Large SUVs Global Market Report 2022: Ukraine-Russia War Impact
The global large SUVs market is expected to grow from $326.46 billion in 2021 to $360.87 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%.
NEW YORK, Nov. 23, 2022 /PRNewswire/ --
Major players in the large suvs market are Stellantis N.V., Toyota Motor Corporation, Groupe Renault, Volkswagen, Hyundai Motor Company, Volvo Cars, Suzuki Motor Corporation, The General Motors Company, Ford Motor Company, Bayerische Motoren Werke AG, Zhejiang Geely Holding Group Co., Mercedes-Benz Group AG, Kia Corporation , Nissan Motor Co. Ltd., and SAIC Motor Corp. Ltd.
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The global large SUVs market is expected to grow from $326.46 billion in 2021 to $360.87 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. large SUVs market is expected to grow to $516.99 billion in 2026 at a compound annual growth rate (CAGR) of 9.4%.
The large SUV market consists of sales of large SUV vehicles by entities (organizations, sole traders, and partnerships) that are used by individuals for comfortable driving with extra seating and cargo space. Large SUVs refer to sport utility vehicles that are larger with a seating capacity of 7-8 passengers, larger cargo space, higher strength, and off-road capability.
The main fuel types of large SUVs are petrol, diesel, electric, and other fuels.Petrol refers to a type of mixture of flammable hydrocarbons that are derived from petroleum that is mainly used in internal combustion engines.
These are available in various price ranges such as medium and premium.
North America was the largest region in the large SUVs market in 2021.Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in large SUVs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising popularity of sports utility vehicles among users is expected to propel the growth of the large SUV market going forward.A sport utility vehicle refers to a 4-wheeler vehicle that is powerful and can be driven over rough terrains.
The rising popularity of sport utility vehicles is due to their safety features, availability of space, fuel efficiency, and various other reasons and this popularity helps large SUV manufacturers to come up with better and large SUVs to serve their customers.For instance, according to an article by the International Energy Agency, a France-based intergovernmental organization, the number of SUVs increased to 320 million in 2021.
Therefore, the rising popularity of sports utility vehicles is driving the large SUV market.
Product innovations are a key trend gaining popularity in the large SUV market.Major companies operating in large SUVs are introducing new products to strengthen their position in the market.
For instance, in March 2020, Volswagen, a Germany-based manufacturer of large SUVs launched Touareg R. The unique feature of this SUV is that it is featured a hybrid model that consists of a 2,995 cm3 V6 turbocharged gasoline engine that delivers the 100 kW (136 PS), 250 kW (340 PS) electric drive motor, and a lithium-ion battery built into the luggage compartment underbody.
In January 2021, Peugeot S.A. (Groupe PSA), a French-based automobile manufacturer, merged with Fiat Chrysler Automobiles N.V. (FCA), an Italy-based automobile corporation, to form a company called Stellantis N.V for a deal amount of approximately $52 billion. This merger brought together substantial and increasing capabilities of both companies to solve the issue of designing the next era of sustainable mobility and to take on bigger rivals by shifting to electric driving. Stellaris NV is a Netherlands-based automotive manufacturing corporation operating in the large SUVs market.
The countries covered in the large SUVs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The large SUV market research report is one of a series of new reports that provides large SUV market statistics, including large SUV industry global market size, regional shares, competitors with a large SUV market share, detailed large SUV market segments, market trends and opportunities, and any further data you may need to thrive in the large SUV industry. This large SUV market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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