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Luxury SUV Market Size Forecast: $7.55 Billion by 2029 | Global Outlook
Luxury SUV
What Is the Projected Market Size Valuation of the Luxury SUV Market by 2025?
In recent years, the luxury SUV market has experienced a swift expansion. The market which is projected to rise from $4.47 billion in 2024 to $4.92 billion in 2025, is anticipated to exhibit a compound annual growth rate (CAGR) of 10.1%. This rise in the previous periods is linked to factors such as consumer preferences, economic growth, safety features, brand reputation, and fuel efficiency.
What Is the Estimated Market Growth Value for the Luxury SUV Industry in 2029?
Rapid expansion is projected for the luxury SUV market size in the coming years, with an expectation to reach a valuation of $7.55 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 11.3%. Factors contributing to this anticipated elevation during the forecast period include autonomous driving, customization and personalization, urbanization trends, subscription models, along with sustainability and the use of eco-friendly materials. Key trends over the forecast period also encompass digital customer experience, the integration of advanced technologies, electric and hybrid technology, artificial intelligence, and augmented reality (AR) displays.
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What Are the Growth Drivers and Opportunities in the Luxury SUV Market?
The increasing fondness for luxury SUVs (sport utility vehicles) anticipates elevating the expansion of the luxury SUVs market in the future. Essentially, a luxury SUV is a large sport utility vehicle that comes with several additional features included in its overall cost. These SUVs hold significant attraction as they come decked with the latest safety functionalities that aim to provide aid during accidents and also avert such incidents. For example, CarExpert Pty Ltd., an Australian firm that publishes automotive news, reviews, and videos, released a report in 2023 which declared that Jaguar F-Pace SUV topped the sales chart for the brand in Australia with 48 units being sold that year. Similarly, Maserati managed to sell thirty-one units of its Grecale SUV in 2023. Moreover, Volvo's XC40 luxury SUV recorded an impressive 18.7% sales increase in 2023 compared to the previous year, selling a total of 1,505 units. Hence, it can be inferred that the escalating demand for luxury SUVs is propelling the growth of the luxury SUVs market.
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What Are the Primary Segments Covered in the Global Luxury SUV Market Report?
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
What Are the Top Growth Trends in the Luxury SUV Market?
The primary trend that is catching attention in the luxury SUV market is product innovation. Leading businesses in this market are concentrating on creating innovative merchandise to fortify their market standing. For example, Aston Martin Lagonda, a car manufacturing company located in the UK, in February 2022, introduced the DBX707, a non-electric SUV. The vehicle's notable feature is its 4.0-liter twin-turbocharged engine, producing 707 brake horsepower (equivalent to 697 horsepower) and speeds from 0 to 62 mph in just 3.3 seconds. This is expected to be the most exceptional ultra-luxury, high-performance sports utility vehicle to date.
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Which Companies Are Shaping the Future of 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
Which Region Holds the Largest Market Share in the Luxury SUV Industry?
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
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