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The Global SUV trend is on the verge of changing – The reasons behind the shift
The global SUV trend may soon face a shift due to changing policies and lack of headroom for growth, as reported on March 6, 2024. The surge in SUV popularity has been driving record-breaking vehicle sales, with SUVs accounting for nearly 42% of global new vehicle sales in 2021. Despite their profitability, SUVs face potential threats from stricter regulations and consumer preferences.
Recent data shows that SUVs have contributed significantly to automakers’ revenues, but their emissions remain higher compared to other vehicle types, potentially leading to government penalties and tax hikes. Parisians voting to increase parking fees for large SUVs reflects a broader trend towards greener urban environments, highlighting challenges faced by the SUV segment. The future trajectory of SUVs may be influenced by evolving environmental regulations and consumer preferences, urging automakers to adapt to this dynamic market landscape.
Concerns about road safety in India have been raised due to the surge in SUV sales, with larger SUVs posing higher risks of causing serious injuries to other road users. Studies suggest that SUVs and pickup trucks are more dangerous in crashes, emphasizing the importance of government intervention in promoting safer vehicles for all road users. Ward, from the Global NCAP, warns against the trend of larger, heavier SUVs and calls for measures to discourage the sale of large SUVs in India for improved safety and environmental impact.
The shift towards higher-priced vehicles in the automotive market has been driven by rising commodity prices and increased costs of compliance with new norms. Despite the dominance of SUVs in the market, there is a growing need to revitalize the entry-level vehicle segment for sustained industry growth. Maruti Suzuki India anticipates a potential plateau in SUV demand in 2024 and is reevaluating its strategy to diversify focus towards other segments to achieve market share goals.
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