Luxury Suv Market Report 2024 (Global Edition)

Global Luxury Suv Market Report 2024 Market Size Split by Type (Compact, Mid-Size, Full-Size), by Sales Channel (Franchised Dealer, Independent Dealer), by Car Price (USD 30K - 60K, USD 60K - 90K, USD...

Luxury Suv Market Report Description

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Luxury Suv Market Insights Video

Competitive Landscape of the Luxury SUV Market

The major competitors in the luxury SUV market each have their own USPs and ways of setting themselves apart. The major market participants compete with one another in the areas of design, technology, brand reputation, functionality, customer support, and cost. Moreover, for market expansion, the major corporations also prioritize strategic alliances and the introduction of new goods and services. In addition, these businesses are making significant investments in research in order to present novel solutions and maximize market income.

Luxury SUV Industry News

• March 2022: Audi declared its intention to grow its network across India and add additional brands to its lineup in order to penetrate the Indian market. Internationally, the company provides 52 kWh and 77 kWh battery options for electric SUVs. There are two body styles for Audi's Q4 e-Tron: SUV and coupe-SUV.

(Source: auto.economictimes.indiatimes.com/amp/news/audi-india-plans-to-develop-market-by-bringing-in-more-products/90452853)

Top Companies Market Share in Luxury Suv Industry: (In no particular order of Rank)

• Daimler AG
• Bayerische Motoren Werke AG
• Volvo Car Corporation
• Volkswagen AG
• Tata Motors Limited
• Toyota Motor Corporation
• Tesla
• Aston Martin
• Mazda Motor Corporation
• Isuzu Motors Ltd.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

In terms of revenue, the Asia Pacific Luxury SUV Market share was 30% of the total market

According to Cognitive Market Research, Asia Pacific dominated the market in 2023 and accounted for around 30% of the global revenue ascribed to the existence of multiple large-scale enterprises. The growing population in nations such as China and India is advantageous for high-end SUV producers in the Asia Pacific region. In Asia Pacific, the Chinese market is showing one of the strongest development potentials. The low prices and tax breaks linked to the assembly and sale processes offered by several Asia Pacific countries are credited with the region's growing number of production facilities. These elements have caused the luxury SUV market in Asia-Pacific to expand, and manufacturers have responded to this demand by releasing a large selection of models that cater to the tastes of discriminating customers.

North America is the fastest-growing region. The industry has grown steadily over the years, propelled by variables including increasing disposable incomes, shifting consumer tastes for comfort and utility, and the growing variety of luxury SUV options. Furthermore, the incorporation of cutting-edge technological features and a focus on comfort and amenities increase these cars' attractiveness to discriminating consumers.

The current report Scope analyzes Luxury Suv Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Luxury SUV Market

According to Cognitive Market Research, the global Luxury SUV market size was estimated at USD 4.5 Billion, out of which North America held the major market of more than 30% of the global revenue with a market size of USD 1.35 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2023 to 2030. The growing inclination of consumers towards spacious and multipurpose SUV with cutting-edge safety features is the reason for this expansion. Automobile manufacturers have introduced a wide selection of luxury SUV models designed to satisfy customer needs for comfort, convenience, and safety as they become more important to them. In addition, the introduction of electric SUVs, which offer a greener option to conventional versions, has completely changed the market environment. Luxury hybrid/electric SUVs are becoming more and more popular among customers looking for sustainable mobility solutions because of their increased environmental consciousness. Additionally, continuous improvements in battery technology and the development of a charging infrastructure are major contributors to the growing popularity of luxury hybrid/electric SUVs. Thus, it is anticipated that in the upcoming years, there will be an even greater demand for luxury SUVs in this region.

