Market by SUV Size (Compact SUV, Subcompact SUV, Mid-Size SUV, Full-Size SUV), Drivetrain Type (All-Wheel Drive, Four-Wheel Drive, Two-Wheel Drive) Price Range (Luxury, Mid-Range, Budget) Seating Capacity (5-Seater, 7-Seater, 8 Seater & Above) Fuel Type (Gasoline, Diesel, Hybrid, Electric) and Country Outlook | Forecast 2024-2032
As per Triton’s research report, the sport utility vehicle (SUV) market in the Asia-Pacific is estimated to expand in terms of revenue at a CAGR of 6.29% during the forecast period 2024-2032.
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The sport utility vehicle (SUV) market in the Asia-Pacific region has experienced strong growth, fueled by rising demand in key markets such as China, India, and Southeast Asia. In 2022, SUV sales across the region reached approximately 15 million units, driven by shifting consumer preferences toward vehicles that offer versatility and robust features suited for varied terrains and urban environments. By 2023, the production of SUVs in the Asia-Pacific region continued to rise, with China alone accounting for over 10 million units, a significant portion of its total vehicle production. The increasing popularity of electric SUVs, backed by government incentives and a growing network of charging infrastructure, leads to the growth of the reviewed market.
The countries analyzed in this region include:
China leads with a major market share, recording nearly $271.82 billion in 2023.
In 2023, China produced over 10 million SUVs, a notable portion of its total vehicle output, highlighting the sector’s importance, according to the National Bureau of Statistics of China.
Consequently, the SUV market in this country is rapidly growing, driven by government policies that favor new energy vehicles and encourage sustainability. Electric SUVs, in particular, benefit from substantial subsidies and support.
Government initiatives, including a target to boost fuel efficiency by 10% and plans for over 5 million EV charging points by 2025, are expected to sustain the SUV market’s expansion as consumer demand for high-performance, tech-advanced SUVs grows.
Sport Utility Vehicle (SUV) Market Forecast for Japan
Japan’s 2023 vehicle production reached 3.99 million, up 15.8% from 2022, with SUVs representing a substantial share, driven by advanced driver-assistance and safety features. In this regard, the country’s SUV market is growing, fueled by government incentives and evolving consumer preferences. Policies promoting eco-friendly vehicles, like electric and hybrid SUVs, come with subsidies and tax breaks, complemented by enhanced EV infrastructure to support sustainable transport. Major automakers Toyota, Nissan, and Honda lead the sector with popular models such as Toyota’s RAV4 and Harrier, Nissan’s X-Trail, and Honda’s CR-V, which cater to demands for reliability, efficiency, and comfort.
The sport utility vehicle (SUV) market is segmented by SUV size, drivetrain type, price range, seating capacity, and fuel type. Based on fuel type, it is further classified into gasoline, diesel, hybrid, and electric. Electric SUVs like the Tesla Model X, Ford Mustang Mach-E, etc., are gaining popularity among consumers focused on sustainability and efficiency. These fully electric vehicles eliminate the need for gasoline and reduce emissions, offering a combination of advanced technology and environmental benefits that appeal to eco-conscious buyers. Their demand is further bolstered by an expanding charging infrastructure, which enhances convenience for daily use and long trips, as well as by improvements in battery technology that increase driving range and decrease charging times.
Contender Analysis in the Sport Utility Vehicle (SUV) Market:
Toyota Motor Corp (Toyota) is an automobile manufacturer that designs produces, and sells a wide range of vehicles and also offers financing options for both dealers and customers to facilitate vehicle purchases or leases. In addition to its core automotive operations, Toyota has diversified into housing, financial services, telecommunications, and information technology. Committed to a strategy of vehicle electrification, the company is investing in electric battery technologies. Headquartered in Toyota City, Aichi, Japan, the company has a global presence across the Americas, Europe, Africa, Asia Pacific, and the Middle East.
As per its latest press release, Suzuki and Toyota are enhancing their collaboration by jointly developing a battery electric vehicle (BEV) SUV model, which will be supplied by Suzuki to Toyota. The production of this new design is scheduled to begin in the spring of 2025.
Other key contenders in the market include Mercedes-Benz Group AG, Volkswagen AG, AB Volvo, Tata Motors Limited, and BMW AG.
