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 analysis states that the sport utility vehicle (SUV) market in North America is estimated to gain revenue at a CAGR of 5.75% over the forecast years 2024-2032.
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SUVs have now become more appealing due to technological advancements that have led to a remarkable 70% increase in fuel efficiency for car-based SUVs over the last two decades, outpacing even the 38% gains seen in sedans and wagons. Despite their higher price point, SUVs and trucks have seen exponential growth in sales across North America, overtaking sedans as the preferred vehicle choice. Millennials, in particular, have shown a strong preference for SUVs due to their features that align with family-oriented lifestyles and enhanced safety features. This demographic shift intending to have more utility and functional use of SUVs is leading the market progression in this region.
The countries researched in this region include:
The United States holds the largest market share, achieving around $170.83 billion in 2023.
According to surveys, 60% of American consumers favor SUVs for their perceived safety, ample cargo space, and off-road capabilities, as reported by the United States Environmental Protection Agency.
This growing preference has led to a consistent rise in SUV sales, which now represent nearly half of all new vehicle sales in the country.
The versatility of SUVs is a key factor in their popularity, as they are well-suited for various activities and driving conditions. This has led to the expansion of the sport utility vehicle (SUV) market in the United States.
Sport Utility Vehicle (SUV) Market Trends in Canada
In Canada, 86% of all vehicles sold in May were classified as either SUVs or pickup trucks, according to DesRosiers Automotive Consultants. This shift underscores consumers’ preference for vehicles that offer greater utility with the capacity to transport more passengers and cargo. Although the rising popularity of SUVs has contributed significantly to increased carbon emissions, this demand is also incentivizing automakers to accelerate the production of electric SUVs. This evolution in the market is expanding options for consumers merging the utility of SUVs with the benefits of zero-emission technology, thereby widening the scope of the SUVs.
The studied market is categorized into price range, seating capacity, drivetrain type, SUV size, and fuel type. The price range segment comprises luxury, budget, and mid-range. Luxury SUVs appeal to affluent buyers by blending SUV practicality with premium features, advanced technology, and high performance. With high-end materials, state-of-the-art infotainment, and powerful engines, this segment has grown quickly as demand rises for upscale options. Automakers are responding with customizable models, ranging from $50,000 to over $200,000 for ultra-luxury versions, with popular SUVs like the Mercedes-Benz GLE-Class and BMW X5.
Contender Analysis in the Sport Utility Vehicle (SUV) Market:
Ford Motor Co (Ford) is an automotive company involved in the design, manufacture, marketing, and servicing of a wide range of cars, trucks, SUVs, and electrified vehicles. Its global operations include transmission, assembly, casting, metal stamping, engine, and other component plants, along with assembly facilities, parts distribution centers, and engineering centers. It markets products under the Ford and Lincoln brands, reaching customers in North America, South America, Europe, the Middle East, Africa, and the Asia-Pacific region. The company is headquartered in Dearborn, Michigan, USA.
After a 38-year hiatus, Ford has recently brought back the Capri nameplate, reimagining it as an electric SUV with a sleek, coupe-inspired body design.
The other important contenders in the sport utility vehicle (SUV) market are AUDI AG, JAGUAR LAND ROVER AUTOMOTIVE PLC, BMW AG, TESLA INC, and TOYOTA MOTOR CORPORATION.
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 North 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 North America 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. NORTH AMERICA 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. NORTH AMERICA 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. NORTH 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. NORTH AMERICA SPORT
UTILITY VEHICLE (SUV) MARKET – BY PRICE RANGE
5.1. LUXURY
5.2. MID-RANGE
5.3. BUDGET
6. NORTH AMERICA SPORT
UTILITY VEHICLE (SUV) MARKET – BY SEATING CAPACITY
6.1. 5-SEATER
6.2. 7-SEATER
6.3. 8 SEATER & ABOVE
7. NORTH AMERICA SPORT
UTILITY VEHICLE (SUV) MARKET – BY FUEL TYPE
7.1. GASOLINE
7.2. DIESEL
7.3. HYBRID
7.4. ELECTRIC
8. NORTH AMERICA SPORT
UTILITY VEHICLE (SUV) MARKET – BY COUNTRY OUTLOOK
8.1. NORTH 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. UNITED STATES
8.1.6.1.1. UNITED STATES SPORT
UTILITY VEHICLE (SUV) MARKET FORECAST & PROSPECTS
8.1.6.2. CANADA
8.1.6.2.1. CANADA 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: NORTH 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: NORTH AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY SUV SIZE,
2024-2032 (IN $ BILLION)
TABLE 8: NORTH AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY DRIVETRAIN
TYPE, 2024-2032 (IN $ BILLION)
TABLE 9: NORTH AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY PRICE
RANGE, 2024-2032 (IN $ BILLION)
TABLE 10: NORTH AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY SEATING
CAPACITY, 2024-2032 (IN $ BILLION)
TABLE 11: NORTH AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY FUEL TYPE,
2024-2032 (IN $ BILLION)
TABLE 12: NORTH 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: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY SUV SIZE, 2023 & 2032 (IN %)
FIGURE 5: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY COMPACT SUV, 2024-2032 (IN $ BILLION)
FIGURE 6: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY SUBCOMPACT SUV, 2024-2032 (IN $ BILLION)
FIGURE 7: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY MID-SIZE SUV, 2024-2032 (IN $ BILLION)
FIGURE 8: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY FULL-SIZE SUV, 2024-2032 (IN $ BILLION)
FIGURE 9: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY DRIVETRAIN TYPE, 2023 & 2032
(IN %)
FIGURE 10: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY ALL-WHEEL DRIVE, 2024-2032 (IN $
BILLION)
FIGURE 11: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY FOUR-WHEEL DRIVE, 2024-2032 (IN
$ BILLION)
FIGURE 12: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY TWO-WHEEL DRIVE, 2024-2032 (IN $
BILLION)
FIGURE 13: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY PRICE RANGE, 2023 & 2032 (IN
%)
FIGURE 14: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY LUXURY, 2024-2032 (IN $ BILLION)
FIGURE 15: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY MID-RANGE, 2024-2032 (IN $ BILLION)
FIGURE 16: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY BUDGET, 2024-2032 (IN $ BILLION)
FIGURE 17: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY SEATING CAPACITY, 2023 &
2032 (IN %)
FIGURE 18: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY 5-SEATER, 2024-2032 (IN $ BILLION)
FIGURE 19: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY 7-SEATER, 2024-2032 (IN $ BILLION)
FIGURE 20: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY 8 SEATER & ABOVE, 2024-2032
(IN $ BILLION)
FIGURE 21: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY FUEL TYPE, 2023 & 2032 (IN
%)
FIGURE 22: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY GASOLINE, 2024-2032 (IN $ BILLION)
FIGURE 23: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY DIESEL, 2024-2032 (IN $ BILLION)
FIGURE 24: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY HYBRID, 2024-2032 (IN $ BILLION)
FIGURE 25: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY ELECTRIC, 2024-2032 (IN $ BILLION)
FIGURE 26: NORTH
AMERICA SPORT UTILITY VEHICLE (SUV) MARKET, BY COUNTRY OUTLOOK, 2023 & 2032
(IN %)
FIGURE 27: UNITED
STATES SPORT UTILITY VEHICLE (SUV) MARKET 2024-2032 (IN $ BILLION)
FIGURE 28: CANADA
SPORT UTILITY VEHICLE (SUV) MARKET 2024-2032 (IN $ BILLION)