MARKET RESEARCH SNAPSHOT
CUVs on the Rise
By SEMA Market Research
U.S. New-Vehicle Sales Forecast Light-Duty Vehicles, Millions of Units
Crossover Utility Vehicles (CUVs) are the fastest-selling and most common vehicle on the road in the United States today. At the end of 2021, they represented 24% of all registered passenger vehicles, and are projected to represent almost half of all new vehicles sold by 2029. They’re also a significant part of the specialty-equipment aftermarket, accounting for more than $7.7 billion in specialty parts sales in 2020. While they are a very diverse segment, there’s plenty of opportunity to be found for specialty-equipment businesses, including a growing off-road niche.
2020 Product Types Purchased for CUVs Off-Road vs. Non-Off-Road
One niche to watch within the CUV segment is off-roading. While CUVs are perhaps less likely to be used as hardcore off-road vehicles, CUVs intended for off-road use tend to receive heavier modifications than others—making them a great sales opportunity.
2020 Aftermarket Sales Estimates by Vehicle Segment
CUVs account for a significant share of specialty-equipment retail sales, with consumers spending $7.7 billion on parts for these vehicles in 2020. While it remains to be seen the extent to which these vehicles are embraced by enthusiasts, the segment is definitely an emerging opportunity.
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