Global SUV Market to Reach $1.22 Trillion by 2027 at a 6.6% CAGR – QNT Press Release


DUBLIN, Nov. 11, 2022 /PRNewswire/ — The “SUV Market by Type (Mini, Compact, Mid- & Full-Size, MPV), Propulsion (Diesel, Gasoline, Electric), Class (B, C, D, E), Seating Capacity (5 Seater,>5 seater) , EV Type (BEV, PHEV, FCEV), Sales (Compact, Mid- & Full-Size) & Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The SUV market is projected to grow from USD 885.8 billion in 2022 to USD 1,221.7 billion in 2027, at a CAGR of 6.6%. The SUVs are well known for using high-end materials and have a sporty look. The off-road capabilities of SUVs are driving their demand in US and European countries. The growing demand for premium cars with increased comfort features would create potential demand for luxury SUVs in the coming years. Similarly, the increasing trend of electrification worldwide would create demand for electric SUVs and components such as batteries and motors.

Strong demand for SUVs is noticed in countries such as China, Indiaand Japanwhere the demand for entry-level and mid-sized SUVs is growing in India and China. The key reasons for this growth are – multiple SUV launches with advanced features by almost all OEMs, competitive pricing of compact SUVs as compared with sedans, and other benefits offered by SUVs such …

Full story available on Benzinga.com



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