Latest News- Luxury SUV Market: Individual is expected to lead the Application segment during 2025-2029

The Luxury SUV Market is being driven by Increased preference for safety and comfort driving sales of luxury SUVs

The Luxury SUV Market is expected to grow at a CAGR of 11.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 38 billion. The luxury automotive sector is experiencing a significant shift towards electric vehicles (EVs) in response to growing concerns over vehicular emissions reduction. BMW, a key player in this market, has introduced ten EV models, comprising nine plug-in hybrid electric vehicles (PHEVs) and one pure-electric vehicle (BEV), with plans to launch an additional 25 EVs (13 PHEVs and 12 BEVs) by 2025. Mercedes-Benz, Volvo, and Jaguar Land Rover are among other prominent luxury manufacturers embracing this transition. In the fourth quarter of 2022, these companies unveiled their electric offerings to cater to the increasing demand for eco-friendly, high-end vehicles. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Individual
  • Commercial
• Type
  • Mid-size luxury SUVs
  • Full-size luxury SUVs
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased preference for safety and comfort driving sales of luxury SUVs
• Rise in HNWI population preferring luxury SUVs
• Rising preference for SUV model vehicles

However, the market also witnesses some limitations, which are as follows:

• Declining exclusivity of luxury cars
• Rising preference for top variants of budget car brands
• Increase in tax on luxury vehicles

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Market Scope in Luxury SUV Market Research Report

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Research Analysis Overview

The luxury SUV market encompasses high-end road-going passenger automobiles with seating capacity, available in both 4WD and 2WD versions. These vehicles cater to various application niches, including off-road capabilities and superior comfort. However, challenges such as raw material shortages, shipping delays, and economic slowdown impact production. Automakers focus on powertrains, safety features, infotainment systems, connectivity, and exclusive features to meet consumer preferences for prestige and comfort. Battery models and driving range are crucial factors for electric luxury SUVs. Despite these challenges, disposable incomes continue to drive demand for luxury vehicles, including SUVs, despite their higher price points compared to passenger cars and lightweight pickup trucks.

Market Research Overview

In the luxury SUV segment of the automobile industry, key players operate within a dynamic market environment. This market encompasses manufacturers producing passenger vehicles, specifically lightweight pickup trucks, with seating capacities ranging from seven to nine passengers and four-wheel drive capabilities. The sector's growth is driven by several factors, including the integration of advanced technologies. Electronic components are increasingly prevalent, enhancing performance, comfort, and safety through features such as secured safety systems, autonomous capabilities, emission standardization, and electronic fuel control systems. These advancements cater to consumers' evolving preferences, fostering demand for luxury SUVs.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/