Crossover Vehicles Industry:
Crossover vehicles or crossover utility vehicles (CUV) are vehicles with the features of a SUV and a passenger car and built using a unibody platform. The global crossover vehicles market report by Market Research Future (MRFR) contains drivers and challenges which influence the size and revenue predictions as well as forecast for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its effects on the automotive industry are explored with effective countermeasures for weathering uncertain situations.
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The global crossover vehicles market is expected to rise at a CAGR of 9% over the forecast period. Low fuel emissions and focus on fuel efficiency can influence the sales of crossover vehicles. The high ride height is also responsible for its high sales in beginner families. Combination of vehicular comfort and fuel efficiency can entice customers towards CUVs. The all-wheel drive technology which provides additional storage space is one of the best features in crossover vehicles.
Low maintenance costs of these vehicles and sales of these vehicles in Argentina, Singapore, China, and India can lead to many automakers marketing their latest CUVs in these countries. High disposable income levels and purchasing power of consumers in developing economies can favor the global crossover vehicles industry. Technological strides in the automotive industry have led to the adoption of the crossover design in electric and hybrid vehicles. Development of autonomous vehicles like the Nissan IMx which blends the best of Japanese culture and design for providing security and comfort to the driver and passengers is a prime example.
But the high costs of these vehicles can limit the market growth.
On the basis of type, the market has been segmented into small size, mid-size, and large size.
On the basis of drive type, the market has been segmented into all-wheel drive, front wheel, and rear wheel. The all-wheel drive technology is expected to gain the lead in the market over the forecast period due to its ability of distributing torque.
On the basis of fuel type, the market has been segmented into petrol and diesel. The petrol segment is likely to take the lead owing to various automakers opting to leave out diesel variants of crossover vehicles.
By gear transmission, the market has been segmented into manual and automatic.
Asia Pacific will dominate the market both in terms of value and volume, followed by North America and Europe. The high demand for these cars in China, Japan, and India are key for influencing the crossover vehicles market in the region. Moreover, China is leading in the consumption and production of crossover vehicles owing to increase demand for luxury vehicles.
North America and Europe can follow after Asia Pacific owing to the preference of four wheelers among the consumers in these regions. The demand for mid and large crossover vehicles and sales of luxury crossovers in Europe can ensure a lucrative period for the market. Electrification of vehicles and regulations for reducing carbon emissions can drive the demand for CUVs in Europe.
Ford Motor Company, Mazda Motor Corporation, Nissan Motor Company Ltd, Honda Motor Company, Ltd., and Toyota Motor Corporation, and others are key players in the global crossover vehicles market.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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