Luxury SUV Market Updates

Global Luxury SUV Market size was valued at USD 171.9 Billion in 2023 and is poised to grow from USD 203.01 Billion in 2024 to USD 768.29 Billion by 2032, at a CAGR of 18.1% during the forecast period (2025-2032).

Luxury SUV manufacturers should focus on launching new models catering to diverse needs and preferences of consumers. Launching compact SUVs can help luxury SUV companies bring in more revenue in the long run. Targeting regions with increasing number of high net-worth individuals such as Asia Pacific, Europe, and the Middle East can also help luxury SUV suppliers maximize their sales potential through 2032. 'AB Volvo', 'Tata Motors Limited', 'Volkswagen Group', 'Mercedes-Benz Group AG', 'Isuzu Motors Ltd.', 'Aston Martin Holdings UK Ltd', 'Toyota Motor Corporation', 'Bayerische Motoren Werke AG', 'Nissan Motor Corporation', 'Mitsubishi Corp.', 'Nissan Motor Co. Ltd.', 'Porsche Automobil Holding SE', 'Renault SAS', 'Tesla Inc.', 'SAIC Motor Corp. Ltd.', 'Stellantis NV', 'General Motors'

Disposable income of people around the world is increasing at a rapid pace, which is contributing to high purchasing power and changing consumer preferences. Affluent customers are drawn to the advanced features, high performance, and status associated with luxury vehicles thereby driving the global luxury SUV market outlook going forward.

Development of Electric and Hybrid SUVs: Luxury SUV manufacturers can focus on developing luxury SUVs powered by batteries and hybrid powertrains to aid in reduction of emissions and comply with modern vehicle emission regulations. Changing consumer preferences and high demand for electric vehicles are expected to make electrification a prominent luxury SUV market trend in the long run.

Asia Pacific is projected to spearhead the global luxury SUV industry in the future. The presence of leading automotive manufacturers, rising disposable income, and growing popularity of luxury vehicles are key factors promoting the dominance of this region. China and India are slated to witness a robust hike in sales of luxury SUVs in the Asia Pacific region owing to changing living standards and increasing Western influence on people of these countries. Japan and South Korea are also expected to be highly opportune markets for luxury SUV manufacturers going forward. Hyundai, Tata, Toyota, and BYD are expected to be popular luxury SUV manufacturers in the Asia Pacific.