KEY DELIVERABLES OF THE REPORT:
Market CAGR during the forecasting years 2024-2032
Detailed data highlighting key insights, industry components, and market strategies
Comprehensive information and estimation of the sport utility vehicle (SUV) market revenue growth in APAC and its influence on the parent market
In-depth study of forthcoming trends in consumer behavioral patterns
A meticulous analysis of the competitive landscape and Porter’s Five Forces
A wide-ranging study of factors that will challenge the APAC sport utility vehicle (SUV) market’s growth during the upcoming years
Want to get specific insights? Our team of analysts can customize this report based on your preferences. Connect with us here.
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VIEW REPORT1. ASIA-PACIFIC SPORT
UTILITY VEHICLE (SUV) MARKET – SUMMARY
2. INDUSTRY OUTLOOK
2.1. PORTER’S FIVE FORCES
ANALYSIS
2.1.1. THREAT OF NEW ENTRANTS
2.1.2. THREAT OF SUBSTITUTES
2.1.3. BARGAINING POWER OF
BUYERS
2.1.4. BARGAINING POWER OF
SUPPLIERS
2.1.5. THREAT OF COMPETITIVE
RIVALRY
2.2. MARKET MATURITY ANALYSIS
2.3. SUPPLY CHAIN ANALYSIS
2.3.1. RAW MATERIALS
2.3.2. MANUFACTURERS
2.3.3. DISTRIBUTORS
2.3.4. END USER
2.4. REGULATORY FRAMEWORK
2.5. KEY BUYING IMPACT
ANALYSIS
2.5.1. COST
2.5.2. PRODUCT FEATURES
2.5.3. USABILITY
2.5.4. AVAILABILITY
2.6. KEY MARKET STRATEGIES
2.6.1. COLLABORATIONS
2.6.2. PRODUCT LAUNCHES
2.6.3. ACQUISITIONS
2.6.4. BUSINESS DIVESTITURES
& EXPANSIONS
2.7. MARKET DRIVERS
2.7.1. INCREASING PREFERENCE FOR
SPACIOUS AND VERSATILE VEHICLES
2.7.2. IMPROVEMENTS IN SAFETY
FEATURES
2.7.3. GROWING INTEREST IN
ENHANCED OFF-ROAD CAPABILITIES
2.8. MARKET CHALLENGES
2.8.1. GREATER FUEL CONSUMPTION RELATIVE TO
SMALLER VEHICLES
2.8.2. DIFFICULTIES WITH URBAN PARKING
2.8.3. HIGHER INITIAL PURCHASE PRICE
2.9. MARKET OPPORTUNITIES
2.9.1. GROWTH OF ELECTRIC AND
HYBRID SUV OPTIONS
2.10. ANALYST PERSPECTIVE
3. ASIA-PACIFIC SPORT
UTILITY VEHICLE (SUV) MARKET – BY SUV SIZE
3.1. COMPACT SUV
3.2. SUBCOMPACT SUV
3.3. MID-SIZE SUV
3.4. FULL-SIZE SUV
4. ASIA-PACIFIC SPORT
UTILITY VEHICLE (SUV) MARKET – BY DRIVETRAIN TYPE
4.1. ALL-WHEEL DRIVE
4.2. FOUR-WHEEL DRIVE
4.3. TWO-WHEEL DRIVE
5. ASIA-PACIFIC SPORT
UTILITY VEHICLE (SUV) MARKET – BY PRICE RANGE
5.1. LUXURY
5.2. MID-RANGE
5.3. BUDGET
6. ASIA-PACIFIC SPORT
UTILITY VEHICLE (SUV) MARKET – BY SEATING CAPACITY
6.1. 5-SEATER
6.2. 7-SEATER
6.3. 8 SEATER & ABOVE
7. ASIA-PACIFIC SPORT
UTILITY VEHICLE (SUV) MARKET – BY FUEL TYPE
7.1. GASOLINE
7.2. DIESEL
7.3. HYBRID
7.4. ELECTRIC
8. ASIA-PACIFIC SPORT
UTILITY VEHICLE (SUV) MARKET – BY COUNTRY OUTLOOK
8.1. ASIA-PACIFIC
8.1.1. MARKET BY SUV SIZE
8.1.2. MARKET BY DRIVETRAIN
TYPE
8.1.3. MARKET BY PRICE RANGE
8.1.4. MARKET BY SEATING
CAPACITY
8.1.5. MARKET BY FUEL TYPE
8.1.5.1. CHINA
8.1.5.1.1. CHINA SPORT UTILITY
VEHICLE (SUV) MARKET FORECAST & PROSPECTS
