Global Mid-Size SUV Market Research Report: Information By Type (Mini, Compact, Mid Size, Full-Size, MPV), By Propulsion (Diesel, Gasoline, Electric), By Class (Class B, Class C, Class D, Class E), By Seating Capacity (5 Seater,>5 seater), By EV Type (BEV, PHEV, FCEV), By Sales (Compact, Mid- & Full-Size) And By Region (North America, Europe, Asia-Pacific, And Rest of The World) –Market Forecast Till 2032

Mid-Size SUV Market Overview:

Global Mid-Size SUV Market Size was valued at USD 401.9 Billion in 2022. The Mid-Size SUV Market industry is projected to grow from USD 430.0 Billion in 2023 to USD 738.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.00% during the forecast period (2024 - 2032). Rising disposable income, changing lifestyles, the desire for a higher level of comfort and convenience, and advancements in automotive technology, including electric and hybrid powertrains, autonomous driving capabilities, and connected features, are expected to be significant market drivers for the Mid-Size SUV Market.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Mid-Size SUV Market Trends

Rise in demand for premium vehicles with advanced comfort features is driving market growth

Market CAGR for Mid-Size SUVs is driven by the rise in demand for premium vehicles with advanced comfort features. The enhancement of global economic conditions has prompted a shift in consumer lifestyles, leading to a notable change in preferences and demands, particularly evident in the increased sales of ultra-luxury automobiles worldwide. This surge can be attributed to heightened disposable incomes, driving consumer inclinations towards modern conveniences. Factors such as comfort, convenience, safety features, and the integration of advanced technologies like autonomous driving and electrification have further bolstered the demand for luxury vehicles. In India, the luxury car segment experienced a remarkable upswing, with daily sales of cars priced above ₹50 lakh escalating from 95 to 128 post-Covid in 2023, marking a new high. Industry projections indicate a substantial increase in luxury vehicle sales, reaching an estimated 46,000-47,000 units in 2023, reflecting a robust 21% surge from the previous year and a notable 35% increase over 2019 figures. Audi notably outpaced industry growth, achieving an impressive 89% rise in sales, reaching 7,931 units in 2023 compared to 4,187 in the preceding year.

Moreover, the evolving regulatory landscape and increasing environmental consciousness are likely to incentivize the development and adoption of electric or hybrid SUVs. These shifts align with the broader market trend towards SUVs, driven by advancements in technology such as infotainment systems, autonomous driving capabilities, and enhanced connectivity, catering to the preferences of tech-savvy consumers. As a result, it is anticipated that throughout the projection period, demand for the Mid-Size SUV Market will increase due to the rise in demand for premium vehicles with advanced comfort features. Thus, driving the Mid-Size SUV Market revenue.

Mid-Size SUV Market Segment Insights:

Mid-Size SUV Market Type Insights

The global Mid-Size SUV Market segmentation, based on Type, includes Mini, Compact, Mid-Size, Full-Size, and MPV. The Midsegment dominated the market, accounting for 58% of market revenue. Midsize SUVs, being positioned lower to the ground compared to standard SUVs, offer increased stability, making them a preferred option for younger and less experienced drivers due to their easier handling. The popularity of SUVs stems from their larger size, which enhances safety for both drivers and passengers compared to cars, consequently driving the growing popularity of midsize SUVs.

Mid-Size SUV Market Seating Capacity Insights

The global Mid-Size SUV Market segmentation, based on Seating Capacity, includes 5-seater and > 5-seater. The > 5-seater segment dominated the market, accounting for 60% of market revenue (258.0 Billion). SUVs offering seating capacities exceeding 5 are primarily upscale vehicles equipped with both fundamental and advanced safety and comfort features to meet consumer expectations. These SUVs are known for their spacious interiors, featuring multiple rows of seating that cater to larger families or groups of passengers. As a result, SUVs are favored by individuals seeking ample passenger space or those with larger families.

Figure 1: Global Mid-Size SUV Market, by Seating Capacity, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Mid-Size SUV Market Propulsion Insights

The global Mid-Size SUV Market segmentation, based on Propulsion, includes Diesel, Gasoline and Electric. The Gasoline segment dominated the market, accounting for 58% of market revenue. Nearly every OEM in the US, including Ford, General Motors, and Toyota, now offers gasoline engines as a standard option in their SUV lineup. Mini, compact, and mid-size SUVs are particularly preferred with gasoline engines due to their ability to deliver comparable performance to diesel engines while emitting fewer emissions. Consequently, with the ongoing reduction in running costs between gasoline and diesel vehicles, gasoline-based SUVs are poised to maintain their dominant position in the global SUV market.

