- Growing demand for vehicle comfort with better fuel efficiency is the major driving factor for the crossover vehicles global market.
- High price of the crossover vehicles will hamper the growth of the market.
- Asia-Pacific will dominate the market regionally both in terms of value and volume.
Global Crossover Vehicles Market Research Report: Information By Type (Small Size, Mid-Size, Large Size), Drive Type (Front Wheel, Rear Wheel, and All-Wheel), Fuel Type (Petrol, Diesel), Gear Transmission (Manual, Automatic), Regional Forecast till 2023. Global crossover vehicles market has seen remarkable growth; expected to rise at a CAGR of 9%. Crossover vehicles having a great combination of passenger cars and commercial vehicles.
Crossover Vehicles Industry Key Companies Analyzed in report are:
Honda Motor Company, Ltd. (Japan), Ford Motor Company (US), Nissan Motor Company Ltd, (Japan), Mazda Motor Corporation (Japan), and Toyota Motor Corporation (Japan). Subaru of America, Inc. (US), Kia Motor Corporation (South Korea), FCA US LLC (US), Volkswagen (Germany), and Volvo Cars (Sweden) are among others.
Global Crossover Vehicles Market Highlights:
Global crossover vehicles market has seen remarkable growth; expected to rise at a CAGR of 9%. Crossover vehicles having a great combination of passenger cars and commercial vehicles. Growing demand for vehicle comfort with better fuel efficiency is the major driving factor for the crossover vehicles global market. The crossover vehicles primarily use all-wheel drive which enhances the capability for cargo carrying as offered utility vehicle which further increases the demand for crossover vehicles for passenger and commercial application. Fleet owners are now getting more inclined towards crossover type utility vehicles than a sedan or light commercial vehicle, due to increased demand for a luxury look and more cargo carrying capacity in the vehicle.
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Crossover vehicle or crossover utility vehicle (CUV) is built on a unibody car platform instead of the body on frame design. Crossover utility vehicle (CUV) is different from sports utility vehicle (SUV) in various terms such as features, ground clearance, and body mounting. Crossover Vehicles features are similar to hatchback or station wagon such as rear liftgate door and fold-down rear seats. The vehicles are designed primarily for light off-road capability.
Fleet owners are primarily focused in the manufacturing of crossover vehicles owing to increased demand for a luxury look and high cargo carrying capacity in the vehicle. Increase spending of the consumers for vehicles in the global market will further fuel the growth of the global crossover vehicles market during the forecast period. Manufacturers are investing in the research and development for the better vehicle comfortability and reducing the overall cost of the vehicle. However, the high price of the crossover vehicles will hamper the growth of the global crossover vehicles market.
Geographically, the global crossover vehicles market has been segmented into the four major regions of North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific will dominate the market both in terms of value and volume followed by North America and Europe. Presence of China, Japan, and India is the key countries for the growth of the crossover vehicles in Asia-Pacific. Moreover, China is leading in the consumption and production of crossover vehicles owing to increase demand for luxury vehicles.