Crossover Vehicles Market Size, Share, Industry, and COVID-19 Impact Analysis, By Vehicle Dimension (Compact Size, Mid-size, and Large Size), By Drive Type (Front-wheel Drive, Rear Wheel Drive, and All Wheel Drive), By Propulsion Type (Petrol, Diesel, Gasoline, Hybrid, and Electric), By Gear Transmission Type (Manual and Automatic), and Regional Forecast, 2024-2032

Crossover vehicles are a combination of commercial and passenger vehicles. These vehicles can be operated due to their ease of use, comfort, and convenience operations. It is often referred to as a Crossover Utility Vehicle (CUV). Instead of using the body of the frame design, this vehicle was designed using a one-piece car platform.

As a result of this combination, there is a growing need for cars that provide comfort while also striving for better feature utilization and fuel efficiency. These cars are equipped with all-wheel drive, improving cargo-carrying vehicles' capability. Moreover, utility vehicles are growing more popular among fleet owners than sedans or light-weighted cars. There is a growing demand for luxury-looking crossover vehicles in the crossover car industry. Car maintenance costs are significantly lower than expected to keep up with the technologies used to manufacture them.

Furthermore, the locations where distributed crossover vehicles market players operates do not have equal access to resources. Therefore, these countries' population is unaware of the enormous disposable income. Crossovers come with a high cost that could severely limit the growth of the crossovers market in such regions at the end of the forecast period.

Impact of COVID-19 on the Global Crossover Vehicles Market

National and international transportation has been delayed due to the lockdowns enacted in various countries, which has substantially influenced the supply chains of crossover sport utility vehicles worldwide, widening the supply-demand imbalance. Inadequate raw material availability is projected to hamper the production of crossover sport utility vehicles, reducing market growth.

• For example, Honda's sales plummeted by more than 15% in the third quarter of 2020, while operating profit fell roughly by 13% for the entire year. Japanese automakers' combined annual sales plummeted by approximately 7.3%. Volkswagen's sales dropped in the first several quarters, but they rebounded by the fourth quarter of 2020.

The market for crossover vehicles in different geographic locations worldwide is experiencing a surge in demand, owing to the availability of travel facilities to customers at an affordable price amid the pandemic. Prospective customers are taking all possible measures to avoid human contact, including not using public transport for travel and commuting. The manufacturers of crossover vehicles can resume production and the output of conventional carriers. To fix their health and safety problems, people demand these products in large numbers. In addition, government investments and initiatives in digital and electronic vehicles are helping the market expand its activities to regional and global locations.

Key Insights

The report will cover the following key insights:

• Key Industry Developments – Mergers, Acquisitions, and Partnerships


• Porter’s Five Forces Analysis


• PEST Analysis


• Technological Developments


• Impact of COVID-19 on the Global Crossover Vehicles Market

Analysis by Propulsion Type 

The petrol segment had the most volume share in 2020. The release of pollutants and greenhouse gases caused by the combustion of fuels, such as gasoline, coal, and diesel, is causing global air quality to deteriorate. Due to the worsening environment and air quality, people in countries, such as China, India, and some other Asian countries, are more driven to employ alternative fuel sources and related technologies. Due to their greater fuel economy and near-zero emissions, hybrid and electric vehicles are also cost-effective and increase their demand in the market.

Regional Analysis

The market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the world. Due to the global reach of the product, Asia Pacific countries, such as India, China, Singapore, and Japan, among others, are expected to dominate the market. This dominance extends to market valuation and the number of crossovers and motorcycles produced. In particular, the growth initiatives and strategies of Asia Pacific countries, such as India, China, and Japan, are driving the market's overall expansion. Following the trend, the U.S. and Canadian markets are expected to emerge as the dominant force in North America. The European Union ranks third in terms of highest growth.

Joint ventures between several OEMs are driving the Asia Pacific crossover vehicles market share to increase production and manufacturing in countries such as China and India.

• For instance, in August 2018, Suzuki and Toyota entered into a joint venture under which Suzuki invested USD 1 billion in Toyota’s plant in Bengaluru, India. This investment is intended to boost the production of both Suzuki and Toyota vehicles. Therefore, the abovementioned factors propel the crossover vehicles market in Asia Pacific.

Key Players Covered

• TATA Motors (India)


• Suzuki Motor Corporation (Japan)


• Honda Motor Company (Japan)


• Hyundai Motor Group (South Korea)


• Volkswagen AG (Germany)


• Ford Motor Company (U.S.)


• Toyota Motor Corporation (Japan)


• Mazda Motor Corporation (Japan)


• Subaru of America, Inc. (U.S.)


• Nissan Motor Company Ltd, (Japan)


• Great Wall Motors (China)


• Kia Motors (South Korea)

Segmentation

Key Industry Developments

• In May 2022, Kia launched EV6, an electric crossover. The EV6 is the world's first vehicle capable of charging on an 800-volt system from 10% to 80% in under 18 minutes.


• In March 2022, Ford announced its intentions to expand its electric vehicle inventory in Europe by introducing two new electric CUVs. The "sport" and "medium-size" vehicles will be produced in Europe and based on VW's MEB platform, also utilized in the ID.4 and other electric vehicles.


• In March 2022, Lexus decided to bring some units of its smallest crossover SUV, UX250h and UX300e, to India. This series is in the testing phase; Lexus UX & NX will be part of it & the only EV model from the Japanese luxury car maker.