Asia-Pacific Sport Utility Vehicle (SUV) Market Outlook, 2029
The Asia-Pacific Sport Utility Vehicle (SUV) Market is segmented into By Type (Small, Compact, Mid-Size, Large, MPV/MUV), By Seating Capacity (5 seater, >5 seater), By Propulsion (Petrol, Diesel, Electric, Others) and By Electric Propulsion (Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Others (HEV, FCEV)).
- Bonafide Research
- 29-02-2024
- Pages : 95
- Figures : 14
- Tables : 27
- Region : Asia-Pacific
- Category : Automotive & Transport
- Automotive
The Asia-Pacific SUV market is predicted to grow with more than 6% CAGR from 2024 to 2029 due to rising middle class and infrastructure development
- Historical Period2018-2022
- Base Year2023
- Forecast Period2024-2029
- CAGR (2024-2029) 6%
- Largest Market China
- Fastest Market India
- Format
Featured Companies
- 1. BMW Group
- 2. Ford Motors
- 3. General Motors
- 4. Hyundai
- 5. Nissan Motor
- 6. Tata Motors
- More...
Sport Utility Vehicle (SUV) Market Analysis
The Asia-Pacific region is a vibrant and developing SUV market with a complex interplay of economic, social, and cultural influences. The region, which ranges from the highly established economies of Japan and South Korea to the growing markets of Southeast Asia, has a broad consumer base with varying interests and spending power. In recent years, the SUV category in Asia-Pacific has grown dramatically, driven by reasons such as increased urbanization, rising disposable incomes, and altering customer tastes toward cars that provide versatility, comfort, and perceived safety. Furthermore, the region's large geography and varying topography make SUVs an appealing option for buyers looking for vehicles that can easily navigate both urban and difficult terrain. Japan, one of the region's key automotive markets, has seen consistent demand for SUVs, driven by a mix of reasons such as an aging population, a preference for spacious and comfortable vehicles, and technological improvements that improve SUV capabilities. Japanese automakers such as Toyota, Honda, and Nissan have established a significant presence in the SUV market, with a diverse range of models catering to various consumer categories. South Korea, home to automakers such as Hyundai and Kia, has also seen a large increase in SUV sales. These manufacturers have seized on the popularity of SUVs by creating models customized to Asian consumer preferences that combine style, performance, and advanced technologies. Thailand, Indonesia, and Malaysia are seeing an increase in SUV sales as a result of improved infrastructure, rising prosperity, and changing lifestyles. The compact SUV sector, in particular, has gained popularity in urban areas by providing a blend of versatility and fuel efficiency. According to the research report "Asia-Pacific SUV Market Outlook, 2029," published by Bonafide Research, the Asia-Pacific SUV market is predicted to grow with more than 6% CAGR from 2024 to 2029. The growth of the Asia-Pacific middle class has been a significant driver of SUV demand in the region. As earnings rise in nations such as China, India, and Indonesia, more consumers are entering the middle class and wanting automobiles that combine practicality and status. SUVs, with their large interiors, dominating road presence, and flexible capabilities, have emerged as a popular choice among this growing middle class, representing prosperity and lifestyle goals. Furthermore, the rising pace of urbanization in many Asia-Pacific countries has boosted demand for SUVs as city people seek vehicles that can meet their lifestyle requirements. SUVs have considerable luggage capacity, higher seating positions, and advanced safety features that appeal to urban families and professionals alike. Concerns about air pollution, energy security, and climate change are driving a huge move toward electric and hybrid SUVs across Asia-Pacific. Countries such as China and Japan have set ambitious targets for electric vehicle adoption, resulting in increased investment in electric SUV models from both domestic and international manufacturers. This trend reflects a larger worldwide trend toward sustainable mobility, emphasizing the Asia-Pacific region's importance in defining the future of automobile technology. Cultural considerations influence consumer choices for SUVs in the Asia-Pacific region. SUVs are frequently linked with adventure and exploration in nations where outdoor leisure is prominent, such as Australia and New Zealand. In heavily populated urban centers such as Tokyo and Seoul, SUVs are viewed as a status symbol or a viable option for negotiating congested streets. Infrastructure development, such as expanding road networks, establishing charging infrastructure for electric vehicles, and developing smart cities, has a huge impact on SUV uptake and usage in the region. Countries that engage in infrastructure initiatives, such as China's Belt and Road Initiative, are likely to experience greater demand for SUVs as transportation alternatives expand.
