Overview and Scope
A luxury SUV refers to a full-sized sport utility vehicle with numerous extras included in the price. Luxury SUVs provide passengers with an elite sensation of comfort by utilizing a roomy cabin, soft seating, high-end amenities, and technology.
Sizing and Forecast
The luxury suv market size has grown rapidly in recent years. It will grow from $4.03 billion in 2023 to $4.53 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to consumer preferences, economic growth, safety features, brand image, fuel efficiency.
The luxury suv market size is expected to see rapid growth in the next few years. It will grow to $6.98 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to autonomous driving, customization and personalization, urbanization trends, subscription models, sustainability and eco-friendly materials. Major trends in the forecast period include digital customer experience, electric and hybrid technology, technological advancements, artificial intelligence integration, augmented reality (ar) displays.
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The luxury suv market covered in this report is segmented –
1) By Type: Compact, Mid-Size, Full-Size
2) By Fuel Type: Gasoline, Diesel, Hybrid Or Electric
3) By Sales Channel: Franchised Dealer, Independent Dealer
4) By Application: Individual, Commercial
Asia-Pacific was the largest region in the luxury SUV market in 2023. The regions covered in the luxury suv market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising popularity of luxury SUVs (sport utility vehicles) is expected to boost the growth of the luxury SUVs market going forward. A luxury SUV refers to a full-sized sport utility vehicle with numerous extras included in the price. Luxury SUVs are preferred as they are equipped with the newest safety measures that can assist in an accident and prevent one from happening. For instance, according to a report published by CarExpert Pty Ltd, an Australia-based automotive news, reviews, and video website publisher, in 2023, the Jaguar F-Pace SUV was the brand’s best-selling vehicle in Australia, with 48 sales in 2023. Thirty-one Grecale SUVs were sold by Maserati in 2023. Further, in 2023, Volo’s XC40 luxury SUV saw an increase in sales of 18.7% compared to 2022, totaling 1,505 units. Therefore, the rising popularity of luxury SUVs is driving the growth of the luxury SUVs market.
Key Industry Players
Major companies operating in the luxury suv market report are Toyota Motor Corporation, Mercedes-Benz Group AG, General Motors Company, Tesla Inc., Audi AG, Porsche AG, Jeep, Bayerische Motoren Werke AG, Volvo Cars, Isuzu Motors Ltd., Mazda Motor Corporation, Jaguar Land Rover Automotive Plc, Lexus, Cadillac, Maserati S.p.A., Infiniti Motor Company, Dodge, Lincoln Motor Company, Ferrari S.p.A., Mitsuoka Motor, Bentley Motors, Automobili Lamborghini S.p.A., Aston Martin Lagonda Global Holdings PLC, Acura, Rolls-Royce Motor Cars Limited, Genesis Motor LLC, Hennessey Performance Engineering, Alfa Romeo Automobiles S.p.A., Hongqi Auto.
The luxury suv market report table of contents includes:
1. Executive Summary
2. Luxury SUV Characteristics
3. Luxury SUV Trends And Strategies
4. Luxury SUV – Macro Economic Scenario
5. Global Luxury SUV Size and Growth
…..
32. Global Luxury SUV Competitive Benchmarking
33. Global Luxury SUV Competitive Dashboard
34. Key Mergers And Acquisitions In The Luxury SUV
35. Luxury SUV Future Outlook and Potential Analysis
36. Appendix
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