Crossover Vehicle Market Present Scenario and Growth Prospects, 2020-2030

Crossover Vehicle: Introduction

Increase in demand for large cargo capacity and comfort on long journeys is boosting the demand for crossover vehicles. A crossover vehicle is a sub-segment of the sport utility vehicle. A crossover vehicle’s platform is built by using a car’s platform, while bigger SUVs are built on the chassis of trucks. Crossover vehicles have a unibody architecture, which means the vehicle’s body and frame are a single unit. SUVs comprise the body on frame type of design, which means the body is built separately from the frame and both are placed together later, during the assembly of the vehicle.

Key drivers of global crossover vehicle market

Increase in demand for crossover vehicles is attributed to a rise in consumer demand for vehicles with larger cargo space and increased passenger space. Crossover vehicle are essentially utility vehicles with good fuel economy and cargo capacity as large as a small truck. Moreover, they are available at a lower price as compared to that of premium vehicles.
Demand for SUVs is increasing due to a rising trend toward vehicle customization. The aftermarket offers numerous options for vehicle customization, including customization of vehicle internal and external esthetics, installation of several electronic gadgets including dash cams, coffee maker, and mini fridge. Furthermore, crossover vehicles can be fitted with external accessories including custom grilles, chrome accessories for headlamps and tail-lights, off road bumpers, grille guards, and spoilers owing to the large size of the vehicle.
Rapid urbanization is accompanied by industrial growth in several industrial verticals including mining, construction and road infrastructure, manufacturing and production. This indicates expansion of the economy, which in turn boosts the disposable income of the population across the globe. Consumer demand for safety and security is shifting consumer preference toward personal transport over public transport. All the factors mentioned above are likely to propel the global crossover vehicle market.

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Increasing penetration of SUVs across the world propelling global crossover vehicle market

According to International Organization of Motor Vehicle Manufacturers, in 2017 and 2018, total number of commercial and passenger vehicles sold across the globe was approximately 96 million units and 95 million units, respectively. This indicates slowdown of the automotive industry globally. Nonetheless, an increase in popularity of SUVs has been attributed to flexible trade norms and reduction of taxes on automobiles in order to boost sale.
In 2018, SUVs accounted for 29.77 million units of the total number of vehicles sold globally. When compared to 2017, which recorded 27.88 million units of SUV sale, there was 6.8% rise in total sales of SUVs, in terms of volume. Therefore, the factors mentioned above offer lucrative opportunities to the global crossover vehicle market.

North America followed by Asia Pacific to hold prominent share of global crossover vehicle market

High living standards and developed road infrastructure in North America are likely to increase trend of personally owned vehicles in the region. In 2018, approximately 45% of vehicles sold in the U.S. were sport utility vehicles (SUVs). Furthermore, approximately 43% of vehicles cold in Canada were SUVs. This indicates a rise in trend toward adoption of SUV in North America.
Popularity of SUVs is also rising in countries in Asia Pacific. For instance, in 2018, SUVs accounted for 42%, 23%, and 13% of total vehicles sold in China, India, and Japan, respectively.
Ventures between various OEMs to boost their production and manufacturing in countries like China, India in Asia pacific are further driving the crossover vehicle market in Asia Pacific. For instance, in August 2018, Suzuki and Toyota entered into a joint venture under which Suzuki invested US$ 1 billion in Toyota’s plant at Bengaluru, India. This investment is intended to boost production of both Suzuki and Toyota vehicles. Therefore, the factors mention above propels the crossover vehicle market in Asia Pacific.

Key players operating in global crossover vehicle market

The global crossover vehicle market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global crossover vehicle market are:

Ford Motor Company
Subaru of America, Inc.
Honda Motor Company, Ltd.
Toyota Motor Corporation
Nissan Motor Company Ltd.
Mazda Motor Corporation
Kia Motor Corporation
Volkswagen
FCA US LLC
General Motors
BMW AG
DATSUN
Volvo Cars

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Global Crossover Vehicle Market: Research Scope

Global Crossover Vehicle Market, by Drive Type

Front Wheel Drive
Rear Wheel Drive
All Wheel Drive

Global Crossover Vehicle Market, by Propulsion

Gasoline
Diesel
Hybrid
Electric

Global Crossover Vehicle Market, by Region

North America

U.S.
Canada

Europe

Germany
France
U.K.
Italy
Spain
Russia & CIS
Rest of Europe

Asia Pacific

China
Japan
India
ASEAN
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC
South Africa
Rest of Middle East & Africa

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

Customer Experience Maps
Insights and Tools based on data-driven research
Actionable Results to meet all the business priorities
Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

North America
Asia Pacific
Europe
Latin America
The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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