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Major Drivers Urbanization and infrastructure development: The high rate of urbanization and infrastructural development in the Asia-Pacific region is a key market driver for the SUV market. As cities grow and populations concentrate in metropolitan areas, the demand for vehicles capable of handling congested streets and changing road conditions rises. SUVs are a popular choice among urban inhabitants who want enough storage room, raised sitting positions for better visibility, and advanced safety systems to safely negotiate congested highways. Furthermore, as governments engage in infrastructure projects such as road expansions, highway construction, and smart city programs, SUVs popularity as a dependable method of transportation improves. Preference for versatility and utility: Another significant factor driving the Asia-Pacific SUV market's growth is a preference for adaptable and utilitarian vehicles. Consumers want vehicles that can adapt to different driving conditions and lifestyle needs in a variety of geographies, from congested metropolises to mountainous terrains. SUVs, with their large interiors, powerful performance capabilities, and off-road expertise, efficiently meet these needs. SUVs provide the flexibility and functionality that appeal to a wide spectrum of consumers in the Asia-Pacific region, whether they are families on road trips, outdoor enthusiasts exploring distant destinations, or urban professionals navigating city streets. Major Challenges Supply chain disruptions and global trade dynamics: The Asia-Pacific SUV industry is strongly reliant on global supply chains, with components and parts coming from numerous nations throughout the world. Natural disasters, geopolitical tensions, and trade disputes can all disrupt the supply chain, affecting SUV manufacturers' manufacturing schedules and supplier availability. Furthermore, changes in trade regulations or tariffs can disrupt supply chains and raise production costs, hampering automakers pricing and profitability. Ensuring supply chain resilience and diversification is critical for risk management and sustaining a competitive advantage in the market. Rising fuel prices and volatility: Global oil price fluctuations and geopolitical tensions can have a substantial impact on the Asia-Pacific SUV industry, which typically consumes more fuel than smaller passenger cars. Higher gasoline prices may discourage buyers from purchasing SUVs or push them to seek out more fuel-efficient options, such as hybrid or electric vehicles. Furthermore, concerns about energy security and reliance on imported oil may push governments to implement laws that promote fuel-efficient vehicles or alternative fuels, complicating the business environment for SUV producers.
Sport Utility Vehicle (SUV) Segmentation
| By Type | Small | |
| Compact | ||
| Mid-Size | ||
| Large | ||
| MPV/MUV | ||
| By Seating Capacity | 5 seater | |
| >5 seater | ||
| By Propulsion | Petrol | |
| Diesel | ||
| Electric | ||
| Others | ||
| By Electric | Battery Electric Vehicles (BEV) | |
| Plug-in Hybrid Electric Vehicle (PHEV) | ||
| Others (HEV, FCEV) | ||
| Asia-Pacific | China | |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
Based on type segment market is bifurcated small, compact, mid-size, large, and MPV/ MUV. Large type is expected to grow at fastest rate in Asia-Pacific SUV market. In several Asia-Pacific markets, infrastructure development, such as highway and expressway extensions, has increased access to distant locations and tourism attractions. Large SUVs, with their rugged design and off-road capabilities, are ideal for navigating difficult terrain and exploring scenic roads. Furthermore, the growing popularity of road excursions and self-drive vacations increases demand for big and sturdy cars that can easily transport passengers and luggage. As wages rise and lifestyles change in the Asia-Pacific area, consumers are increasingly looking for automobiles that combine adaptability, comfort, and status. Large SUVs, with their roomy interiors, modern technology, and strong road presence, appeal to affluent drivers seeking a premium driving experience. Furthermore, SUVs are perceived as symbols of prosperity and luxury, which promotes demand for larger, more upscale models, particularly among urban elites and high-net-worth individuals. International luxury companies such as BMW, Mercedes-Benz, and Audi have been extending their presence in the Asia-Pacific SUV market, offering a diverse selection of large SUV models to suit various client preferences and lifestyles. These brands use their reputation for quality, performance, and innovation to attract discerning shoppers looking for premium SUVs. In some Asia-Pacific markets, governments