SUV Market Share, Size and Analysis 2034
Global SUV Market Growth, Size, Trends Analysis - By SUV, By Propulsion, By Seating Capacity - Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: Aug-2025 | Report ID: AMIN2546 | Pages: 1 - 262 | Formats*: |
| Category : Automotive & Transportation | |||
Global SUV Market Introduction and Overview
According to SPER Market Research, the Global SUV Market is estimated to reach USD 1692.34 billion by 2034 with a CAGR of 6.24%.
The report includes an in-depth analysis of the Global SUV Market, including market size and trends, product mix, Applications, and supplier analysis. The SUV market was valued at USD 923.86 billion in 2024 and is projected to experience a compound annual growth rate (CAGR) of over 6.24% from 2025 to 2034, driven by changing consumer preferences and lifestyle modifications. SUVs have grown in popularity as consumer preferences shift towards vehicles that offer versatility, plenty of space, and an elevated driving position.
By SUV Insights
The market for SUVs is divided into three segments: full-size, mid-size, and compact. In 2024, the compact SUV segment led the market. The rising demand for compact SUVs is driven by various factors that align with contemporary consumer preferences. Their adaptable design offers sufficient space for both passengers and cargo while retaining a compact size that is well-suited for urban settings.
Consumers are drawn to the higher driving position and rugged appearance characteristic of SUVs, along with fuel efficiency that rivals that of smaller vehicles. Moreover, innovations in technology and safety features render compact SUVs an appealing option for families and individuals who value comfort, convenience, and versatility in their everyday lives.
By Propulsion Insights
The market is categorized according to propulsion types, which encompass gasoline, diesel, and electric. In 2024, the gasoline segment emerged as the dominant force in the SUV market. Gasoline-powered SUVs are becoming increasingly popular due to several significant factors. Even with the rise of electric and hybrid options, gasoline SUVs continue to be attractive because of their well-established refueling infrastructure, which allows drivers easy access to gas stations.
Additionally, gasoline SUVs typically provide a longer driving range than electric vehicles, easing concerns regarding range anxiety. Furthermore, advancements in gasoline engine technology have enhanced fuel efficiency, making these vehicles more cost-effective to operate.
Regional Insights
The SUV market was dominated by the Asia Pacific region in 2024. The rapid urbanization and increasing disposable incomes in Asia Pacific have stimulated demand for vehicles that offer versatility, space, and a sense of status, with SUVs fulfilling these requirements exceptionally well. Furthermore, the varied terrain and climate throughout the region render SUVs particularly suitable for traversing different road conditions, ranging from urban streets to challenging rural landscapes. Additionally, automakers have customized SUV models to align with the preferences of Asian consumers, incorporating features such as enhanced ground clearance, cutting-edge technology, and opulent interiors, which further propels the growth of the market.
Market Competitive Landscape
Ford Motor Company, Nissan Motors, and Toyota Motor Corporation command a substantial share of the SUV market. The prominence of these companies in the SUV sector can be attributed to several factors, including brand reputation, product quality, innovation, marketing strategies, and distribution networks. Moreover, their success may arise from a blend of elements such as consumer trust, reliability, and the capacity to adapt to evolving market trends and consumer preferences.
Recent Developments:
Volvo formally started producing its all-electric EX90 SUV at its manufacturing facility near Charleston, South Carolina, in June 2024. This event signifies a major achievement for the company, as the EX90 serves not only as Volvo's premier electric vehicle but also as the first to incorporate core computing technology, thereby enhancing its safety and sustainability features.
In June 2024, Chevrolet introduced an electric SUV, the Equinox EV, which is crafted to attract mainstream consumers through its affordability, aesthetic appeal, and remarkable range. The Equinox EV is priced starting at USD 34,995, positioning it among the most budget-friendly electric vehicles available. With a range of 319 miles, it is eligible for the full USD 7,500 Federal Electric Car Tax Credit.