Europe Luxury Suv Market

According to Cognitive Market Research, with a market value of USD 4.5 billion in 2023 and projected to expand at a compound annual growth rate (CAGR) of 10.2% from 2023 to 2030, Europe accounted for a share of over 25% of the global market size of USD 1.13 billion. The growth of this region is propelled by changing customer tastes, rising disposable incomes, and a rising desire for high-end car experiences. The market for luxury SUVs has increased throughout the region for a variety of reasons, including improved safety features, sophisticated interior design, and advanced technology integration. In response, major firms in the automotive sector have unveiled cutting-edge models that satisfy the discriminating tastes of European customers. Moreover, the hybrid/electric SUV segment's appeal has also been bolstered by its adaptability, which combines off-road skills with urban refinement. The industry has witnessed a boom in hybrid/electric luxury SUV products as environmental concerns gain traction, which is in line with the region's push towards sustainable transportation. The market for luxury SUVs in Europe is expected to grow further since changes in customer preferences and industry developments have created a dynamic environment.

Asia Pacific Luxury Suv Market

According to Cognitive Market Research, the global Luxury SUV market size was estimated at USD 4.5 Billion out of which Asia Pacific held the market of more than 38% of the global revenue with a market size of USD 1.71 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 13.0% from 2023 to 2030. Increased consumer expenditure on luxury SUVs has been driven by rising disposable incomes throughout the region. The appeal of luxury SUVs, with their blend of performance, comfort, and status, has proven especially potent. Furthermore, the need for spacious and powerful SUVs has increased due to the burgeoning urban middle class and people's increasing desire for travel and adventure. In order to satisfy the discriminating tastes of customers, major firms in the automotive sector have deliberately targeted this expanding market by providing cutting-edge features and designs. In the Asia Pacific area, the mid-size luxury SUV market has grown remarkably in recent years. The need for cars that effortlessly combine performance, style, and utility has increased as urbanization picks up speed throughout the region and consumer preferences change.

South America Luxury Suv Market

According to Cognitive Market Research, the global Luxury SUV market size was estimated at USD 4.5 Billion out of which Latin America market has more than 5% of the global revenue with a market size of USD 0.23 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 11.0% from 2023 to 2030. Increased urbanization, better infrastructure, and a move toward leisure activities are some of the factors driving the growth of the Luxury SUV market. Additionally, the demand for high-end cars has increased, especially for luxury SUVs, as the region's economy has shown indications of stability and growth—the comfort, cutting-edge technology, and status symbol that luxury SUVs provide appeal to consumers. Moreover, automakers have purposefully released models catered to Latin American buyers' tastes, which has fueled the market's expansion. In recent years, Latin America's mid-size luxury SUV market has grown noticeably. This growth is explained by a number of factors, including increased disposable incomes, shifting consumer tastes, and an increase in demand for cars that strike a compromise between utility and performance. Mid-size luxury SUVs are appealing because they can accommodate both urban and adventurous lifestyles with plenty of space.

Middle East and Africa Luxury Suv Market

According to Cognitive Market Research, the global Luxury SUV market size was estimated at USD 4.5 Billion out of which Middle East and Africa held the major market of more than 2% of the global revenue with a market size of USD 0.09 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 11.1% from 2023 to 2030 propelled by a variety of factors such as the expansion of the economy, the inclination of consumers toward luxury automobiles, and the growing need for upscale amenities. Moreover, the demand for luxury SUVs has surged as a result of the economic expansion in these countries and the emergence of an increasingly affluent client base. Renowned luxury car manufacturers have had a big impact on the market thanks to the appeal of roomy interiors, cutting-edge technology, and excellent performance. Luxury SUVs are also very popular in the area because of the varied terrain and the adventurous driving culture. In addition, the market for luxury SUVs in the Middle East and Africa has grown significantly in the gasoline category. The rise in gas-powered models can be attributed to the growing demand for luxury SUVs as well as a preference for strong, high-performance cars. Because of their better horsepower and off-road capabilities, gasoline engines are a popular choice among consumers in the region who value sturdy and adaptable vehicles.

