Sports Utility Vehicles Market — Trends of 2019 Creates Significant Rise Analysi

Posted by RASHMI on May 29th, 2019

A 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. 

The major drivers of the sports utility vehicles market are that they provide with ample room and leg space, along with, appealing and strong looks, and additionally, economical since they are fuel efficient and most suitable for bad patch of roads.

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The sports utility vehicle and multi utility vehicles segment together witnessed growth of around 15 per cent in the first six months of this base year 2015. Snowballing disposable incomes, more of earning power of the younger generation and changing needs of the young minds can be few drivers accountable for this change in the rise of sports utility vehicles during the forecast period from 2016 – 2024. 

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.