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Sports Utility Vehicles (SUVs) Market – Competitive Insight, Key Drivers, Forecast by 2024

sports utility vehicle is a kind of passenger vehicle which combines load-hauling and passenger-carrying abilities with the usefulness of a light weight pickup truck. Most of the sports utility vehicles are designed having an engine compartment, approximately square cross-section, and a combined cargo and passenger compartment. Most full-size and mid-size sports utility vehicles have approximately five or more seats, along with a luggage area directly behind the last row of seats. The popularity of sports utility vehicles has grown gradually in recent years, particularly in the United States region. Various factors have contributed towards the growth of this kind of vehicle. Generally sports utility vehicle are perceived to offer a broad range of capabilities: power, performance, cargo room, better sightlines, functionality, luxury and safety. As a result, sports utility vehicles charm to a wide gamut of drivers.

Nowadays various sports utility vehicle models are now built on a typical car platforms thus these vehicle handles more like cars than trucks or vans. Combining a car-like styling and driving, along with truck or van-like cargo capacity makes sports utility vehicles a smart substitute for some consumers. Since most of the drivers or users of sports utility vehicles do not use them for off-road driving, thus vehicle offerings in this segment have developed from the early models which were more rugged. Sport utility vehicles nowadays meet the requirements of several former truck, car and minivan drivers, but in a unlike package.

To obtain all-inclusive information on forecast analysis of global Sports Utility Vehicles (SUVs) market, request a PDF brochure here.

In the recent years, market trend has sturdily been in favor of sports utility vehicles. Consumers are motivated more towards compact vehicles that are also economical. Consumers those who love to go for long ride generally prefer sports utility vehicle with their family or friends.

The sports utility vehicles market can be segmented into two broad categories, by type, by fuel type and by seating capacity. By type, the sports utility vehicles market can be further segmented into sports utility vehicles (SUVs), multi utility vehicles (MUVs) and multi-purpose vehicles (MPVs). By fuel type the market can be further segmented into diesel, gasoline and hybrid. By seating capacity the sports utility vehicles market can be further divided into 5 seater, 7 seater and 8 and above seater. Additionally, the global sports utility vehicle market has been further divided into five regions – North America, Asia Pacific, Middle East and Africa, Europe, and Latin America.

The major players in this industry are Tata Motors Ltd. (India), Jaguar land Rover (U.K.), Ford Motor Company (U.S.), General Motors (U.S.), Daimler AG. (Germany), Toyota Motor Company (Japan), and Jeep LLC (U.S) among others.

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