The stratospheric success of SUVs and emerging trends such as connected, autonomous, shared and electric vehicles are redefining the automotive industry as we know it. SUV sales increased by 12% between 2016 and 2017 and remain the fastest growing segment globally as automakers drop sedan and MPV models in favour of crossovers. Despite the risks of a Trump-initiated trade war and highly saturated auto lending markets, Euromonitor predicts that SUVs will continue growing at an average rate of 6.8% between 2017 and 2022.
From a top-line sales perspective, many emerging markets such as India maintained strong growth of approximately 10% between 2016 and 2017. China was an outlier and grew by a comparably anaemic 2.5% over the same period and its market nears a saturation point.
Over the next 15 years, Euromonitor predicts that emerging technologies such as connected and autonomous vehicles will have an outsized influence on the automotive industry as software-based features become key differentiators.