Large SUVs Market size is expected to reach USD 334.3 billion by 2028

 Large SUVs Industry Overview

The global large SUVs market size was valued at USD 322.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 0.5% from 2022 to 2028.

 

The market is majorly driven by the increasing demand from the Middle East and Europe, attributed to the rising popularity of the sports utility vehicles, which is outpacing the others. The popularity of large SUVs is attributed to their properties, such as the look of a car and the functionality and power of the utility vehicle, over other passenger cars. It offers more capacity, and a higher vantage point for drivers due to higher seating, attractive styles, and connected features like passenger cars. Budding market demand for large SUVs in China is also contributing to the global market growth. Furthermore, frequent launches of large SUVs by manufacturers are fueling the market growth. For instance, Volkswagen launched Touareg R in October 2020 which comes with a plug-in hybrid system. Toyota Urban Cruiser launched in September 2020, among many others.

 

Gather more insights about the market drivers, restrains and growth of the Global Large SUVs Market

 

Large SUVs market growth is restrained by the rising concerns about environmental issues and safety. Due to the large and heavy body of the large SUV, energy consumption is far more compared to the other medium-sized and small passenger cars and subsequent increase in CO2 emissions. Large SUVs are more prone to rollover due to the large size of the SUV and higher center of gravity. These aspects of the large SUVs are expected to restrain the global market growth.

 

The market of the large SUV experienced a drop in the growth rate as a result of the COVID-19 pandemic worldwide. The pandemic disrupted the supply chain of the auto components and manufacturing process, global output of large SUVs plummeted as well as sales. However, with the resumed manufacturing process, supply chain and fast ongoing vaccination process the market will recover in the forecast years, with a little shadow of the pandemic.  

 

Browse through Grand View Research's Automotive & Transportation Industry Research Reports

  • Intelligent Traffic Management System Market: The global intelligent traffic management system market size was valued at USD 10,423.7 million in 2022 and it is expected to expand at a 13.8% compound annual growth rate (CAGR) from 2023 to 2030. 
  • Connected Logistics Market: The global connected logistics market size was valued at USD 26.34 billion in 2021, and is expected to expand at a compound annual growth rate (CAGR) of 13.9 % from 2022 to 2030. 

 

Key Companies Profile

Some of the key players operating in the global large SUVs market include:

  • Stellantis NV
  • Toyota Motor
  • Renault
  • Volkswagen
  • Hyundai Motor Company
  • Volvo Car Corporation
  • Suzuki Motor Corporation
  • General Motors
  • Ford Motor Company
  • BMW Group
  • Peugeot S.A.
  • Geely

 

Order a free sample PDF of Large SUVs Market Intelligence Study, published by Grand View Research. 

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