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Luxury SUV Market Trends

Report ID: GMI6011
Published Date: Jun 2023
Report Format: PDF

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Luxury SUV Market Trends

Consumer preferences are shifting toward luxury SUV brands owing to rising disposable incomes and a significant increase in the tangible luxury offerings of automobiles. Governments and environmental organizations in many countries are tightening emission standards in response to growing environmental concerns. As a result, there is an increase in the global demand for environmental-friendly & sustainable transportation options such as electric luxury vehicles. The market is also fueled by the increasing adoption of used luxury vehicles due to easier access to financing, lower entry costs, and annual maintenance agreements. Leading manufacturers are also incorporating the latest smart mobility technologies including retina recognition, autonomous driving, and personal voice assistance, thereby boosting market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of luxury SUV was reached USD 4.1 billion in 2022 and will grow at more than 11% CAGR from 2023 to 2032, driven by growing technological innovations in the premium SUV space.

Hybrid/electric luxury SUV market was valued at more than USD 1 billion in 2022, on account of growing incentives & subsidies by the government to EV owners.

Asia Pacific market share was more than 44% in 2022, owing to the strong presence of numerous large-scale automobile manufacturers in the region.

Some of the prominent industry players include Volvo Car Corporation, Tata Motors Limited, Tesla, Aston Martin, Volkswagen AG, Toyota Motor Corporation, and Mazda Motor Corporation.