The OEM crossover vehicle market is expected to increase this year compared to 2020, according to a Technavio market research report. This includes compact, sub-compact, mid-size and full-size crossovers.
The technology research and advisory company estimates that the market will grow at a CAGR (Compound Annual Growth Rate (CAGR) of 4.34% between 2021 and 2025.
“High value for money, growing customer preference for crossover vehicles globally, and emerging demand for armoured SUVs and luxury cars are some of the prominent factors driving the market,” said Technavio in a news release.
Thirty-three per cent of the growth is anticipated to originate from North America, due to a preference for these vehicles in the United States. The top players in the market include Fiat Chrysler Automobiles NV, Ford Motors, General Motors, Honda Motor, Hyundai Motor, and Nissan Motor.
However, Technavio said increasing cost pressures on OEMs and declining auto production due to global semiconductor chip shortages “will impede the market’s growth in the forthcoming years.”