8.1.5.2. JAPAN
8.1.5.2.1. JAPAN SPORT UTILITY
VEHICLE (SUV) MARKET FORECAST & PROSPECTS
8.1.5.3. INDIA
8.1.5.3.1. INDIA SPORT UTILITY
VEHICLE (SUV) MARKET FORECAST & PROSPECTS
8.1.5.4. SOUTH KOREA
8.1.5.4.1. SOUTH KOREA SPORT
UTILITY VEHICLE (SUV) MARKET FORECAST & PROSPECTS
8.1.5.5. ASEAN COUNTRIES
8.1.5.5.1. ASEAN COUNTRIES SPORT
UTILITY VEHICLE (SUV) MARKET FORECAST & PROSPECTS
8.1.5.6. AUSTRALIA & NEW
ZEALAND
8.1.5.6.1. AUSTRALIA & NEW
ZEALAND SPORT UTILITY VEHICLE (SUV) MARKET FORECAST & PROSPECTS
8.1.5.7. REST OF ASIA-PACIFIC
8.1.5.7.1. REST OF ASIA-PACIFIC SPORT
UTILITY VEHICLE (SUV) MARKET FORECAST & PROSPECTS
9. COMPETITIVE LANDSCAPE
9.1. AUDI AG
9.1.1. OVERVIEW
9.1.2. PORTFOLIO
9.1.3. KEY STRENGTHS
9.1.4. KEY CHALLENGE
9.2. FORD MOTOR COMPANY
9.2.1. OVERVIEW
9.2.2. PORTFOLIO
9.2.3. KEY STRENGTHS
9.2.4. KEY CHALLENGE
9.3. TOYOTA MOTOR CORPORATION
9.3.1. OVERVIEW
9.3.2. PORTFOLIO
9.3.3. KEY STRENGTH
9.3.4. KEY CHALLENGE
9.4. MERCEDES-BENZ GROUP AG
9.4.1. OVERVIEW
9.4.2. PORTFOLIO
9.4.3. KEY STRENGTHS
9.4.4. KEY CHALLENGE
9.5. VOLKSWAGEN AG
9.5.1. OVERVIEW
9.5.2. PORTFOLIO
9.5.3. KEY STRENGTHS
9.5.4. KEY CHALLENGES
9.6. AB VOLVO
9.6.1. OVERVIEW
9.6.2. PORTFOLIO
9.6.3. KEY STRENGTHS
9.6.4. KEY CHALLENGE
9.7. TATA MOTORS LIMITED
9.7.1. OVERVIEW
9.7.2. PORTFOLIO
9.7.3. KEY STRENGTHS
9.7.4. KEY CHALLENGES
9.8. BMW AG
9.8.1. OVERVIEW
9.8.2. PORTFOLIO
9.8.3. KEY STRENGTHS
9.8.4. KEY CHALLENGES
9.9. JAGUAR LAND ROVER AUTOMOTIVE PLC
9.9.1. OVERVIEW
9.9.2. PORTFOLIO
9.9.3. KEY STRENGTHS
9.9.4. KEY CHALLENGES
9.10. TESLA INC
9.10.1. OVERVIEW
9.10.2. PORTFOLIO
9.10.3. KEY STRENGTHS
9.10.4. KEY CHALLENGE
10. RESEARCH METHODOLOGY
& SCOPE
10.1. RESEARCH SCOPE &
DELIVERABLES
10.2. SOURCES OF DATA
10.3. RESEARCH METHODOLOGY
TABLE 1: ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY COUNTRY
OUTLOOK, 2024-2032 (IN $ BILLION)
TABLE 2: REGULATORY FRAMEWORK
TABLE 3: LIST OF COLLABORATIONS
TABLE 4: LIST OF PRODUCT LAUNCHES
TABLE 5: LIST OF ACQUISITIONS
TABLE 6: LIST OF BUSINESS DIVESTITURES & EXPANSIONS
TABLE 7: ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY SUV SIZE,
2024-2032 (IN $ BILLION)
TABLE 8: ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY DRIVETRAIN
TYPE, 2024-2032 (IN $ BILLION)
TABLE 9: ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY PRICE
RANGE, 2024-2032 (IN $ BILLION)
TABLE 10: ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY SEATING
CAPACITY, 2024-2032 (IN $ BILLION)
TABLE 11: ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY FUEL TYPE,
2024-2032 (IN $ BILLION)
TABLE 12: ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY COUNTRY
OUTLOOK, 2024-2032 (IN $ BILLION)
FIGURE 1: MARKET
MATURITY ANALYSIS
FIGURE 2: SUPPLY
CHAIN ANALYSIS
FIGURE 3: KEY BUYING
IMPACT ANALYSIS
FIGURE 4:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY SUV SIZE, 2023 & 2032
