Small SUVs Market
Report ID: UCMIG25C2073
Small SUVs Market Size
SkyQuest Technology's Small suvs market size, share and forecast Report is based on the analysis of market data and Industry trends impacting the global Small SUVs Market and the revenue of top companies operating in it. Market Size Data and Statistics are based on the comprehensive research by our Team of Analysts and Industry experts.
Small SUVs Market Insights
Market Overview:
The global market for small SUVs was valued at USD 551.2 billion in 2021 and is projected to grow at a CAGR of 0.33% from 2022 to 2028. The growth of the small SUVs market can be attributed to the increasing popularity of SUVs, which combine elements of on-road passenger cars and off-road vehicles in a single model. Features such as high ground clearance, elevated seating position, four-wheel drive, towing capacity, and spaciousness attract consumers to small SUVs, driving market expansion. The growth of the industry is further fueled by advancements in automotive manufacturing, rising disposable income, preference for personal passenger vehicles, and the expansion of key players into emerging regions. For example, Skoda has localized production of its small SUV Kushaq in India, reaching localization levels of up to 95%. Nissan also has plans to launch eight new cars, including small SUVs, in Africa, the Middle East, and India by 2023. However, the small SUVs market, like the overall automotive industry, has been negatively impacted by the COVID-19 pandemic. The pandemic has led to a downturn in the mass automotive market, affecting the small SUVs segment as well.
Small SUVs Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Automobile Manufacturers by segment aggregation, the contribution of the Automobile Manufacturers in Automobiles & Components and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
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