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Global sport utility vehicle (SUV) sales are expected to double between 2017 and 2023 and exceed ** million units by 2023. Sport utility vehicles combine the characteristics of road-use passenger cars and off-road vehicles.

Consumer preference for SUVs increases in key regions

SUV popularity has increased significantly worldwide. Traditionally, this body style has been most successful in North America. The United States is the region with the highest market share of SUVs with about ** percent of vehicle sales. The U.S. is not the only market where SUV sales are thriving, though. SUV sales in Europe and China have also begun to pick up steam in recent years. **** out of 10 passenger vehicles sold in China were SUVs, compared to about **** in Europe. Small and crossover sub-segment sales, as well as compact SUV models such as the Dacia Duster have grown the most. The improvements in safety, weight, and fuel economy are major factors in its appeal to a wider audience.

The electric SUV competition gains traction

Alongside consumer interest in SUVs, electric vehicles (EVs) are becoming increasingly popular. Many governments across the world are incentivizing electric car purchases and investing in infrastructure. Much like the SUV, improvements in technology and, particularly, the chemical composition of batteries, coupled with lower costs due to economies of scale has made electric vehicles more competitive against conventional cars. It also opens up the industry to electrify heavier and larger vehicle segments. As the SUV is fast becoming the most popular vehicle type in major passenger car markets, electrified versions will become a highly competitive ground. BYD had the best-selling all-electric sport utility vehicle in its lineup in 2019.