Sport utility vehicles (SUVs) again proved to be America’s most popular vehicle type, accounting for 63.4 percent of new retail registrations for the rolling 12-month period ending March 31, a new report from credit-monitoring agency Experian stated.
The 0.64 percentage point increase year over year in SUV registrations to more than 7.8 million vehicles registered in the last year represents about 117 million sport utility vehicles in operation through the first quarter of the year, Experian said in its Automotive Consumer Trends & Analysis report. SUVs account for about 42 percent of the 298 million vehicles traveling U.S. roadways.
Globally, driver preference for SUVs, which combine increased passenger seating and cargo capacity with improved all-weather handling versus sedans, minivans, and pickup trucks, is expected to top $1.41 trillion in market size in 2026, Fortune Business Insights reported. By 2034, though, the SUV market is expected to more than double to $3.17 trillion in market size.
“The appeal of SUVs comes from their versatility, safety features, spacious interiors, and commanding driving position,” Fortune Business Insights researchers stated.
“Consumers often choose SUVs for their ability to handle diverse road conditions, carry larger loads, and provide comfort for long trips.”
The roominess of SUVs and crossover utility vehicles (CUVs) proves especially attractive to married couples, who accounted for 88.6 percent of new retail SUV registrations and 78.6 percent of used SUV registrations, Experian noted. Drilling down further into registration demographics, 62.7 percent of new SUV buyers and 70.8 percent of used SUV buyers had children.
Among age demographics, Generation X (born 1965-1980), Baby Boomers (born 1946-1964), and Millennial (born 1981-1996) buyers accounted for 29.9 percent, 28.0 percent, and 27.7 percent of all new SUV registrations, respectively, as well as the bulk of all used SUV registrations.
Sales of used SUVs accounted for 40 percent of all vehicles sold for the last 12 months, Experian noted. Cars accounted for 36.4 percent, and trucks followed at 19.4 percent.
“SUV market share has continued to inch up in the used, retail marketplace,” Experian said. “This reflects SUV popularity, availability, and new vehicle sales.”
New York City (796,000 vehicles) and Los Angeles (742,000) were the top markets for new SUV registrations. Dallas-Fort Worth, Texas (365,000), Miami-Fort Lauderdale, Florida (324,000), and Houston, Texas (319,000) followed. At the state level, California (10.8 percent), Texas (8.7 percent), and Florida (6.8 percent) led the country with the most SUVs on their roadways.
Gas- and diesel-fired internal combustion engines were favored nearly three-to-one over electric and hybrid-electric SUVs, accounting for 72.3 percent of new retail registrations. However, there were still 2.16 million new electrified SUVs registered over the past year, Experian noted. Tesla’s Model Y was the market leader at 15.8 percent, followed by the Honda CR-V at 9.5 percent, and the Toyota Rav-4 at 7.2 percent.