Crossovers Market to Reach $1,078.9 Billion, Globally, by 2032 at 7.6% CAGR: Allied Market Research

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Dec 05, 2023, 05:30 ET

Changes in family structures, evolution of safety technologies, and rise in demand for electric crossovers are expected to drive the growth of the global crossovers market.

WILMINGTON, Del., Dec. 5, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Crossovers Market by Type (Compact Crossovers, Mid-size Crossovers, and Full-size Crossovers), Propulsion (ICE and Electric), and Gear Transmission (Manual and Automatic): Global Opportunity Analysis and Industry Forecast, 2023-2032".

According to the report, the global crossovers market size was valued at $541.0 billion in 2022, and is projected to reach $1,078.9 billion by 2032, registering a CAGR of 7.6% from 2023 to 2032.

(We are providing crossovers industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)

132 - Tables
81 - Charts
325 - Pages

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Prime determinants of growth

The rise in urbanization is playing a pivotal role in driving the demand for crossovers. As more individuals migrate to urban centers, there is a growing inclination towards vehicles that offer a compact footprint for easy maneuverability in city traffic while still providing ample cargo space and a higher driving position. This trend aligns with the versatile nature of crossovers, making them well-suited for diverse driving conditions.

Moreover, advancements in technology and safety features have contributed to the market's expansion. Integration of smart connectivity, advanced driver-assistance systems, and fuel-efficient powertrains enhances the overall appeal of crossovers. The interplay of these factors positions crossovers as a prime choice for a broad consumer base, driving sustained growth in the crossover market as it continues to dominate the automotive landscape.

Report Coverage and Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$541.0 billion
Crossovers Market Size in 2032	$1,078.9 billion
CAGR	7.6 %
No. of Pages in Report	305
Segments covered	Type, Propulsion, Gear Transmission, and Region.
Drivers	Changes in Family Structures to Impact Positively to Crossovers Market Evolution of Safety Technologies Drive Crossover Market Growth Electric Crossovers to Spark a Transformation in the Market
Opportunities	Hybrid and Plug-In Hybrid Models to create lucrative opportunities Expanding into Luxury Crossover Segment
Restraints	Competition from Other Vehicle Segments Concerns About Fuel Efficiency

The compact crossovers segment to maintain its leadership status throughout the forecast period

Based on type, the compact crossovers segment held the highest market share in 2022, accounting nearly half of the global crossovers market revenue and is estimated to maintain its leadership status throughout the forecast period. Meanwhile, the full-size crossovers segment is projected to hold a suitable CAGR of 8.6% during the forecast period.

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The ICE segment to maintain its leadership status throughout the forecast period

Based on propulsion, the ICE segment held the highest market share in 2022, accounting for more than nine-tenths of the global crossovers market and is projected to grow at a CAGR of 6.5% during the forecast period. Meanwhile, the electric segment is projected to hold a suitable CAGR of 17.6% during the forecast period.

The manual segment to maintain its leadership status throughout the forecast period

Based on gear transmission, the manual segment held the highest market share in 2022, accounting for more than half of the global crossovers market and is projected to grow at a CAGR of 6.0% during the forecast period. Meanwhile, the automatic segment is projected to hold a suitable CAGR of 9.2% during the forecast period.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than four-ninths of the global crossovers market revenue. However, Europe is projected to hold a suitable CAGR of 10.3% during the forecast period.

Key Developments:

Leading companies are implementing a range of strategies, including acquisition, agreement, expansion, partnership, contracts, and product launches, to fortify their positions in the market.
In October 2023, Mitsubishi Motors Corporation introduced the Mitsubishi D:X Concept electrified crossover MPV. The design boasts large-diameter tires, robust over fenders, and front and rear skid plates to enhance off-road performance in challenging conditions. The car features a raked front windscreen, moonroof, LED laser projector headlights, mud-terrain tires, and rugged black plastic flares at each wheel.
In September 2023, Nissan Motor Co., Ltd. unveiled an exciting series of all-electric concept vehicles, the Nissan Hyper Urban crossover. The styling of the Nissan Hyper Urban is tailored to the preferences of its target users, including urban- and suburban-based professionals who prioritize environmental sustainability.
In July 2023, Toyota Motor Corporation launched the second-generation C-HR crossover. The new C-HR shares its powertrain lineup with the Prius, featuring a 2.0-liter plug-in hybrid, alongside 2.0-liter and 1.8-liter parallel hybrids.
In April 2022, Kia Corporation developed the EV6 electric crossover with plans to launch it in India. Prior to the EV, the company has been selling models like Seltos and Sonet in India. The newly developed EV is designed from the ground up to make electric mobility enjoyable, convenient, and accessible by offering a highly impressive real-world driving range.

Key Highlights of the Report:

The market study on crossovers spans across more than 15 countries, conducting regional and segment analysis for each country in terms of value ($billion) over the projected period of 2023-2032.
Integrating high-quality data, professional insights, and critical independent perspectives, the study adopts a research approach aimed at providing a comprehensive and balanced view of global markets. The goal is to assist stakeholders in making well-informed decisions to achieve their ambitious growth objectives.
The research involved a thorough review of over 3,700 product literature, annual reports, industry statements, and comparable materials from major industry participants. This extensive review enhances understanding and insight into the market dynamics.

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Leading Market Players: -

Ford Motor Company
Mitsubishi Motors North America, Inc.
Hyundai Motor Group
Kia Motors
Nissan Motor Company Ltd,
TATA Motors
Toyota Motor Corporation
Volkswagen AG
Subaru of America, Inc.
Mazda Motor Corporation

The report provides a detailed analysis of these key players in the global crossovers market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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E-SUV Market Research Report 2023-2032

Electric Truck Market Research Report 2023-2032

Family Car Market Research Report 2023-2032

Sports Utility Vehicle Market Research Report 2023-2032

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