Luxury Suv Market Analysis

Luxury SUV Type Segment Analysis

According to Cognitive Market Research, mid-size category holds a prominent market share. There are several reasons why mid-size luxury SUVs are so popular. Without the bulky dimensions and fuel-guzzling characteristics of full-size choices, they provide families and frequent travelers with plenty of space and comfort. Moreover, the mid-size category's attraction is fueled by its continually expanding diversity. To accommodate a wide range of tastes and lifestyles, automakers are continuously releasing new models and variations.

Compact is the fastest-growing category over the forecast period. The more affordable price point of the small luxury SUVs makes them appealing to a larger spectrum of consumers. Because of their more reasonable price, they appeal to a broader spectrum of consumers. Additionally, compared to their larger counterparts, tiny luxury SUVs are typically more fuel-efficient due to their smaller engines and reduced weight, which appeals to consumers who are concerned about the environment.

• Compact
• Mid-Size
• Full-Size

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Luxury Suv Industry. Request a Free Sample PDF!

Luxury SUV Sales Channel Segment Analysis

According to Cognitive Market Research, franchised dealers hold a prominent market share led by providing an exclusive brand experience, a private distribution network, product knowledge, test drives and demonstrations, financing and after-sales services, client relationship management, and special promotions and events. A key point of contact for consumers and luxury SUV brands, the dealership network offers individualized care, cultivates brand loyalty, and crafts an engaging shopping environment that appeals to the target demographic.

Independent dealers are the fastest-growing category over the forecast period. When it comes to luxury SUVs, independent dealers can provide more affordable prices because they typically have lesser overhead costs than franchised dealers. Furthermore, as opposed to bigger franchised dealerships, independent dealers frequently offer a more customized purchasing experience. Luxury SUV purchasers who appreciate personalized service and a relaxed sales atmosphere may find this particularly enticing.

• Franchised Dealer
• Independent Dealer

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Luxury Suv Car Price Segment Analysis

According to Cognitive Market Research, the USD 30K – 60K category holds a prominent market share. This price range appeals to a wider spectrum of consumers, particularly those in younger demographics, by filling the gap between entry-level SUVs and more expensive luxury options. Additionally, automakers are aiming more and more at this market with fashionable, feature-rich luxury SUVs that deliver quality rides without breaking the bank. While reducing concerns about fuel costs, the rise of hybrid and electric choices within this range appeals to environmentally aware consumers.

The USD 60K - 90K is the fastest-growing category over the forecast period. With a greater range of options in terms of size, features, and performance, this market has witnessed a quick influx of new models from well-known and up-and-coming businesses. In the target audience, this accommodates a range of preferences. Furthermore, cars in this class have a stronger value proposition than luxury SUVs, which cost much more. A wider range of luxury car buyers may now afford access to high-end features, comfort, and technology at a price point that feels reasonable.

• USD 30K - 60K
• USD 60K - 90K
• USD 90K - 120K
• Above USD 120K

Luxury Suv Fuel Type Segment Analysis

According to Cognitive Market Research, the hybrid/electric category held the major market share over the forecast period. Governments are passing more stringent environmental laws in response to growing environmental worries over rising exhaust emissions. The demand for environmentally friendly and sustainable transportation is being further fueled by governments, who are now offering EV owners more incentives and subsidies. Furthermore, hybrid/electric powertrains with internal combustion engines are being introduced to vehicles to increase fuel efficiency in line with the advancement of electric vehicle technology. It is anticipated that these components would offer chances for market expansion.

Gasoline is the fastest-growing category over the forecast period. The primary reason for the expansion of the gasoline category is the tightening regulations on vehicle emissions, which aim to lower the amounts of dangerous sulfur and particulate matter (PM) in these vehicles. As a result, many national, international, and local authorities have switched to cleaner fuel. Moreover, the price difference between gasoline and diesel luxury SUVs has narrowed, and gasoline engines have improved to include powerful turbocharged engines that are ideally suited for SUVs and provide higher fuel efficiency.

• Gasoline
• Diesel
• Hybrid/Electric

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile & Transportation vertical.

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