Authored By: Sarah
25 Jan 2021

Luxury SUV Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2020-2024

Technavio has been monitoring the luxury suv market and it is expected to grow by 1.59 mn units, accelerating at a CAGR of almost 7% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report

Luxury SUV Market: Key Trends to impact market growth

The rising production rate of electric luxury SUV models is one of the key luxury suv market market trends. This research report provides a detailed impact analysis of all the trends that are likely to influence the growth of the market in focus.

Luxury SUV Market: Top Drivers to Boost Demand

The preference for safety and comfort is one of the primary factors driving the growth of the luxury suv market. The report provides a detailed study of all the factors that are likely to boost the market. This analysis will enable clients to leverage growth opportunities to their advantage and set their business

Luxury SUV Market to Accelerate at a CAGR of Nearly 7% through 2024

Vendor Analysis: BMW AG, Daimler AG and Ford Motor Co. are key growth contributors

The market is fragmented. The research report provides insights into the top market player and their product portfolio along with a pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Nissan Motor Co. Ltd., Tata Motors Ltd., Tesla Inc., Toyota Motor Corporation, Volkswagen AG, and Volvo Car Corp. are some of the major market participants.

For more insights on this market: Download a Free Sample Report

Luxury SUV Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive luxury suv market growth during the next five years
  • Precise estimation of the luxury suv market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the luxury suv market industry across North America, APAC, Europe, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of luxury suv market vendors

Technavio has been monitoring the Global Luxury SUV Market and it is expected to grow by 1.59 million units, progressing at a CAGR of about 7% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. View Free Sample Report

North America to lead market growth

North America held the largest market share in the luxury SUV market in recent years, and the region will offer several growth opportunities to market vendors during the forecast period. The rising production rate of electric luxury SUV models will significantly influence luxury SUV market growth in this region. 54% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for compact luxury cars in the region. High demand from the APAC region owing to government support and incentives will also drive market growth. This report provides an accurate prediction of the contribution of all the geographic segments to the growth of the luxury SUV market size.

The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. 

Luxury SUV Market to Accelerate at a CAGR of Nearly 7% through 2024

Luxury SUV Market: Vendor Analysis

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Nissan Motor Co. Ltd., Tata Motors Ltd., Tesla Inc., Toyota Motor Corporation, Volkswagen AG, and Volvo Car Corp.are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Luxury SUV Market to Accelerate at a CAGR of Nearly 7% through 2024

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report 

Luxury SUV Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive Luxury SUV Market growth during the next five years
  • Precise estimation of the Luxury SUV Market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the luxury suv industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of Luxury SUV Market vendors
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