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
Triton’s research report estimates that the Latin America sport utility vehicle (SUV) market is expected to acquire revenue at a CAGR of 5.93% during the forecast years 2024-2032.
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The SUV market in Latin America is expanding due to several factors, including the region’s growing middle class, a preference for larger vehicles that handle diverse terrains, and increasing urbanization. Many consumers favor SUVs for their versatility, comfort, and capability on both city roads and rural areas. In 2022, total SUV sales across the region amounted to over 2 million vehicles. This demand reflects consumers’ shifting preferences and rising vehicle affordability thereby expanding the scope of the sport utility vehicles market in the coming years.  Â
The countries studied in this region include:Â
Brazil captured the highest share in the sport utility vehicle (SUV) market, obtaining about $7.5 billion in 2023.
Brazil, as Latin America’s largest auto market, is seeing a strong shift toward SUVs, bolstered by government policies that cut import taxes on electric and hybrid vehicles.
These tax incentives motivate manufacturers to introduce more eco-friendly SUV options, aligning with rising consumer demand for sustainable vehicles.
Popular models like the Toyota RAV4 Hybrid and locally produced Ford Territory highlight the growing appeal of hybrid SUVs. This shift is expected to drive SUV sales further as consumers increasingly favor versatile, eco-conscious SUVs that suit both urban and rural landscapes.
Sport Utility Vehicle (SUV) Market Forecast for MexicoÂ
For the second year in a row, General Motors led the SUV market in Mexico, commanding 16.8% of national demand and outpacing competitors like Volkswagen, Toyota, and Nissan. The SUV segment remains the most popular vehicle category in Mexico, capturing 37.7% of the total sales volume in 2022. This strong demand, supported by enhanced local manufacturing capabilities and a stable supply chain, has positioned Mexico as a hub for the SUV market, thereby leading to further growth. Â
The sport utility vehicle (SUV) market is segmented based on SUV size, fuel type, seating capacity, drivetrain type, and price range. Based on SUV size, it is further classified into subcompact SUV, mid-size SUV, compact SUV, and full-size SUV. Subcompact SUVs are ideal for drivers in urban areas who value both efficiency and practicality. With their compact size and versatility, models like the Hyundai Kona and Nissan Kicks showcase features like easy maneuverability, comfortable interiors, and modern tech features, making them popular among a diverse range of consumers.Â
Contender Analysis in the Sport Utility Vehicle (SUV) Market:
Tesla Inc is an automotive and energy company focused on designing, developing, manufacturing, selling, and leasing electric vehicles, as well as energy generation and storage systems. It provides installation and maintenance for energy systems, sells solar electricity, and offers a comprehensive range of clean energy products covering generation, storage, and consumption. Vehicles are marketed directly to consumers through company-owned stores and galleries. Headquartered in Austin, Texas, the company has manufacturing facilities in the US, Germany, and China, with operations extending across the Asia Pacific and Europe.
The 2025 Tesla Model Y is coming into focus with a striking new design. This updated electric SUV is gearing up for production to take on a new generation of EVs amidst competitors’ products like the Deepal S07, Xpeng G6, and BYD Sealion 7.
The key entities in the reviewed market are AB Volvo, BMW AG, Tata Motors Limited, and Jaguar Land Rover Automotive PLC.
