The SUV & sub-compact SUVs market in terms of production, is projected to reach 30.2 million units by 2020, growing at a CAGR of 5.36%. The SUV & sub-compact SUV market has witnessed considerable growth in countries such as the U.S., China, India, and Mexico, owing to the low cost, compact size, stylistic design, and better manoeuvrability among others.
(SUV) is a vehicle which can drive on on-road as well as off-road terrains as it is usually equipped with a four-wheel or all-wheel drive (AWD) and is built on a light truck chassis. The SUV is expected to have a passenger carrying space and are known for their high ground clearance, high centre of gravity, high H point, with boxy body.
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Increase in Socio economic conditions to boost the SUV’s market
The economic conditions in the U.S. have improved over the past five years. The country’s consumer confidence and aggregate consumption demand are on the rise. This can be attributed to the decreasing unemployment rate and increasing level of wages. The U.S. economy grew by 2.4% in 2014%—the highest since the 2008 financial crisis. This is driving the automotive market in the North American region. Similarly, the Indian economy is picking up, and is propelling the growth of the automotive industry in Asia-Oceania. China is currently going through economic adjustments. However, industry experts predict that the Chinese economy will stabilize in the long run and project steady growth figures for its automotive industry. As per the data of China Association of Automobile Manufacturers, automotive sales are increasing. Sales of SUVs, MPVs and cars increased by 9.6% in January 2016 from January 2015. This highlights that irrespective of slowing global demand growth, China’s domestic demand for vehicles is strong. The growth of the SUV segment is also influenced by falling oil prices, especially in the U.S., and cheaper credit. The segment is set to witness substantial growth in India.
Multi-Utility Vehicles (Muv)
Market for MUV segment is projected to grow at highest CAGR in terms of production compared to other segments during the forecast period. Strong demand from markets such as India and Japan have prompted automakers to expand MPV production. The market for crossovers is estimated to grow fastest in terms of sale compared to other segments during the forecast period. Consumers are inclined towards crossovers due to the benefits they offer over full-size SUV. For instance, variety of factors, including low cost, higher seating arrangement, and easy maneuverability due to its modified structure for urban areas.
Critical questions the report answers:
· Which new regions, SUV’s manufacturers are exploring for potential business avenues?
· Which are the key players in the market and how intense is the competition?
· Where will all these developments take the industry in the mid to long term?
· How will the new advancement affect the SUV’s market?
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The SUVs & Sub-Compact SUVs market is dominated by globally established companies, such as Ford Motor Company (the U.S.), Toyota Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), and General Motors (the U.S.). These companies have constantly adopted growth strategies such as new product development, expansions, mergers, and joint ventures to gain traction in the sub-compact SUVs market.
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