SUV Market Growth Credited to High Demand for Off-Road Capabilities

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SUV Market Growth Credited to High Demand for
Off-Road Capabilities As per Inkwood Research,
the Global Sport Utility Vehicle (SUV) Market is
projected to grow at a CAGR of 6.08 in terms of
revenue during the forecasting period of 2024-
2032. An SUV blends the capabilities of off-road
vehicles with the comfort and design of passenger
cars, making it a popular choice across a wide
range of consumers. Additionally, these sport
utility vehicles offer superior safety features
and an elevated driving position, further
boosting their widespread appeal.
REQUEST FREE SAMPLE Increasing Demand for
Off-Road Capabilities to Promote SUV Market
Growth The rising demand for off-road
capabilities is a key factor driving the growth
of the SUV market. As more consumers seek
vehicles that can handle a variety of terrains,
SUVs offer the perfect blend of durability and
versatility, making them ideal for both urban and
adventure-focused driving. Enhanced features such
as all-wheel drive, improved ground clearance,
and robust suspension systems are becoming
increasingly popular among drivers looking for
performance in rugged conditions. This growing
preference for off-road functionality, combined
with advancements in automotive technology, is
set to further propel the SUV markets
expansion. Two-Wheel Drive Major Drivetrain Type
by 2032 Consumers focused on fuel efficiency and
reduced maintenance costs are increasingly
turning to two-wheel drive (2WD) vehicles within
the global SUV market. Predominantly offered in
front-wheel drive configurations, these SUVs
provide advantages like increased ground
clearance and roomy interiors while delivering
better fuel economy than all-wheel- drive models.
The demand for 2WD SUVs is particularly rising in
urban and suburban areas where off-road
capabilities are less critical, contributing to
the growth of this segment.
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Asia-Pacific is Expected to be the
Fastest-Growing Region during the Forecast
Period In 2022, the region accounted for over 40
of global SUV sales, according to the
International Organization of Motor Vehicle
Manufacturers (OICA). SUVs are highly favored due
to their versatility, spacious interiors, and
higher ground clearance, making them suitable for
both urban and rural driving conditions. Key
markets such as China, India, and Australia have
been major contributors to this growth. In China,
the China Association of Automobile Manufacturers
(CAAM) reported that SUVs comprised nearly 45 of
total vehicle sales in 2022. Meanwhile, in India,
the Society of Indian Automobile Manufacturers
(SIAM) recorded a 10 rise in SUV sales, driven
by consumer demand for enhanced road presence and
comfort. Additionally, the growing trend toward
hybrid and electric SUVs is influencing the
market, with Japan and South Korea introducing
stricter emission regulations and incentives for
electric vehicle adoption. Japans Ministry of
Economy, Trade, and Industry (METI) noted a 15
increase in hybrid and electric SUV sales in
2022, reflecting the rising demand for
sustainable mobility options. Furthermore, some
of the leading companies operating in the global
market are Mercedes- Benz Group AG, Volkswagen
Group, AB Volvo, Toyota Motor Corporation, Kia
Motors Corporation, etc. Request for
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