(IN %)
FIGURE 5:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY COMPACT SUV, 2024-2032 (IN
$ BILLION)
FIGURE 6:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY SUBCOMPACT SUV, 2024-2032
(IN $ BILLION)
FIGURE 7:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY MID-SIZE SUV, 2024-2032 (IN
$ BILLION)
FIGURE 8:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY FULL-SIZE SUV, 2024-2032
(IN $ BILLION)
FIGURE 9:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY DRIVETRAIN TYPE, 2023 &
2032 (IN %)
FIGURE 10:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY ALL-WHEEL DRIVE, 2024-2032
(IN $ BILLION)
FIGURE 11:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY FOUR-WHEEL DRIVE, 2024-2032
(IN $ BILLION)
FIGURE 12:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY TWO-WHEEL DRIVE, 2024-2032
(IN $ BILLION)
FIGURE 13:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY PRICE RANGE, 2023 &
2032 (IN %)
FIGURE 14:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY LUXURY, 2024-2032 (IN $ BILLION)
FIGURE 15:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY MID-RANGE, 2024-2032 (IN $ BILLION)
FIGURE 16:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY BUDGET, 2024-2032 (IN $ BILLION)
FIGURE 17:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY SEATING CAPACITY, 2023
& 2032 (IN %)
FIGURE 18:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY 5-SEATER, 2024-2032 (IN $ BILLION)
FIGURE 19:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY 7-SEATER, 2024-2032 (IN $ BILLION)
FIGURE 20:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY 8 SEATER & ABOVE,
2024-2032 (IN $ BILLION)
FIGURE 21:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY FUEL TYPE, 2023 & 2032
(IN %)
FIGURE 22:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY GASOLINE, 2024-2032 (IN $ BILLION)
FIGURE 23:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY DIESEL, 2024-2032 (IN $ BILLION)
FIGURE 24:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY HYBRID, 2024-2032 (IN $ BILLION)
FIGURE 25:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY ELECTRIC, 2024-2032 (IN $ BILLION)
FIGURE 26:
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET, BY COUNTRY OUTLOOK, 2023 &
2032 (IN %)
FIGURE 27: CHINA
SPORT UTILITY VEHICLE (SUV) MARKET 2024-2032 (IN $ BILLION)
FIGURE 28: JAPAN
SPORT UTILITY VEHICLE (SUV) MARKET 2024-2032 (IN $ BILLION)
FIGURE 29: INDIA
SPORT UTILITY VEHICLE (SUV) MARKET 2024-2032 (IN $ BILLION)
FIGURE 30: SOUTH
KOREA SPORT UTILITY VEHICLE (SUV) MARKET 2024-2032 (IN $ BILLION)
FIGURE 31: ASEAN
COUNTRIES SPORT UTILITY VEHICLE (SUV) MARKET 2024-2032 (IN $ BILLION)
FIGURE 32: AUSTRALIA
& NEW ZEALAND SPORT UTILITY VEHICLE (SUV) MARKET 2024-2032 (IN $ BILLION)
FIGURE 33: REST OF
ASIA-PACIFIC SPORT UTILITY VEHICLE (SUV) MARKET 2024-2032 (IN $ BILLION)