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 Latin America 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 Latin America sport utility vehicle (SUV) market 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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LATIN AMERICA SPORT UTILITY VEHICLE (SUV) MARKET – SUMMARY
2.   Â
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.   Â
LATIN AMERICA SPORT UTILITY VEHICLE (SUV) MARKET – BY SUV SIZE
3.1. COMPACT SUV
3.2. SUBCOMPACT SUV
3.3. MID-SIZE SUV
3.4. Â FULL-SIZE SUV
4.   Â
LATIN AMERICA SPORT UTILITY VEHICLE (SUV) MARKET – BY DRIVETRAIN
TYPE
4.1. ALL-WHEEL DRIVE
4.2. FOUR-WHEEL DRIVE
4.3. TWO-WHEEL DRIVE
5.   Â
LATIN AMERICA SPORT UTILITY VEHICLE (SUV) MARKET – BY PRICE
RANGE
5.1. LUXURY
5.2. MID-RANGE
5.3. BUDGET
6.   Â
LATIN AMERICA SPORT UTILITY VEHICLE (SUV) MARKET – BY SEATING
CAPACITY
6.1. 5-SEATER
6.2. 7-SEATER
6.3. 8 SEATER & ABOVE
7.   Â
LATIN AMERICA SPORT UTILITY VEHICLE (SUV) MARKET – BY FUEL TYPE
7.1. GASOLINE
7.2. DIESEL
7.3. HYBRID
7.4. ELECTRIC
8.   Â
LATIN AMERICA SPORT UTILITY VEHICLE (SUV) MARKET – BY COUNTRY
OUTLOOK
8.1. LATIN AMERICA
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
8.1.6. COUNTRY ANALYSIS
8.1.6.1. BRAZIL
8.1.6.1.1. BRAZIL SPORT UTILITY
VEHICLE (SUV) MARKET FORECAST & PROSPECTS
8.1.6.2. MEXICO
8.1.6.2.1. MEXICO SPORT UTILITY
VEHICLE (SUV) MARKET FORECAST & PROSPECTS
8.1.6.3. REST OF LATIN AMERICA
8.1.6.3.1. REST OF LATIN AMERICA SPORT
UTILITY VEHICLE (SUV) MARKET FORECAST & PROSPECTS
9.   Â
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 GROUP 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: LATIN AMERICA 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: LATIN AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY SUV SIZE,
2024-2032 (IN $ BILLION)
TABLE 8: LATIN AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY DRIVETRAIN
TYPE, 2024-2032 (IN $ BILLION)
TABLE 9: LATIN AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY PRICE
RANGE, 2024-2032 (IN $ BILLION)
TABLE 10: LATIN AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY SEATING
CAPACITY, 2024-2032 (IN $ BILLION)
TABLE 11: LATIN AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY FUEL
TYPE, 2024-2032 (IN $ BILLION)
TABLE 12: LATIN AMERICA 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: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY SUV SIZE, 2023 & 2032 (IN %)
FIGURE 5: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY COMPACT SUV, 2024-2032 (IN $ BILLION)
FIGURE 6: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY SUBCOMPACT SUV, 2024-2032 (IN $ BILLION)
FIGURE 7: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY MID-SIZE SUV, 2024-2032 (IN $ BILLION)
FIGURE 8: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY FULL-SIZE SUV, 2024-2032 (IN $ BILLION)
FIGURE 9: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY DRIVETRAIN TYPE, 2023 & 2032
(IN %)
FIGURE 10: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY ALL-WHEEL DRIVE, 2024-2032 (IN $
BILLION)
FIGURE 11: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY FOUR-WHEEL DRIVE, 2024-2032 (IN
$ BILLION)
FIGURE 12: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY TWO-WHEEL DRIVE, 2024-2032 (IN $
BILLION)
FIGURE 13: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY PRICE RANGE, 2023 & 2032 (IN
%)
FIGURE 14: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY LUXURY, 2024-2032 (IN $ BILLION)
FIGURE 15: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY MID-RANGE, 2024-2032 (IN $ BILLION)
FIGURE 16: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY BUDGET, 2024-2032 (IN $ BILLION)
FIGURE 17: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY SEATING CAPACITY, 2023 &
2032 (IN %)
FIGURE 18: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY 5-SEATER, 2024-2032 (IN $ BILLION)
FIGURE 19: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY 7-SEATER, 2024-2032 (IN $ BILLION)
FIGURE 20: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY 8 SEATER & ABOVE, 2024-2032
(IN $ BILLION)
FIGURE 21: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY FUEL TYPE, 2023 & 2032 (IN
%)
FIGURE 22: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY GASOLINE, 2024-2032 (IN $ BILLION)
FIGURE 23: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY DIESEL, 2024-2032 (IN $ BILLION)
FIGURE 24: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY HYBRID, 2024-2032 (IN $ BILLION)
FIGURE 25: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY ELECTRIC, 2024-2032 (IN $ BILLION)
FIGURE 26: LATIN
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY COUNTRY OUTLOOK, 2023 & 2032
(IN %)
FIGURE 27: BRAZIL
SPORT UTILITY VEHICLE (SUV) MARKET 2024-2032 (IN $ BILLION)
FIGURE 28: MEXICO
SPORT UTILITY VEHICLE (SUV) MARKET 2024-2032 (IN $ BILLION)
FIGURE 29: REST OF
LATIN AMERICA SPORT UTILITY VEHICLE (SUV) MARKET 2024-2032 (IN $ BILLION)