Small SUVs Industry Overview
The global small SUVs market size was valued at USD 551.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 0.33% from 2022 to 2028.
Small SUVs market growth is substantially credited to the rising popularity of the SUVs. Sport utility vehicles or SUVs expertly provide elements of on-road passenger cars combined with off-road vehicles in the same model. High ground clearance, higher seating position, four-wheel drive, excellent towing capacity, and large space are some of the characteristics that attract consumers to the small SUVs, fueling the global market growth.
Gather more insights about the market drivers, restrains and growth of the Global Small SUVs Market
Furthermore, the industry growth is driven by the development in the automotive manufacturing sectors, increasing disposable income, preference for personal passenger vehicles, and penetration of the key players in emerging regions. For instance, Skoda began manufacturing its small SUV Kushaq in India in June, 2021 with localization levels up to 95%. Similarly, Nissan is also planning to launch 8 new cars in Africa, the Middle East, and India by 2023, which includes small SUVs. COVID-19 pandemic has negatively impacted the mass automotive market, including small SUVs market.
Government-imposed restrictions and lockdowns across the world halted manufacturing sector as well as disrupted supply chain at various stages. Shortages of auto components and lack of labor led to decline in the production rate of small SUVs. However, slow and steady market recovery is expected in the coming years with resumed market activities. When compared to other passenger cars, SUVs contribute more to the environmental pollution and have poor fuel efficiency due to their heavy and large body. There has been an anti-SUV movement stirring among people due to the higher chances of rolling over and longer braking distance, posing higher risk. In addition to this, high cost of the SUVs has also posed as a major restraint, limiting the business growth.
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- Used Car Market – The global used car market size was valued at USD 1.57 trillion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.1% from 2022 to 2030. The used car shipment was recorded at 120.3 million units in 2021.
- Commercial Vehicles Market – The global commercial vehicles market size was estimated at USD 1.35 trillion in 2022 and is projected to register a compound annual growth rate (CAGR) of 3.7% from 2023 to 2030. Implementation of vehicle scrappage programs, aggressive investments in infrastructure development and rural development, and drafting of stringent regulatory norms for vehicle length and loading limits, among other parameters, are anticipated to fuel the growth.
Small SUVs Market Segmentation
Grand View Research has segmented the small SUVs market on the basis of fuel type, and region.
Fuel Type Outlook (Revenue, USD Million; 2017 – 2028)
Regional Outlook (Revenue, USD Million; 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights
- December 7th,2021: It was announced that Alfa Romeo Automobiles S.p.A. is planning a new entry-level small electric SUV for 2023.
- February, 2021: Ford Motor Co. plans to go all electric in Europe by 2030. As well as, Jaguar, British car brand announced about going all-electric by 2025.
- May 2021: Fisker Inc., an electric car startup partnered with Foxconn Technology Group to co-develop and manufacture a new electric vehicle.
Key Companies profiled:
Some prominent players in the global small suvs market include
- Stellantis NV
- Toyota Motor
- Hyundai Motor Company
- Volvo Car Corporation
- Suzuki Motor Corporation
- General Motors
- Ford Motor Company
- BMW Group
- Peugeot S.A.
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