Crossover Vehicles Market To Reach USD 1,079.6 Billion By 2032 | DataHorizzon Research
The crossover vehicles market size was valued at USD 610.3 Billion in 2023 and is expected to reach a market size of USD 1,079.6 Billion by 2032 at a CAGR of 6.5%.
Fort Collins, Colorado, May 08, 2024 (GLOBE NEWSWIRE) -- *
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*The growing popularity of crossover vehicles encourages industry developments.*
Crossovers have surged in popularity among drivers who desire a vehicle that combines the attributes of cars and SUVs. These adaptable vehicles offer agility and comfort akin to cars while providing the roominess and functionality characteristic of SUVs. Individuals, particularly families and those requiring ample cargo space value the expansive interiors and adaptable seating configurations commonly found in crossovers. Furthermore, numerous models feature all-wheel drive, making them well-suited for navigating various weather conditions. Automakers are keenly aware of this escalating consumer interest and invest heavily in diversifying their crossover options. This commitment ensures a crossover model tailored to the needs and preferences of almost every driver within this thriving market segment.
The *market for crossover vehicles* presents numerous avenues for expansion and innovation, particularly through the incorporation of advanced technologies. With consumers placing increasing emphasis on safety, convenience, and connectivity, automakers have the opportunity to distinguish their crossover offerings by integrating cutting-edge features.
In 2021, the National Safety Council reported a concerning 11% increase in motor-vehicle crash fatalities compared to 2020, highlighting the urgency for advanced driver assistance systems (ADAS) to enhance road safety. Crossover vehicles with features such as adaptive cruise control, lane-keeping assist, and automatic emergency braking can appeal strongly to safety-conscious buyers. Furthermore, incorporating connected car technologies, such as smartphone integration and over-the-air software updates, can provide a smoother and more personalized driving experience. This can attract tech-savvy consumers to the crossover market, enhancing its appeal and competitiveness in the automotive industry.
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*Segmentation Overview:*
*The crossover vehicles market has been segmented into vehicle size, propulsion, transmission type, and region.*
*The mid-size crossover vehicles accounted for a significant market share in 2023.*
· Based on the market segmentation by vehicle size, the mid-size crossover vehicle segment held the largest market share in 2023 due to its balanced combination of spaciousness, fuel efficiency, and affordability. Mid-size crossovers offer ample family seating capacity and sufficient cargo space for daily errands and weekend getaways, making them popular among many consumers.
*Automatic transmission dominated in 2023.*
· Based on the market segmentation by transmission type, the automatic transmission segment dominated the crossover vehicles market in 2023, as consumers increasingly prioritized convenience, ease of use, and smooth driving experiences.
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*Crossover Vehicles Market Report Highlights:*
· The crossover vehicles market growth is anticipated at a* CAGR of 6.5% by 2032.*
· The growing demand for integrated technologies encourages market growth in the forecast period.
· The Asia-Pacific regional market is expected to witness the fastest growth in the crossover vehicles market shortly. This growth can be attributed to the rapidly expanding middle class, increasing urbanization, and rising disposable incomes in countries such as China and India.
· Some prominent players in the crossover vehicles market report include Toyota Motor Corporation, Honda Motor Co., Ltd., Nissan Motor Co., Ltd., Ford Motor Company, General Motors Company (Chevrolet), Hyundai Motor Company, Kia Motors Corporation, Subaru Corporation, Mazda Motor Corporation, Volkswagen AG, BMW Group, and Daimler AG.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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