The “CUV Market Snapshot” from SEMA Market Research provides detailed analysis on the crossover utility vehicle (CUV) market
DIAMOND BAR, CA – March 24, 2022 – (Motor Sports NewsWire) – Crossover Utility Vehicles (CUVs) are the fastest-selling type of vehicle in the United States, accounting for 45% of passenger vehicles sold in 2021. They are also the most common type of vehicle on the road, accounting for almost one in four vehicles on the road, according to the new “CUV Market Snapshot” from SEMA Market Research.
The report, which helps businesses better understand the CUV market and identify opportunities, provides detailed analysis on the CUV landscape, opportunities for the aftermarket, accessorizer profiles, and an outlook for the future.
As vehicle preferences among Americans change, light trucks (pickups, SUVs, CUVs, and vans) are becoming a larger share of the overall vehicle population. OEMs are shifting production away from passenger cars to more profitable light-truck platforms, largely driven by CUVs.
Additional key findings from the SEMA report include:
- Consumers spent $7.7 billion on specialty-equipment parts for CUVs in 2020 – more than was spent on SUVs.
- Off-roading is an emerging opportunity segment within the CUV market. Thirteen percent of CUVs modified in 2020 were taken off-road, and vehicle manufacturers are introducing new options to their CUV lineups specifically aimed at off-road enthusiasts.
- Electrification is coming to the CUV market. Forty new electric CUV models are slated to be released in the next three years.
- By 2035, 59% of new CUVs sold are expected to be electric, hybrid, plug-in, or fuel cell.
- 47% of CUV accessorizers research parts using social media or online videos.
- There are currently more than 130 CUV models on the road, and more than 170 models projected to be sold from 2022-2028.
- CUV accessorizers can be found in any age group. The diverse spread of makes and models make these vehicles a match for almost anyone.
The complete “CUV Market Snapshot” is available to download for free at www.sema.org/research.
This report is the focus of the upcoming SEMA webinar “CUV Market Snapshot – Emerging Opportunities” on March 31. Register for the webinar by clicking here: https://learning.sema.org/products/cuv-market-snapshot-emerging-opportunities.
SEMA, the Specialty Equipment Market Association founded in 1963, represents the $47.89 billion specialty-automotive industry. The industry provides appearance, performance, comfort, convenience and technology products for passenger and recreational vehicles. Association resources include market research, legislative advocacy, training and product development support, as well as leading trade shows such as the SEMA Show in Las Vegas, Nev., and the Performance Racing Industry (PRI) Trade Show in Indianapolis, Ind. For more information, visit www.sema.org, www.semashow.com, or www.performanceracing.com.
Source: Specialty Equipment Market Association