LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global crossover vehicles market predicts a CAGR of more than 8% during the period 2018-2022.
The report segments the global crossover vehicles market by vehicle type, including compact crossovers, sub-compact crossovers, mid-sized crossovers, and full-sized crossovers and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global crossover vehicles market, according to Technavio automotive researchers:
- High value for money: a major market driver
- Automakers investing in adding new assemblies or manufacturing line for crossover production: emerging market trend
- APAC dominated the global crossover vehicles market with 51% share in 2017
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High value for money: a major market driver
The global crossover vehicles market is witnessing the development of different segments of crossovers as they offer higher value of money to consumers. Crossovers come with a host of offers that include the benefits of sedans, such as fuel economy benefits and car-like ride and handling, and driving pleasure, safety, and comfort of an SUV. When compared to SUV’s, crossovers are safe and reliable and spacious. Crossovers are light in weight and hence offer better fuel efficiency compared with sedans due to its unibody design.
Ergonomics is another factor that is driving the purchase of crossovers. Crossovers offer an all-wheel-drive option and increased cargo-carrying capabilities as offered by utility vehicles. Fleet owners are now getting more inclined towards crossovers and SUV crossovers than sedans, as done by retail customers when they migrated toward utility vehicles. In crossovers, the ingress and egress of passengers are easier when compared with other vehicles. For commercial purposes, crossovers offer more cargo room for equipment and products. Low maintenance cost is an important factor that adds up to the low running cost of crossovers when compared to SUV’s.
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Automakers investing in adding new assemblies or manufacturing line for crossover production: emerging market trend
The global crossover vehicles market is witnessing high growth in the sales of crossovers. OEM’s across the globe are facing challenges in selecting a new model in which they can invest to earn maximum benefits. Automakers are taking decisions on how to configure their factories according to the demand of the consumers.
According to a senior analyst at Technavio for research on automotive manufacturing, “Automakers are investing in new assemblies dedicated to crossover production owing to the rising preference of consumers for crossovers over sedans. Designing of new assemblies for vehicle manufacturing entails multi-year lead times. New designs and tools are required to create according to the type of crossover. Multiple platforms are required to be designed separately for sub-compact, compact, mid-size, and full-size crossovers.”
Global market opportunities
In terms of regional dominance, APAC led the global crossover vehicles market, followed by the Americas and EMEA in 2017. By 2022, APAC is expected to continue dominating the global crossover vehicles market. The growth rate of EMEA is expected to be higher than APAC, during the forecast period.
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