offer incentives and subsidies to promote the adoption of electric and hybrid vehicles, including large SUVs. As concerns over air pollution and climate change mount, consumers are increasingly seeking eco-friendly alternatives to traditional gasoline-powered vehicles. Based on seating capacity segment market includes 5 seater and >5 seater. >5 seater segment is expected to grow at rapid pace in Asia-Pacific SUV market. Based on propulsion segment market includes petrol, diesel, electric and others. Electric propulsion segment is predicted to grow at fastest rate in Asia-Pacific SUV market. Economic expansion and rising affluence in Asia-Pacific have resulted in an increase in discretionary expenditure on lifestyle products and services, such as autos. Affluent people are more inclined to emphasize comfort, luxury, and spaciousness when acquiring a car, making >5-seater SUVs an appealing option. These larger SUVs frequently provide premium features, modern technology, and upmarket amenities, attracting customers looking for more comfort and refinement. Consumers in the Asia-Pacific area prefer SUVs for their utility, mobility, and all-weather characteristics. >5-seater SUVs strike a mix between passenger comfort and baggage space, making them ideal for a variety of activities such as everyday commuting, weekend vacations, and outdoor adventures. Whether bringing kids to school, grocery shopping, or sports equipment for recreational activities, >5-seater SUVs provide the flexibility and convenience that meet the diverse needs of consumers in the region. As part of efforts to combat air pollution and reduce greenhouse gas emissions, Asia-Pacific countries are enacting strict emission restrictions and encouraging the usage of electric vehicles (EVs). Governments provide a variety of incentives to encourage users to transition to electric vehicles, including subsidies, tax cuts, and exemptions from congestion charges. Furthermore, some governments have announced plans to completely phase out internal combustion engine cars, accelerating the adoption of electric propulsion technology in the SUV industry. Significant advances in battery technology, such as higher energy density, faster charging, and lower cost, have made electric SUVs more practical and enticing to consumers. Modern electric SUVs offer larger driving ranges and faster charging periods, solving concerns about range anxiety and the hassle associated with electric vehicles. Moreover, declining battery costs and increased production scale are driving down the purchase price of electric SUVs, making them more accessible to a broader range of consumers in the Asia-Pacific market.
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Sport Utility Vehicle (SUV) Market Regional Insights
Based on report market is bifurcated into five major countries including, China, Japan, India, Australia and South Korea. China is expected to remain major market for SUV in Asia-Pacific region with major market share. China has the world's largest automotive market, with a massive population and a fast-expanding middle class. As earnings increase and urbanization intensifies, more Chinese customers buy personal automobiles, increasing demand for SUVs. The sheer size of the Chinese market creates attractive chances for automakers to gain market share and achieve economies of scale in production. SUVs are becoming increasingly popular in China due to their mobility, functionality, and perceived prestige. Chinese buyers frequently prioritize space, comfort, and safety when purchasing a car, making SUVs an appealing alternative for families, professionals, and city dwellers. The SUV segment accounts for a sizable share of total vehicle sales in China, demonstrating the high demand and consumer preference for these cars. The Chinese government has implemented a number of rules and incentives to encourage the adoption of SUVs and other new energy vehicles (NEVs) throughout the country. These incentives include subsidies for electric and hybrid SUVs, tax cuts for fuel-efficient vehicles, and preferential treatment of NEVs in license plate lotteries and registration quotas in large cities. Furthermore, strict emission laws and fuel economy criteria motivate automakers to invest in cleaner and more efficient SUV vehicles to meet regulatory requirements. Automobile manufacturers in China and overseas provide a diverse selection of SUV models adapted to the preferences and needs of Chinese customers. Domestic manufacturers such as Geely, BYD, and Great Wall Motors compete with international brands such as Toyota, Honda, and Volkswagen in China's SUV market. This rivalry promotes innovation, product development, and investment in marketing and distribution networks, all of which contribute to the segment's success.
