The global luxury SUV market is expected to grow at a CAGR of around 25% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global luxury SUV market 2017-2021 under their automotive library. (Photo: Business Wire)
Global luxury SUV market segmentation by size and geography
Technavio’s report on the global luxury SUV market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by size, including full-size luxury SUVs and mid-size luxury SUVs. As projected in 2016, around 78% of the market share originated from mid-size luxury SUVs. In 2016, the compact luxury SUVs dominated the mid-size luxury SUV market. Compact luxury SUVs provide a higher sense of safety, extra boot space, and a high driving position, giving a better view of the road to the driver.
Based on geography, the global luxury SUV market has been segmented into APAC, EMEA, and the Americas. In 2016, the Americas held the major market share of the luxury SUV market. The increased preference for higher power vehicles in the region is the main driver for the luxury SUV market in the Americas.
“SUVs and crossovers are widely viewed as large and powerful vehicles with a higher ground clearance and a higher seating position with dynamic capabilities of handling multiple types of terrain. The sales of luxury SUVs in the Americas are substantially higher because they are mainly driven by cheap credit, decreased prices of fuel, and an increased requirement for effective means of personal mobility,” says Keerthi Balu, a lead analyst at Technavio for automotive manufacturing research.
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Global luxury SUV market: competitive vendor landscape
The global luxury SUV market is a highly competitive market. The major market players are developing and launching newer models of luxury SUVs that have increased power and are technologically advanced. Luxury SUVs are expected to take over the luxury sedan market with their powerful new models featuring increased fuel efficiency and better compliance to upgraded emission standards. Technological advances and increased fuel economy standards are driving the vehicle manufacturers to develop luxury electric SUVs. With innovative promotional activities and decreasing prices of electric batteries, electric luxury SUVs are expected to be available for sales by 2020.
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Other topics covered in the report:
Market drivers:
- Rising preference for SUV model vehicles
- Increased preference for safety and comfort to drive sales of luxury SUVs
Market challenges:
- Rising preference for top variants of budget car brands
- Increasing quality of used luxury vehicles to constrict demand for new luxury SUVs
Market trends:
- Rising number of electric luxury SUV models launched
- Increased technological updates within luxury SUVs to beat competition
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