SUV Market Size & Share 2024 to 2032
Market Size by SUV (Compact, Mid-size, Full-size), by Propulsion (Gasoline, Diesel, Electric), by Class (Class B, Class C, Class D, Class E), by Seating Capacity (5 Seater, More than 5 Seater) & Forecast.
Report ID: GMI8694
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Published Date: March 2024
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
SUV Market Size
SUV Market size was valued at USD 869.6 billion in 2023 and is estimated to register a CAGR of over 6% between 2024 and 2032, attributed to the shifting consumer preferences and lifestyle changes. SUVs have gained popularity due to shifting consumer preferences towards vehicles that offer versatility, space, and a higher driving position. Many consumers perceive SUVs as more practical for various lifestyles, including families, outdoor enthusiasts, and urban commuters. The desire for vehicles capable of accommodating passengers, cargo, and diverse road conditions has driven the demand for SUVs.
SUV Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
For Instance, in March 2024, the Peugeot E-5008 made headlines by setting a new standard as the sole all-electric SUV boasting spacious accommodation for up to 7 passengers and an impressive electric range of up to 660 km. Built upon the STLA Medium platform and equipped with a domestically manufactured battery, the E-5008 caters perfectly to the demands of customers seeking a sizable SUV with a bold design, inviting interior, and efficient electric performance. Peugeot ensures complete peace of mind for its clientele by offering the E-5008 with 8 years or 160,000 km coverage through its ALLURE CARE program.
Crafted as an electric model from inception, the new E-5008 features a selection of zero-emission motors (WLTP cycles pending approval), ranging from 500 to 660 km in electric range, including an AWD Dual Motor and a Long-Range variant.
With advancements in technology, SUVs have become more fuel-efficient compared to their predecessors. Automakers have introduced hybrid and electric SUV models to address environmental concerns and comply with stricter emissions regulations.
For instance, in March 2024, BMW unveiled its plan to reveal the Vision Neue Klasse X SUV on March 21st, 2024. This model marks the latest addition to the company's electric SUV lineup, evident from the inclusion of the 'X' designation in its name, signifying its connection to BMW's existing X range of SUVs. The upcoming electric SUV not only represents a glimpse into BMW's forthcoming SUV offerings but also serves as a precursor to its future SUV lineup. Forming a part of BMW's Neue Klasse EV platform, this concept SUV will serve as the foundation for six new vehicles set to debut by 2025. Among these releases is a robust five-seater SUV set to follow in the footsteps of the iX3.
Additionally, the perception of SUVs as safer vehicles due to their size and robust construction has contributed to their sustained popularity despite concerns about fuel consumption and emissions.
However, despite advancements in fuel efficiency and the emergence of electric SUVs, environmental concerns regarding greenhouse gas emissions and fuel consumption remain significant. Stricter emissions regulations imposed by governments worldwide may limit the appeal of traditional gas-powered SUVs, leading to increased scrutiny and potential restrictions on their sales and usage.
SUV Market Trends
Expansion of hybrid and plug-in hybrid SUV offerings could emerge as a key factor strengthening the SUV industry. Hybrid and plug-in hybrid SUVs are gaining popularity as a transitional solution for consumers who want improved fuel efficiency without fully committing to electric vehicles. Automakers are expanding their hybrid and plug-in hybrid SUV lineups, offering models with increased electric range, enhanced performance, and advanced features. These vehicles provide the versatility and utility of traditional SUVs while reducing fuel consumption and emissions, appealing to a broad range of consumers looking for greener transportation options.
For instance, in March 2024, Audi AG unveiled its highly anticipated all-electric vehicle, the Q6 e-tron, at its headquarters in Ingolstadt, Germany. Representing a significant milestone, the Q6 e-tron is the inaugural model from the VW Group to utilize the modular premium platform electric (PPE) platform, marking a substantial leap forward in technological innovation for its electric vehicle lineup.
SUV Market Analysis
Based on SUV, the market is divided into compact SUV, mid-size SUV and full-size SUV. The compact SUV market dominated around USD 869.6 billion in 2023 and is set to cross USD 1.47 trillion by 2032. The demand for compact SUVs is propelled by a combination of factors catering to modern consumer preferences. Their versatile design provides ample space for passengers and cargo while maintaining a smaller footprint ideal for urban environments.
Consumers seek the elevated driving position and rugged aesthetic typical of SUVs, coupled with fuel efficiency comparable to smaller vehicles. Additionally, advancements in technology and safety features make compact SUVs an attractive choice for families and individuals prioritizing comfort, convenience, and versatility in their daily lives.
Based on the propulsion, the market is categorized into gasoline, diesel and electric. The gasoline segment accounted for 43% of the SUV market share in 2023, gasoline-based SUVs are gaining popularity due to several key factors. Despite the emergence of electric and hybrid alternatives, gasoline SUVs remain appealing due to their established infrastructure, providing drivers with easy access to refueling stations.
Additionally, gasoline SUVs often offer greater driving range compared to electric models, alleviating concerns about range anxiety. Furthermore, advancements in gasoline engine technology have improved fuel efficiency, making these vehicles more economical to operate. Finally, the robust performance and towing capabilities of gasoline SUVs continue to attract consumers seeking versatility and power in their vehicles.
Asia Pacific SUV market held over 47% of the revenue share in 2023. In Asia Pacific, rapid urbanization and rising disposable incomes have fueled demand for vehicles that offer versatility, space, and status, with SUVs perfectly meeting these criteria. Moreover, the diverse terrain and climate across the region make SUVs ideal for navigating various road conditions, from city streets to rugged rural areas. Additionally, automakers have tailored SUV models to cater to the preferences of Asian consumers, offering features such as increased ground clearance, advanced technology, and luxurious interiors, further driving the market's growth.
SUV Market Share
Ford Motor Company, Nissan Motors and Toyota Motor Corporation hold a significant market share of over 14% in the SUVs industry. The dominance of these companies in the SUV industry can be attributed to factors such as brand reputation, product quality, innovation, marketing strategies, and distribution networks. Additionally, their success may stem from a combination of factors including consumer trust, reliability, and the ability to adapt to changing market trends and consumer demands.
These are recognized for their diverse lineup of SUV models, ranging from compact crossovers to full-size SUVs, catering to various consumer preferences and market segments. Their strong market share signifies their ability to capture a significant portion of SUV sales and compete effectively in a highly competitive automotive market.
SUV Market Companies
Major companies operating in the SUV industry are:
SUV Industry News
The SUV market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) and and shipment (in units) from 2021 to 2032, for the following segments:
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Market, By SUV
Market, By Propulsion
Market, By Class
Market, By Class
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →