Global Luxury Suv Market Report 2024, Forecast To 2033
8 Mar, 2024
The luxury SUV market has experienced rapid growth, expanding from $4.03 billion in 2023 to $4.53 billion in 2024, with a compound annual growth rate (CAGR) of 12.4%. This surge is attributed to consumer preferences, economic prosperity, safety enhancements, brand reputation, and fuel efficiency. Anticipated growth is projected, reaching $6.98 billion by 2028, with a CAGR of 11.4%, driven by advancements like autonomous driving, customization options, urbanization trends, subscription services, and eco-friendly materials. Emerging trends include digital customer experiences, electric and hybrid technology, AI integration, and augmented reality displays.
Global Luxury SUV Market Key Driver
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Get A Free Sample Of The Global Luxury SUV Market ReportGlobal Luxury SUV Market Segments
The luxury suv market covered in this report is segmented –
1) Type:Compact, Mid-Size, Full-Size
2) Fuel Type:Gasoline, Diesel, Hybrid Or Electric
3) Sales Channel:Franchised Dealer, Independent Dealer
4) Application:Individual, Commercial
By Geography: The countries covered in the luxury suv market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
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
Major Luxury SUV Industry Players
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.
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Luxury SUV Market Overview
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.