Global Luxury SUV Market 2023-2027
The luxury SUV market is forecasted to grow by 785.19 th units during 2022-2027, accelerating at a CAGR of 6.18% during the forecast period. The report on the luxury SUV market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by an increased preference for safety and comfort to drive sales of luxury SUVs, a rise in HNWI population, and a rising preference for SUV model vehicles.
Technavio's luxury SUV market is segmented as below:
- Mid-size luxury SUVs
- Full-size luxury SUVs
By Geographical Landscape
- North America
- South America
- Middle East and Africa
This study identifies the rapid development of electric luxury vehicles as one of the prime reasons driving the luxury SUV market growth during the next few years. Also, introducing new luxury vehicle segments by manufacturers and increasing technological updates within luxury SUVs to beat the competition will lead to sizable demand in the market.
The report on the luxury SUV market covers the following areas:
- Luxury SUV market sizing
- Luxury SUV market forecast
- Luxury SUV market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading luxury SUV market vendors that include AB Volvo, Bayerische Motoren Werke AG, BYD Co. Ltd., China FAW Group Co. Ltd., Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Mahindra and Mahindra Ltd., Mazda Motor Corp., Mercedes Benz Group AG, Mitsubishi Motors Corp., Nissan Motor Co. Ltd., Renault SAS, SAIC Motor Corp. Ltd., Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., Volkswagen AG, and Stellantis NV. Also, the luxury SUV market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.