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….