According to the Specialty Equipment Market Association, aka SEMA, CUVs are the fastest-selling type of vehicle in the United States, accounting for 45% of passenger vehicles sold in 2021. They are also the most common type of vehicle on the road, accounting for almost one in four vehicles, according to the new “CUV Market Snapshot” report from SEMA Market Research. In this Tire Review Continental Tire Garage Studio video, we delve more into the SEMA report.
SEMA says that as vehicle preferences among Americans change, light trucks including pickups, SUVs, CUVs and vans are becoming a larger share of the overall vehicle population. According to SEMA, OEMs are shifting production away from passenger cars to more profitable light-truck platforms, largely driven by CUVs.
So, let’s dig into the data and see just how prominent light truck segments, including CUVs, have become.
- Consumers spent $7.7 billion on specialty-equipment parts for CUVs in 2020 – more than was spent on SUVs.
- There are currently more than 130 CUV models on the road, and more than 170 models projected to be sold from 2022 to 2028.
- Electrification is coming to the CUV market. Forty new electric CUV models are slated to be released in the next three years.
- By 2035, 59% of new CUVs sold are expected to be electric, hybrid, plug-in, or fuel cell.
- Thirteen percent of CUVs modified in 2020 were taken off-road, and vehicle manufacturers, as well as tire makers, are introducing new options to their CUV lineups specifically aimed at off-road enthusiasts.
Light truck demand has been rapidly increasing, and as time goes on, we will see more and more vehicle manufacturers catering to CUVs in the market.
