GLOBAL SPORTS UTILITY VEHICLE (SUV) MARKET ANALYSIS
Increasing cost of fuel is one of the major restraining factors for growth of the market
The major factor restraining growth of the market is rising fuel price. Increasing adoption of SUV vehicles is in turn propelling demand for crude oil. This is owing to the fact that SUVs are utility vehicles and consume more fuel. According to Energy Information Administration (EIA), crude oil price increased to US$ 60 per barrel at the end of 2017 from US$ 50 per barrel in 2016. Moreover, according to Coherent Market Insights’ analysis, in India total sales of SUVs were 62,170 units in the month of April 2016, which is decreased to 55,825 units in June 2016. Therefore, increasing price of crude oil is expected to negatively impact growth of the SUV market especially in emerging economies such as India and China.
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