Press release
Luxury SUV Market Poised for 12 % Growth, Set to Hit $7.77 Billion by 2029
Luxury SUV Market Size
The luxury SUVs market is set to expand, fueled by the growing popularity of these high-end sport utility vehicles. These full-sized vehicles come loaded with a myriad of extras, making them a preferred choice for many. They are equipped with the latest safety features designed to both mitigate and prevent accidents. For instance, a 2023 report by Australia's CarExpert Pty Ltd., an auto news, review, and video website, pointed out that Jaguar F-Pace SUV topped the sales chart in Australia, with 48 units sold in the same year. Meanwhile, Maserati reported the sales of 31 units of its Grecale SUV in 2023. Furthermore, Volo's XC40 luxury SUV saw its sales rise by 18.7% in 2023, selling 1,505 units in comparison to the previous year. Consequently, this surge in the popularity of luxury SUVs is fueling the growth of the market for these vehicles.
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What growth opportunities are expected to drive the luxury suv market's CAGR through 2034?
The market for luxury SUVs has seen a quick expansion in the past few years. The market progress is expected to rise from $4.47 billion in 2024 to $4.99 billion in 2025, with a compound annual growth rate (CAGR) of 11.7%. Factors such as consumer taste, economic progress, safety enhancements, brand reputation, and fuel efficiency have contributed to the historical growth.
The high-end SUV market is predicted to experience a swift expansion in the coming years. The market is set to reach a value of $7.77 billion by 2029, with a compound annual growth rate (CAGR) of 11.7%. This forthcoming period of growth can be linked to developments such as self-driving features, tailor-made customization, the rise in urban living, subscription services, sustainable practices and environmentally friendly materials. Key trends during this forecast period encompass the digital experience for customers, usage of hybrid and electric power, advancements in technology, incorporation of AI, and the use of augmented reality (AR) displays.
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What are the emerging trends shaping the future of the luxury suv market?
The primary trend gaining traction in the luxury SUV sector is product innovation. To consolidate their market positions, major companies in this industry are emphasizing novel product development. For instance, UK car manufacturer, Aston Martin Lagonda, unveiled the DBX707, a non-electric SUV, in February 2022. The car's standout feature is its 4.0-liter twin-turbocharged engine that delivers 707 brake horsepower (equivalent to 697 horsepower) and can ramp up from 0 to 62 mph in just 3.3 seconds. This vehicle is expected to set the benchmark for ultra-luxury, high-performance SUVs.
Which growth-oriented segments of the luxury suv market are leading the industry's development?
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
Subsegments:
1) By Compact: Subcompact Luxury SUVs, Compact Luxury SUVs
2) By Mid-Size: Standard Mid-Size SUVs, Performance-Oriented Mid-Size SUVs
3) By Full-Size: Standard Full-Size SUVs, Performance And Off-Road Full-Size SUVs
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What regions are leading the charge in the luxury suv market?
Asia-Pacific was the largest region in the luxury SUV market in 2024. The regions covered in the luxury SUV market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the luxury suv market?
Major companies operating in the luxury SUV market include 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, 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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What Is Covered In The Luxury SUV Global Market Report?
• Market Size Forecast: Examine the luxury suv market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the luxury suv market for a structured understanding.
• Key Players Overview: Analyze major players in the luxury suv market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the luxury suv market.
• Segment Contributions: Evaluate how different segments drive overall growth in the luxury suv market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the luxury suv market.
• Industry Challenges: Identify potential risks and obstacles affecting the luxury suv market.
• Competitive Landscape: Review strategic developments in the luxury suv market, including expansions, agreements, and new product launches.
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