticipated Audi Q5 SUV and Audi SQ5 SUV2 are
scheduled for launch in Germany and select European markets in early 2025. These
models will showcase a new generation of partially electrified combustion
engines designed to reduce emissions while enhancing fuel efficiency.
2.
Electric
SUVs Taking the Lead
The 2025 Tesla Model Y is emerging with a bold new
design, positioning this updated electric SUV. Similarly, Cadillac’s upcoming
2026 Vistiq, a three-row electric SUV, is set to drive substantial demand by
combining high performance and everyday practicality. These upcoming electric
SUV models are well aligned with the EV industry’s growing commitment to energy
efficiency.
3.
AI-enabled
safety features in SUVs
Volvo Cars introduces the EX90 SUV, showcasing a new era
of AI-enabled safety and innovation built on NVIDIA’s cutting-edge accelerated
computing platform. To further strengthen its AI-driven safety features, Volvo
is leveraging NVIDIA DGX for comprehensive AI training, enabling continuous
improvements in vehicle perception and decision-making.
Asia-Pacific
to be the Fastest Growing Region in the SUV Market
By 2023, SUV production in this region continued its
upward trajectory, with China contributing over 10 million units, a substantial
share of its total vehicle output. The growing adoption of electric SUVs,
supported by government incentives and the rapid expansion of charging
infrastructure, has further accelerated market growth.
Key
Contenders in the SUV Market:
Audi AG, Ford Motor Company, Toyota Motor Corporation, Mercedes-Benz Group AG, Volkswagen AG, AB Volvo, Tata Motors Limited, BMW AG, Jaguar Land Rover Automotive PLC, and Tesla Inc.
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