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Sales of premium-price-class crossover utility vehicles (CUVs)
have risen dramatically in the United States since 2014. In 2014,
there were 713,447 premium CUVs sold in the US, and this increased
to 1.04 million units in 2017. The US premium CUV market still has
room to grow, according to the IHS Markit sales forecast, and sales
will reach about 1.44 million units in 2024.
In 2019, new products are expanding US consumers' choice and
driving a forecasted 8.9% growth in demand for premium CUVs in
2020, when this year's new products will have been on market for a
full calendar year. Between 2019 and 2024, US sales of premium CUVs
are forecast to see a compound annual growth rate of 4.1%. Most of
the growth will happen by 2022, when the sales volume is forecast
to reach 1.40 million units and the sales growth is expected to
begin to slow.
Of the premium CUV segments, the compact segment remains the
largest, followed by the mid-size, full-size, and subcompact.
Although the overall order in terms of sales is not forecast to
change, an increase in the product nameplates available will drive
a change in the market shares of the different premium CUV
segments. In 2019, premium compact CUVs are forecast to account for
42.6% of all premium CUV sales, with this share growing to 46.9% in
2024. Premium full-size CUVs will also increase their market share,
growing from 8.5% in 2019 to 10.6% in 2024. On the other hand, the
premium mid-size and subcompact CUV segments are forecast to
capture a lower share of the premium CUV volume in 2024 than in
2019. Premium mid-size CUVs' share is forecast to drop from 41.8%
in 2019 to 37.0% in 2024, though the sales volume in the segment is
forecast to increase from 495,000 units in 2019 to nearly 536,000
units in 2024. In the premium subcompact CUV segment, IHS Markit
forecasts US sales will decline. The drop in sales will be from
about 84,000 units in 2019 to about 79,500 units in 2024, and this
will cause the segment's share to drop from about 7.1% of total
premium CUV sales to about 5.5% in 2024.
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The above article is from AutoIntelligence Daily by IHS Markit. Every working day, AutoIntelligence Daily provides about 30 articles focused on automotive news, events and trends. Get a free trial.
