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Luxury SUV Market Size to Grow by 1.59 million units | North America to Dominate the Market | Technavio

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NEW YORK, April 21, 2022 -- The luxury SUV market size is expected to grow by 1.59 mn units from 2019 to 2024, progressing at a CAGR of 7% during the forecast period, according to Technavio. The report offers an up-to-date analysis as well as exact growth variance and the Y-O-Y growth rate. 

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Luxury SUV Market 2020-2024 : Segmentation

  • Type
    • Mid-size Luxury SUVs: The mid-size luxury SUVs segment will have significant market share growth during the forecast period. Europe and APAC are the major markets for mid-size luxury SUVs. Customers in these regions are cost conscious and prefer vehicles that have a high fuel efficiency. Hence, vehicle manufacturers make SUVs that are equipped with updated features such as turbochargers, inline modeled engines, updated vehicle electronic systems, and multimedia support. Mid-size luxury SUVs are generally designed for passengers that prefer a high seating capacity and multi-terrain drivability without compromising the features of a luxury sedan. These SUVs offer a higher sense of safety, extra boot space, and a high driving position, providing a better view of the road to the driver.
    • Full-size Luxury SUVs
  • Geography
    • North America: This region will dominate the market with a share of 54% of the market's growth during the forecast period, with US and Canada being the key markets. The sales of luxury SUVs in North America are significantly high, as they are primarily driven by cheap credit, decreased prices of fuel, and an increased requirement for effective means of personal mobility. Luxury SUVs are advertised as premium vehicles with advanced features and aesthetics, which further propel the demand when bundled with readily available credit. Vehicle manufacturers of luxury SUVs have been providing Internet connectivity and technology for supporting control and transfer of information between the smart gadgets in luxury SUVs to increase utility.
    • APAC
    • Europe
    • South America
    • MEA

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Luxury SUV Market 2020-2024 : Scope

The report covers the following areas:

  • Luxury SUV Market size
  • Luxury SUV Market trends
  • Luxury SUV Market industry analysis

Luxury SUV Market 2020-2024 : Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the luxury SUV market, including BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Nissan Motor Co. Ltd., Tata Motors Ltd., Tesla Inc., Toyota Motor Corporation, Volkswagen AG, and Volvo Car Corp. among others.

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Luxury SUV Market 2020-2024 : Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist luxury SUV market growth during the next five years
  • Estimation of the luxury SUV market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the luxury SUV market
  • Analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of luxury SUV market vendors

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Luxury SUV Market Scope

Report Coverage


Page number


Base year


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 7%

Market growth 2020-2024

1.59 mn units

Market structure


YoY growth (%)


Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

North America at 54%

Key consumer countries

US, China, Germany, Canada, and UK

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Nissan Motor Co. Ltd., Tata Motors Ltd., Tesla Inc., Toyota Motor Corporation, Volkswagen AG, and Volvo Car Corp.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table Of Contents :

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Type

  • Market segments
  • Comparison by Type
  • Mid-size luxury SUVs - Market size and forecast 2019-2024
  • Full-size luxury SUVs - Market size and forecast 2019-2024
  • Market opportunity by Type

Customer Landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Volume drivers – Demand led growth
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • BMW AG
  • Daimler AG
  • Ford Motor Co.
  • General Motors Co.
  • Nissan Motor Co. Ltd.
  • Tata Motors Ltd.
  • Tesla Inc.
  • Toyota Motor Corporation
  • Volkswagen AG
  • Volvo Car Corp.


  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.