Luxury SUV Global Market Report 2024

A luxury SUV is a full-sized sport utility vehicle that comes equipped with numerous additional features included in the overall price. These vehicles offer passengers an opulent sense of comfort through a spacious cabin, plush seating, upscale amenities, and advanced technology.

Luxury SUVs are categorized into three main types compact, mid-size, and full-size. A compact sport utility vehicle (SUV) falls within the class of small SUVs, larger than mini-SUVs but smaller than mid-size SUVs, combining impressive maneuverability and efficiency compared to larger SUVs. These vehicles can be powered by gasoline, diesel, hybrid, or electric fuel sources and are available through various channels, including franchised dealers and independent dealers, catering to both individual and commercial applications.

The luxury SUV research report is one of a series of new reports from The Business Research Company that provides luxury SUV market statistics, including the luxury SUV industry's global market size, regional shares, competitors with luxury SUV market share, detailed luxury SUV market segments, market trends and opportunities, and any further data you may need to thrive in the luxury SUV industry. This luxury SUV market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 expansion observed in the historical period can be ascribed to factors such as consumer preferences, economic growth, safety features, brand image, and 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 anticipated growth in the forecast period can be attributed to factors such as autonomous driving, customization and personalization, urbanization trends, subscription models, and the use of sustainability and eco-friendly materials. Key trends expected in this period encompass the digital customer experience, electric and hybrid technology, technological advancements, integration of artificial intelligence, and the utilization of augmented reality (AR) displays.

The increasing popularity of luxury sport utility vehicles (SUVs) is anticipated to propel the expansion of the luxury SUV market in the future. A luxury SUV is defined as a full-sized sport utility vehicle that includes various extras in its pricing. These vehicles are favored for their incorporation of the latest safety features, which not only assist in case of an accident but also help prevent such incidents. For example, a report from CarExpert Pty Ltd, an Australia-based automotive news, reviews, and video website publisher, highlighted the Jaguar F-Pace SUV as the best-selling vehicle for the brand in Australia in 2023, with 48 sales. Maserati also sold thirty-one Grecale SUVs in the same year, and Volo's XC40 luxury SUV experienced an 18.7% increase in sales compared to 2022, totaling 1,505 units. Consequently, the growing preference for luxury SUVs is a driving force behind the expansion of the luxury SUV market.

The increasing emphasis on fuel efficiency is poised to drive the growth of the luxury SUV market in the future. Fuel efficiency refers to a vehicle's ability to maximize useful output for a given input of fuel or energy. Luxury SUVs have made significant advancements in enhancing fuel efficiency by offering hybrid and electric options, incorporating start-stop technology, utilizing efficient powertrains and regenerative braking systems, and featuring sophisticated computer systems that optimize various parameters for maximum efficiency. Consumers entering the luxury car market increasingly prioritize environmental responsibility and fuel efficiency alongside traditional luxury attributes. For instance, a report from LendingTree, a US-based internet lending marketplace, in August 2023 indicated a consistent improvement in fuel economy over the past three decades. The average fuel efficiency of all automobiles increased by 101.5%, from 13.1 to 26.4 mpg, while cars specifically saw a 146.7% increase, rising from 13.5 to 33.3 mpg. Hence, the growing demand for fuel efficiency is a key driver of the luxury SUV market's growth.

Product innovation stands out as a key trend gaining traction in the luxury SUV market, with major companies in the sector dedicated to developing inventive products to fortify their market positions. For example, in February 2022, Aston Martin Lagonda, a UK-based car manufacturer, introduced the DBX707, a non-electric SUV distinguished by its 4.0-liter twin-turbocharged engine, capable of generating 707 brake horsepower (equivalent to 697 horsepower) and accelerating from 0 to 62 mph in just 3.3 seconds. This vehicle is poised to be recognized as the epitome of ultra-luxury and high-performance sports utility vehicles.

Prominent companies in the luxury SUV market are actively creating new products, such as ultra-luxury SUVs, to gain a competitive advantage. Ultra-luxury SUVs are characterized by opulent features, cutting-edge technology, exquisite craftsmanship, and powerful performance. In June 2021, Mercedes-Benz AG, a Germany-based luxury automobile manufacturer, launched the Mercedes-Maybach GLS 600 4MATIC, an ultra-luxury SUV with a top speed of 290 km/h (190 mph) and the ability to accelerate from 0 to 60 mph in 4.8 seconds. Powered by a 4.0-liter V8 biturbo engine with mild hybrid drive, it generates 550 horsepower and 538 lb-ft of torque. This vehicle embodies the pinnacle of automotive engineering, offering optimum comfort and cutting-edge technology, with features such as 22-inch Maybach multispoke alloy wheels, a 9G-TRONIC 9-speed automatic transmission, and a 4-wheel independent double-wishbone front/multilink rear suspension with self-leveling E-ACTIVE.

In March 2022, BMW AG, a Germany-based luxury vehicle manufacturer, acquired Alpina Burkard Bovensiepen GmbH & Co. KG for an undisclosed amount. This acquisition is expected to integrate Alpina into the BMW Group by 2025, with production transitioning from the original Buchloe headquarters to BMW's facilities. With the acquisition of trademark rights, BMW aims to influence the long-term development of the esteemed Alpina brand, known for its high-performance automobiles. Alpina Burkard Bovensiepen GmbH & Co. KG is a Germany-based automobile manufacturer.

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.

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

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.

The luxury SUV market consists of sales of luxury auto parts, accessories, and related products. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Luxury SUV Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on luxury suv market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for luxury suv ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The luxury suv market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Toyota Motor Corporation; Mercedes-Benz Group AG; General Motors Company; Tesla Inc.; Audi AG
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.