Global Luxury SUV Market Enjoys Escalated Growth With Innovations Fueling Expansion To 2027


(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Global Luxury SUV Market Report 2023" report has been added to ResearchAndMarkets's offering.

The global luxury SUV market is witnessing a remarkable growth trajectory, recently analyzed in a comprehensive research report now available for review. Amidst economic turbulence and supply chain challenges precipitated by the Russia-Ukraine conflict, the luxury SUV sector has demonstrated robust expansion, with a forecast reaching $4.03 billion in 2023 at an impressive 13% CAGR.

The increasing consumer inclination toward luxury SUVs is the pivotal force propelling the market forward. These vehicles, synonymous with sophistication and state-of-the-art safety features, are addressing the growing demand for premium and secure driving experiences. Notable sales figures from brands such as Jaguar's F-Pace, Maserati's Grecale, and Volvo's XC40 underscore this uptrend, confirming the market's vibrant dynamics. Product innovation remains a pivotal trend, with key industry players introducing groundbreaking products to consolidate their market presence. The launch of Aston Martin Lagonda's DBX707, an ultra-luxury, high-performance SUV, exemplifies this innovative spirit, sporting a potent 4.0-liter twin-turbocharged engine and unmatched acceleration capabilities.

Geo-Economic Landscape and Market Dominance

Asia-Pacific emerged as the dominating region within the luxury SUV landscape in 2022, with a host of other regions contributing to the global market's rich tapestry.

Key Market Players

  • Toyota Motor Corporation
  • Mercedes-Benz Group AG
  • General Motors Company

Strategic corporate activities are shaping the market, evidenced by BMW AG's astute acquisition of Alpina, prognosticated to significantly influence the luxury SUV segment through the integration of Alpina's esteemed branding into BMW's portfolio from 2025.

SUV Variants Driving the Market

The research delineates the market into various luxury SUV types, such as compact, mid-size, and full-size, each fulfilling unique consumer preferences and needs in terms of performance and utility. Combined with an analysis of the various fuel types and the different sales channels, the report offers a granular insight into the sector. Emphasizing on the factory gate values, the report meticulously calculates the market revenue, reflecting the true value of goods sold directly by manufacturers or creators.

The market value encapsulates the total revenue accrued through sales activities within the scrutinized market segments and geographies. The luxury SUV market research report is a comprehensive document, providing an in-depth analysis and forecast of the industry's current and future state. It is a key resource for understanding the multifaceted dynamics of the luxury SUV market, offering stakeholders actionable insights and data-driven foresights into the segment's progress. As the luxury SUV market sails towards a prosperous horizon, the report stands as an indispensable guide for industry participants seeking to navigate this lucrative landscape.

Key Attributes:

Report Attribute Details
No. of Pages 175
Forecast Period 2023 - 2027
Estimated Market Value (USD) in 2023 $4.03 billion
Forecasted Market Value (USD) by 2027 $6.26 billion
Compound Annual Growth Rate 11.6%
Regions Covered Global

A selection of companies mentioned in this report includes

  • Toyota Motor Corporation
  • Mercedes-Benz Group AG
  • General Motors Company
  • Tesla Inc.
  • Audi AG
  • Porsche AG
  • Jeep
  • Bayerische Motoren Werke AG
  • Volvo Cars
  • Isuzu Motors Ltd.
  • Mazda Motor Corporation
  • Jaguar Land Rover Automotive Plc
  • Lexus
  • Cadillac
  • Maserati S.p.A.
  • Infiniti Motor Company
  • Dodge
  • Lincoln Motor Company
  • Ferrari S.p.A.
  • Mitsuoka Motor
  • Bentley Motors
  • Automobili Lamborghini S.p.A.
  • Aston Martin Lagonda Global Holdings PLC
  • Acura
  • Rolls-Royce Motor Cars Limited
  • Genesis Motor LLC
  • Hennessey Performance Engineering
  • Alfa Romeo Automobiles S.p.A.
  • Hongqi Auto.

For more information about this report visit

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Attachment

  • Global Luxury SUV Market
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