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Companies Mentioned
- BMW Group
- Ford Motors
- General Motors
- Hyundai
- Nissan Motor
- Tata Motors
- Toyota Motor Corporation
- Volkswagen
- Honda Motor Co., Limited
- The Mercedes-Benz Group AG
- The Volvo Group
- Groupe Renault
Table of Contents
- 1. Executive Summary
- 2. Research Methodology
- 2.1. Secondary Research
- 2.2. Primary Data Collection
- 2.3. Market Formation & Validation
- 2.4. Report Writing, Quality Check & Delivery
- 3. Market Structure
- 3.1. Market Considerate
- 3.2. Assumptions
- 3.3. Limitations
- 3.4. Abbreviations
- 3.5. Sources
- 3.6. Definitions
- 4. Economic /Demographic Snapshot
- 5. Global Sport Utility Vehicle (SUV) Market Outlook
- 5.1. Market Size By Value
- 5.2. Market Share By Region
- 5.3. Market Size and Forecast, By Type
- 5.4. Market Size and Forecast, By Seating Capacity
- 5.5. Market Size and Forecast, By Propulsion
- 5.6. Market Size and Forecast, By Electric Propulsion
- 6. Asia-Pacific Sport Utility Vehicle (SUV) Market Outlook
- 6.1. Market Size By Value
- 6.2. Market Share By Country
- 6.3. Market Size and Forecast, By Type
- 6.4. Market Size and Forecast, By Seating Capacity
- 6.5. Market Size and Forecast, By Propulsion
- 7. Market Dynamics
- 7.1. Market Drivers & Opportunities
- 7.2. Market Restraints & Challenges
- 7.3. Market Trends
- 7.3.1. XXXX
- 7.3.2. XXXX
- 7.3.3. XXXX
- 7.3.4. XXXX
- 7.3.5. XXXX
- 7.4. Covid-19 Effect
- 7.5. Supply chain Analysis
- 7.6. Policy & Regulatory Framework
- 7.7. Industry Experts Views
- 7.8. China Sport Utility Vehicle (SUV) Market Outlook
- 7.8.1. Market Size By Value
- 7.8.2. Market Size and Forecast By Type
- 7.8.3. Market Size and Forecast By Seating Capacity
- 7.8.4. Market Size and Forecast By Propulsion
- 7.9. Japan Sport Utility Vehicle (SUV) Market Outlook
- 7.9.1. Market Size By Value
- 7.9.2. Market Size and Forecast By Type
- 7.9.3. Market Size and Forecast By Seating Capacity
- 7.9.4. Market Size and Forecast By Propulsion
- 7.10. India Sport Utility Vehicle (SUV) Market Outlook
- 7.10.1. Market Size By Value
- 7.10.2. Market Size and Forecast By Type
- 7.10.3. Market Size and Forecast By Seating Capacity
- 7.10.4. Market Size and Forecast By Propulsion
- 7.11. Australia Sport Utility Vehicle (SUV) Market Outlook
- 7.11.1. Market Size By Value
- 7.11.2. Market Size and Forecast By Type
- 7.11.3. Market Size and Forecast By Seating Capacity
- 7.11.4. Market Size and Forecast By Propulsion
- 7.12. South Korea Sport Utility Vehicle (SUV) Market Outlook
- 7.12.1. Market Size By Value
- 7.12.2. Market Size and Forecast By Type
- 7.12.3. Market Size and Forecast By Seating Capacity
- 7.12.4. Market Size and Forecast By Propulsion
- 8. Competitive Landscape
- 8.1. Competitive Dashboard
- 8.2. Business Strategies Adopted by Key Players
- 8.3. Key Players Market Positioning Matrix
- 8.4. Porter's Five Forces
- 8.5. Company Profile
- 8.5.1. Toyota Motor Corporation
- 8.5.1.1. Company Snapshot
- 8.5.1.2. Company Overview
- 8.5.1.3. Financial Highlights
- 8.5.1.4. Geographic Insights
- 8.5.1.5. Business Segment & Performance
- 8.5.1.6. Product Portfolio
- 8.5.1.7. Key Executives
- 8.5.1.8. Strategic Moves & Developments
- 8.5.2. The Hyundai Motor Company
- 8.5.3. Volkswagen AG
- 8.5.4. General Motors Company
- 8.5.5. Honda Motor Co., Ltd
- 8.5.6. Bayerische Motoren Werke AG
- 8.5.7. The Mercedes-Benz Group AG
- 8.5.8. Ford Motor Company
- 8.5.9. The Volvo Group
- 8.5.10. Groupe Renault
- 8.5.11. Nissan Motor Co. Ltd
- 8.5.12. Tata Motors Limited
- 9. Strategic Recommendations
- 10. Annexure
- 10.1. FAQ`s
- 10.2. Notes
- 10.3. Related Reports
- 11. Disclaimer
Table 2: Top 10 Counties Economic Snapshot 2022
