SUV Market

The SUV market is projected to reach USD 1,673.57 billion by 2032, from USD 1,180.30 billion in 2025, with a CAGR of 5.1%. This growth is attributed mainly to the rising consumer preference for spacious, versatile vehicles that offer better comfort, safety, and road visibility. Increased disposable incomes and OEM focus on feature-rich models have further accelerated global demand. The SUV market is dominated by established players, such as Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), Honda Motor Co., Ltd.(Japan), General Motors (US), Ford Motor Company (US), and Stellantis (Netherlands). These companies adopt product launches, deals, and other strategies to gain traction in the global market. They have expanded their regional presence through partnerships, joint ventures, and new establishments in high-growth regions. 

Toyota Motor Corporation manufactures and sells passenger cars, specialty cars, SUVs, buses, minivans, and trucks in the global market. Its popular SUV and crossover models include Corolla Cross, Highlander, RAV4, Venza, and Sequoia. The company continues to advance its global R&D strategy through a tightly integrated network of facilities in Japan, including Toyota Central R&D Labs, Daihatsu, Hino Motors, Toyota Auto Body, and Toyota Motor East Japan, focusing on next-generation vehicle technologies. Its current priorities involve enhancing hybrid efficiency, accelerating battery-electric and fuel-cell vehicle development, and improving internal combustion engine performance through carbon-neutral fuels. Toyota is reinforcing its business fundamentals through sustained investment in electrification, digitalization, and global production capacity expansion.

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Hyundai Motor Company is engaged in the manufacturing and distribution of motor vehicles. The company continues to strengthen its global footprint across 200 markets through a diversified manufacturing and distribution network. Recent strategic initiatives emphasize regional electrification and hydrogen expansion, including its dedicated EV plant in Indonesia and hydrogen power collaborations with LS Electric. Hyundai’s global strategy increasingly centers on scaling EV and FCEV production capacity, leveraging regional hubs for market-specific product localization. The IONIQ brand, along with next-generation models like the Tucson and CRETA, supports the company’s rapid transition to electrified SUVs and MPVs. Additionally, new partnerships in Asia and the Middle East strengthen its involvement in government and fleet electrification programs.

Honda Motor Co., Ltd. develops, manufactures, and sells motorcycles, automobiles, and power products. The company offers a wide range of passenger cars, SUVs, and light trucks under the Honda and Acura brands. Its flagship SUV models include CR-V, HR-V, Passport, and Pilot. The company operates in all major regions, including North America, Europe, and Asia Pacific. North America is the highest contributor to its revenue. Honda continues to prioritize advanced R&D investments, allocating approximately 5–6% of annual revenue to innovation in electrification, hydrogen, and intelligent mobility. The company is expanding its focus beyond hybrid technologies toward solid-state batteries, fuel cell systems, and software-defined vehicle architectures, supported by collaborations with GM, Sony, and Renesas.

Related Reports:

SUV Market (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), and Region - Forecast to 2032

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