Mid-Size SUV Market Class Insights

The global Mid-Size SUV Market segmentation, based on Class, includes Class B, Class C, Class D, and Class E. The Class D segment dominated the market, accounting for 58% of market revenue. These SUVs are positioned in the mid to premium price range, allowing OEMs to incorporate desirable features to enhance comfort and overall in-vehicle experience. Leading manufacturers such as Volkswagen, Lexus, Mercedes-Benz, BMW, Cadillac, Land Rover, and Buick offer a diverse range of SUVs globally. Consequently, the demand for the Class D segment is expected to continue its upward trajectory

Mid-Size SUV Market EV Type Insights

The global Mid-Size SUV Market segmentation, based on EV Type, includes BEV, PHEV, and FCEV. The BEV segment dominated the market, accounting for 60% of market revenue. BEVs can harness and store renewable electricity generated from sources such as solar and wind power. This aligns with the expanding adoption of renewable energy sources, fostering a clean and sustainable energy ecosystem. Moreover, BEVs play a crucial role in reducing dependence on fossil fuels, particularly oil, thus enhancing energy security and mitigating economic and geopolitical risks associated with oil imports

Mid-Size SUV Market Sales Insights

The global Mid-Size SUV Market segmentation, based on Sales, includes Compact and Mid- & Full-Size. The Mid- & Full-Size segment dominated the market, accounting for 60% of market revenue. Automakers are expanding their offerings within the Mid- & Full-Size segment of mid-size SUVs to cater to a variety of consumer preferences. These models often boast increased seating capacity, cargo room, and advanced features compared to smaller SUVs, appealing to a wider range of customers.

Mid-Size SUV Market Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Mid-Size SUV market in North America can be attributed to several key factors. The substantial popularity of mid-size SUVs, combined with the robust presence of key market players in the region, increased spending on passenger cars, and higher purchasing power, contribute to the region's elevated market share. The U.S. demonstrates particularly high demand and sales rates, significantly impacting North America's standing in the global market. In 2022, SUV sales in the U.S. soared, exceeding 6 million units and marking a 15% increase compared to 2021. The widespread appeal of SUVs can be attributed to their versatility, spacious interiors, and ample ground clearance. Notably, the Toyota RAV4 emerged as the best-selling SUV in 2022, with 366,741 units sold, albeit experiencing a 10.05% decline from 2021 figures. The RAV4 offers various powertrain options, including a 2.5-liter four-cylinder engine, along with hybrid and plug-in hybrid variants known as the RAV4 Prime. Additionally, mid-size SUV sales in the United States remained robust in 2022, with over 2.55 million units sold.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Global Mid-Size Suv Market Share By Region 2023 (Usd Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Mid-Size SUV Market accounts for the second-largest market share as European consumers are increasingly drawn to SUVs due to their versatility and spacious interiors. SUVs offer ample seating and cargo space, making them well-suited for various purposes such as family outings, road trips, and daily commutes. The preference for larger and more adaptable vehicles has propelled the popularity of SUVs over traditional sedans in Europe. Consumers value the elevated driving position and practicality of SUVs, making them the preferred choice for a diverse range of lifestyles. According to data from JATO Dynamics, registrations across all types of SUVs (including small, compact, midsize, and luxury) totaled 464,900 units in January, marking a 14% increase compared to January 2022. Notably, SUVs accounted for over half (51.3%) of total new car registrations in Europe for the first time in January. Leading the segment were Volkswagen Group with 129,500 units (a 33% increase), followed by Stellantis with 62,800 units (a 7% decrease), Hyundai-Kia with 46,200 units (a 5% decrease), Toyota with 38,300 units (an 11% increase), and Renault Group with 34,300 units (a 20% increase). Additionally, Chinese brands registered 12,100 units, marking a significant increase of 109%. Further, the German Mid-Size SUV Market held the largest market share, and the UK Mid-Size SUV Market was the fastest-growing market in the European region.

The Asia-Pacific Mid-Size SUV Market is expected to grow at the fastest CAGR from 2024 to 2032. The Asia Pacific region is poised to lead the market, propelled by government initiatives aimed at boosting the manufacturing and sales of e-SUVs. For example, in April 2019, India launched the second phase of the FAME system, focusing on the rapid production and introduction of hybrid and fully electric vehicles, backed by a budget of USD 1 billion. Moreover, the share of hybrid SUVs in China saw an uptick due to the implementation of the new energy vehicle mandate. By 2023, over 8 million new plug-in electric cars were registered in China, marking a significant increase of approximately 46% year-over-year and constituting about 37% of the total volume. This surge continued with all-electric cars alone, comprising around 25% of the market share. Plug-in hybrids also experienced a remarkable rise, increasing their market share from 1.2% in 2020 to 12% in 2023, reflecting a significant trend towards electrification in the automotive sector. Moreover, China’s Mid-Size SUV Market held the largest market share, and the Indian Mid-Size SUV Market was the fastest-growing market in the Asia-Pacific region.

