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Global Luxury SUV Market 2023 Latest Trends, Industry Dynamics, Future Growth And Forecast To 2032 | Major Players Are Toyota Motor Corporation, Mercedes-Benz Group AG, General Motors Company, Tesla Inc., Audi AG
Luxury SUV Market
The Business Research Company's Luxury SUV Global Market Report 2023 Global Market Report 2023 identifies rising popularity of luxury SUVs (sport utility vehicles) as the major driver for the Luxury SUV Market's growth in the forecast period. 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.
The global luxury SUV market is expected to grow from $3.58 billion in 2022 to $4.03 billion in 2023 at a compound annual growth rate (CAGR) of 13%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The luxury SUV market is expected to reach $6.26 billion in 2027 at a CAGR of 11.6%.
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Major competitors in the luxury SUV market 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., and Hongqi Auto.
A key trend in the Luxury SUV Market includes Product innovation. Major companies operating in the luxury SUV market are focused on developing innovative products to strengthen their position in the market. For instance, in February 2022, Aston Martin Lagonda, a UK-based car manufacturer, launched the DBX707, a nonelectric SUV. The car's unique feature is its 4.0-liter twin-turbocharged engine, which generates 707 brake horsepower (equivalent to 697 horsepower) and accelerates from 0 to 62 mph in 3.3 seconds. It is anticipated to be the best ultra-luxury, high-performance sports utility vehicle ever made.
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https://www.thebusinessresearchcompany.com/report/luxury-suv-global-market-report
The Luxury SUV Market is segmented -
By Type: Compact, Mid-Size, Full-Size
By Fuel Type: Gasoline, Diesel, Hybrid Or Electric
By Sales Channel: Franchised Dealer, Independent Dealer
By Application: Individual, Commercial
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Luxury SUV Market.
The Business Research Company's "Global Luxury SUV Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Luxury SUV Market Include:
1. Executive Summary
2. Luxury SUV Market Characteristics
3. Luxury SUV Market Trends And Strategies
4. Luxury SUV Market - Macro Economic Scenario
5. Global Luxury SUV Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
……
32. Global Luxury SUV Market Competitive Benchmarking
33. Global Luxury SUV Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Luxury SUV Market
35. Luxury SUV Market Future Outlook and Potential Analysis
36. Appendix
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