Global Crossover Vehicles Market is expected to witness significant growth during the forecast period.
Market Overview:
Crossover vehicle or crossover utility vehicle (CUV) is primarily used for light off-road vehicle activity. They are directly mounted on car platform instead of the body on frame design. Crossover vehicles are widely used as a luxury vehicle in the different region of the world.
Growing need for better fuel efficiency as well as vehicle comfort increase the sales for the crossover vehicles in the global market. The crossover vehicles have a luxury designing and wide space for cargo carrying at the rear side of the vehicle, which expected to increase the demand for crossover vehicles. All-wheel drive in the crossover vehicles will increase the cargo carrying capacity of the vehicle which further boosts the demand for crossover vehicles in the global market. The growing presence of crossover vehicle manufacturers in the developing countries such as China, India, Singapore, Argentina, and South Korea will decrease the availability time for the vehicles and reduced cost will fuel the sales for the crossover vehicles in the developing countries. The regional economy plays a crucial role in the development of the global crossover vehicles market. Low labor cost, developing infrastructure, and improved ease of doing business ranking will attract manufacturers in the developing countries to establish their manufacturing plants for crossover vehicles. Furthermore, the increased purchasing power as well as increased average disposable income will enhance the sales demand for crossover vehicles in the global market. The high cost of the crossover vehicles is expected to slow down the growth for the global crossover vehicles market, however manufacturers are investing to decreasing the overall cost of the crossover vehicles as,
The global crossover vehicles market is estimated to witness ~9% CAGR during the period from 2018 to 2023.
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Segmentation:
Global crossover vehicles market is segmented on the basis of type, drive type, fuel type, gear transmission, and region. On the basis of type, the market has been segmented into a small size, mid-size, and large size. The mid-size crossover vehicle is estimated to hold the high market share in terms of volume and expected to make a tough competition with small sized crossover vehicle over the forecast period.
On the basis of drive type, the market has been segmented into the front wheel, rear wheel, and all-wheel drive. All-wheel drive type is expected to hold the high CAGR over the forecast period owing to increase in the need for carrying cargo in the crossover vehicles.
On the basis of fuel type, the market has been segmented into petrol and diesel. Diesel is expected to hold the highest market share in terms of value and volume owing to an increased price for the petrol and better vehicle mileage.
On the basis of the gear transmission, the market has been segmented into manual and automatic. Manual will hold the highest market share in terms of value and volume during the forecast period. Automatic type will lead in terms of CAGR owing to increase in demand for better transmission and fuel efficiency.
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global crossover vehicles market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis.