Mid-Size SUV Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Mid-Size SUV market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Mid-Size SUV industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Mid-Size SUV industry to benefit clients and increase the market sector. In recent years, the Mid-Size SUV industry has offered some of the most significant advantages to consumers, including spacious interiors, versatile cargo capacity, enhanced safety features, and comfortable driving experiences. Major players in the Mid-Size SUV Market, including Toyota Motor Corporation (Japan), Volkswagen AG (Germany), Honda Motor Co., Ltd (Japan), Hyundai Motor Company (South Korea), General Motors (US), Ford Motor Company (US), Stellantis (Netherlands), Daimler (Germany), Nissan Motor CO., Ltd (Japan), and BMW Group (Germany) are attempting to increase market demand by investing in research and development operations.

Toyota Motor Corp (Toyota) is a renowned automobile manufacturer engaged in designing, manufacturing, and marketing a wide range of vehicles, including passenger cars, buses, minivans, trucks, specialty cars, and recreational and sport-utility vehicles. Additionally, the company offers financing services for both dealers and customers, facilitating vehicle purchases or leases. Apart from its core automotive business, Toyota is involved in housing, financial services, telecommunications, and information technology ventures. Embracing a vehicle electrification strategy, Toyota invests in electric battery technologies. Its financial services encompass retail leasing, retail financing, insurance, and wholesale financing. With operations spanning across the Americas, Europe, Africa, Asia Pacific, and the Middle East, Toyota is headquartered in Toyota City, Aichi, Japan. In May 2022, Toyota unveiled the RAV4 Hybrid Woodland Edition, elevating the RAV4 Hybrid to new levels of adventure.

Hyundai Motor Co (Hyundai) is a prominent automobile company engaged in the design, development, manufacturing, and distribution of a wide range of vehicles, including cars, trucks, buses, SUVs, MPVs, and hydrogen vehicles. Additionally, Hyundai manufactures chassis, powertrains, and automotive parts. The company also offers vehicle financing and credit card processing services. Hyundai's product lineup includes models such as Veloster, Venue, Azera, i40, Elantra, Tucson, Accent, Kona, Creta, Sonata, i20, and ix20, among others. Committed to advancing technologies, Hyundai focuses on areas like robotics and Advanced Air Mobility (AAM). With operations spanning across North America, South America, Asia Pacific, Europe, and other regions, Hyundai maintains manufacturing facilities in various countries, including the US, Russia, China, Korea, Turkey, India, Czech Republic, and Brazil. The company's headquarters are located in Seoul, South Korea. In May 2022, Hyundai Motor India (HMIL) announced the forthcoming launch of the all-new Tucson sports utility vehicle (SUV), featuring the fourth-generation model. It represents a premium SUV and marks the introduction of Hyundai SmartSense technology with level-2 ADAS in India.

Key companies in the Mid-Size SUV Market include

• Toyota Motor Corporation (Japan)


• Volkswagen AG (Germany)


• Honda Motor Co., Ltd (Japan)


• Hyundai Motor Company (South Korea)


• General Motors (US)


• Ford Motor Company (US)


• Stellantis (Netherlands)


• Daimler (Germany)


• Nissan Motor CO., Ltd (Japan)


• BMW Group (Germany)

Mid-Size SUV Industry Developments

July 2022: In July 2022, Toyota introduced the all-new Crown in global markets, with plans to launch the Crown (Crossover type) as the inaugural model later in the year. The 16th generation Crown, slated for production commencement in January, will be available in four variations, including a crossover equipped with a hybrid system.

July 2022: In July 2022, Honda Motor Co., Ltd. announced the upcoming ZR-V SUV, set to be released for sale in Japan by year-end. The hybrid version of the ZR-V marks Honda's first SUV to feature the sports e: HEV, integrating a 2.0-liter direct injection engine from the Civic e: HEV with an advanced 2-motor hybrid system (e-CVT).

Mid-Size SUV Market Segmentation:

Mid-Size SUV Market Type Outlook

• Mini


• Compact


• Mid-size


• Full-size


• MPV

Mid-Size SUV Market Seating Capacity Outlook

• 5 seater


• >5-seater

Mid-Size SUV Market Propulsion Outlook

• Diesel


• Gasoline


• Electric

Mid-Size SUV Market Class Outlook

• Class B


• Class C


• Class D


• Class E

Mid-Size SUV Market EV Type Outlook

• BEV


• PHEV


• FCEV

Mid-Size SUV Market Sales Outlook

• Compact


• Mid- & Full-Size

Mid-Size SUV Market Regional Outlook

• North America


• US


• Canada


• Europe


• Germany


• France


• UK


• Italy


• Spain


• Rest of Europe


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America