The SUV or four wheel vehicle market is expected to be on the rise. The market will surpass 7 million unit sales globally by 2019. The claim was made in a report recently published on Research and Markets.
Research and Markets is a leading source for international market research reports an data. According to the report there will be rise in demand for SUVs among the emerging middle class. The report is backed up by increasing sale statistics of the SUV makers.
Renault recently announced their full year profits had jumped 44% in 2015. The jump in Renault profits was largely due to the sale of SUVs. Renault profits have now climbed to €2.32 billion from €1.61 billion since 2014.
So Renault has decided to roll out more SUVs as their future plan. Renault will introduce more SUVs like the Kadjar and Alpine sports ranges.
However it is to be noted Renault took a €620 million loss from its 37% stake in Russian automaker AvtoVAZ. It is predicted the demand in Russia will further decline an additional 12% in 2016.
Similarly a report by Global Automotive Multi-wheel Drive Systems Market had the same vibe. The other report expected a growing demand for SUVs.
Meanwhile Ford also announced it will add four new SUV nameplates to its brand. Another industry report predicted subcompact SUV market sales will reach 7.4 million units by 2022.
Originally posted in i4u News