In November 2023, Lucid Motors presented the groundbreaking Lucid Gravity, a luxury electric SUV. The Gravity SUV is engineered to be a high-performance vehicle, boasting a projected driving range exceeding 440 miles and accommodating up to seven adults along with their belongings.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By SUV, By Propulsion, By Seating Capacity |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa |
| Companies Covered | BMW Group, Ford Motor Company, General Motors, Honda Motor Co Ltd, KIA, Mitsubishi Motors, Nissan Motors, Tesla, Inc, Toyota Motor Corporation, Volkswagen AG. |
Key Topics Covered in the Report
- Global SUV Market Size (FY’2021-FY’2034)
- Overview of Global SUV Market
- Segmentation of Global SUV Market By SUV (Compact, Mid-size, Full-size)
- Segmentation of Global SUV Market By Propulsion (Gasoline, Diesel, Electric)
- Segmentation of Global SUV Market By Seating Capacity (5 Seater, More than 5 Seater)
- Statistical Snap of Global SUV Market
- Expansion Analysis of Global SUV Market
- Problems and Obstacles in Global SUV Market
- Competitive Landscape in the Global SUV Market
- Details on Current Investment in Global SUV Market
- Competitive Analysis of Global SUV Market
- Prominent Players in the Global SUV Market
- SWOT Analysis of Global SUV Market
- Global SUV Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1.Introduction
1.1.Scope of the report1.2.Market segment analysis
2.Research Methodology
2.1.Research data source
2.1.1.Secondary Data2.1.2.Primary Data2.1.3.SPER’s internal database2.1.4.Premium insight from KOLs
2.2.Market size estimation
2.2.1.Top-down and Bottom-up approach
2.3.Data triangulation
3.Executive Summary
4.Market Dynamics
4.1.Driver, Restraint, Opportunity and Challenges analysis
4.1.1.Drivers4.1.2.Restraints4.1.3.Opportunities4.1.4.Challenges
5.Market variable and outlook
5.1.SWOT Analysis
5.1.1.Strengths5.1.2.Weaknesses5.1.3.Opportunities5.1.4.Threats
5.2.PESTEL Analysis
5.2.1.Political Landscape5.2.2.Economic Landscape5.2.3.Social Landscape5.2.4.Technological Landscape5.2.5.Environmental Landscape5.2.6.Legal Landscape
5.3.PORTERs Five Forces
5.3.1.Bargaining power of suppliers5.3.2.Bargaining power of buyers5.3.3.Threat of Substitute5.3.4.Threat of new entrant5.3.5.Competitive rivalry
5.4.Heat Map Analysis
6.Competitive Landscape
6.1.Global SUV Market Manufacturing Base Distribution, Sales Area, Product Type6.2.Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global SUV Market
7.Global SUV Market, By SUV (USD Million) 2021-2034
7.1.Compact SUV7.2.Mid-size SUV7.3.Full-size SUV
8.Global SUV Market, By Propulsion (USD Million) 2021-2034
8.1.Gasoline8.2.Diesel8.3.Electric
9.Global SUV Market, By Seating Capacity (USD Million) 2021-2034
9.1.5 Seater9.2.More than 5 Seater
10.Global SUV Market, (USD Million) 2021-2034
10.1.Global SUV Market Size and Market Share
11.Global SUV Market, By Region, (USD Million) 2021-2034
11.1.Asia-Pacific
11.1.1.Australia11.1.2.China11.1.3.India11.1.4.Japan11.1.5.South Korea11.1.6.Rest of Asia-Pacific
11.2.Europe
11.2.1.France11.2.2.Germany11.2.3.Italy11.2.4.Spain11.2.5.United Kingdom11.2.6.Rest of Europe
11.3.Middle East and Africa
11.3.1.Kingdom of Saudi Arabia11.3.2.United Arab Emirates11.3.3.Qatar11.3.4.South Africa11.3.5.Egypt11.3.6.Morocco11.3.7.Nigeria11.3.8.Rest of Middle-East and Africa
11.4.North America
11.4.1.Canada11.4.2.Mexico11.4.3.United States
11.5.Latin America
11.5.1.Argentina11.5.2.Brazil11.5.3.Rest of Latin America
12.Company Profile
12.1.BMW Group
12.1.1.Company details12.1.2.Financial outlook12.1.3.Product summary12.1.4.Recent developments
12.2.Ford Motor Company
12.2.1.Company details12.2.2.Financial outlook12.2.3.Product summary12.2.4.Recent developments
12.3.General Motors
12.3.1.Company details12.3.2.Financial outlook12.3.3.Product summary12.3.4.Recent developments
12.4.Honda Motor Co Ltd
12.4.1.Company details12.4.2.Financial outlook12.4.3.Product summary12.4.4.Recent developments
12.5.KIA
12.5.1.Company details12.5.2.Financial outlook12.5.3.Product summary12.5.4.Recent developments
12.6.Mitsubishi Motors
12.6.1.Company details12.6.2.Financial outlook12.6.3.Product summary12.6.4.Recent developments
12.7.Nissan Motors
12.7.1.Company details12.7.2.Financial outlook12.7.3.Product summary12.7.4.Recent developments
12.8.Tesla, Inc
12.8.1.Company details12.8.2.Financial outlook12.8.3.Product summary12.8.4.Recent developments
12.9.Toyota Motor Corporation
12.9.1.Company details12.9.2.Financial outlook12.9.3.Product summary12.9.4.Recent developments
12.10.Volkswagen AG
12.10.1.Company details12.10.2.Financial outlook12.10.3.Product summary12.10.4.Recent developments
12.11.Others
13.Conclusion
14.List of Abbreviations
15.Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
SUV Market CAGR of 6.24% during the forecast period.
SUV Market size is USD 1692.34 billion from 2025 to 2034.
SUV Market is projected to reach USD 1692.34 billion by 2034, growing at a CAGR of 6.24% during the forecast period.
SUV Market size from 2025. The Market is expected to reach USD 1692.34 billion by 2034, at a CAGR of 6.24% during the forecast period.
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SUV Market covered By SUV, By Propulsion, By Seating Capacity
The North America is anticipated to have the highest Market share in the SUV Market.
BMW Group, Ford Motor Company, General Motors, Honda Motor Co Ltd, KIA, Mitsubishi Motors, Nissan Motors, Tesla, Inc, Toyota Motor Corporation, Volkswagen AG.
The report includes an in-depth analysis of the Global SUV Market, including market size and trends, product mix, Applications, and supplier analysis.
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