Table 3: Economic Snapshot of Other Prominent Countries 2022
Table 4: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 5: Global Sport Utility Vehicle (SUV) Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 6: Global Sport Utility Vehicle (SUV) Market Size and Forecast, By Seating Capacity (2018 to 2029F) (In USD Billion)
Table 7: Global Sport Utility Vehicle (SUV) Market Size and Forecast, By Propulsion (2018 to 2029F) (In USD Billion)
Table 8: Global Sport Utility Vehicle (SUV) Market Size and Forecast, By Electric Propulsion (2018 to 2029F) (In USD Billion)
Table 9: Asia Pacific Sport Utility Vehicle (SUV) Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 10: Asia Pacific Sport Utility Vehicle (SUV) Market Size and Forecast, By Seating Capacity (2018 to 2029F) (In USD Billion)
Table 11: Asia Pacific Sport Utility Vehicle (SUV) Market Size and Forecast, By Propulsion (2018 to 2029F) (In USD Billion)
Table 12: Influencing Factors for Sport Utility Vehicle (SUV) Market, 2023
Table 13: China Sport Utility Vehicle (SUV) Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 14: China Sport Utility Vehicle (SUV) Market Size and Forecast By Seating Capacity (2018 to 2029F) (In USD Billion)
Table 15: China Sport Utility Vehicle (SUV) Market Size and Forecast By Propulsion (2018 to 2029F) (In USD Billion)
Table 16: Japan Sport Utility Vehicle (SUV) Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 17: Japan Sport Utility Vehicle (SUV) Market Size and Forecast By Seating Capacity (2018 to 2029F) (In USD Billion)
Table 18: Japan Sport Utility Vehicle (SUV) Market Size and Forecast By Propulsion (2018 to 2029F) (In USD Billion)
Table 19: India Sport Utility Vehicle (SUV) Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 20: India Sport Utility Vehicle (SUV) Market Size and Forecast By Seating Capacity (2018 to 2029F) (In USD Billion)
Table 21: India Sport Utility Vehicle (SUV) Market Size and Forecast By Propulsion (2018 to 2029F) (In USD Billion)
Table 22: Australia Sport Utility Vehicle (SUV) Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 23: Australia Sport Utility Vehicle (SUV) Market Size and Forecast By Seating Capacity (2018 to 2029F) (In USD Billion)
Table 24: Australia Sport Utility Vehicle (SUV) Market Size and Forecast By Propulsion (2018 to 2029F) (In USD Billion)
Table 25: South Korea Sport Utility Vehicle (SUV) Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 26: South Korea Sport Utility Vehicle (SUV) Market Size and Forecast By Seating Capacity (2018 to 2029F) (In USD Billion)
Table 27: South Korea Sport Utility Vehicle (SUV) Market Size and Forecast By Propulsion (2018 to 2029F) (In USD Billion)
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Sport Utility Vehicle (SUV) Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Sport Utility Vehicle (SUV) Market Share By Region (2023)
Figure 6: Asia-Pacific Sport Utility Vehicle (SUV) Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: Asia-Pacific Sport Utility Vehicle (SUV) Market Share By Country (2023)
Figure 8: China Sport Utility Vehicle (SUV) Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Japan Sport Utility Vehicle (SUV) Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 10: India Sport Utility Vehicle (SUV) Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Australia Sport Utility Vehicle (SUV) Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 12: South Korea Sport Utility Vehicle (SUV) Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 13: Competitive Dashboard of top 5 players, 2023
Figure 14: Porter's Five Forces of Global Sport Utility Vehicle (SUV) Market
Sport Utility Vehicle (SUV) Market Research FAQs
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