NEW YORK , Nov. 7, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global luxury suv market size is estimated to grow by USD 33.01 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 11.42% during the forecast period. Increased preference for safety and comfort driving sales of luxury suvs is driving market growth, with a trend towards rapid development of electric luxury vehicles.
However, declining exclusivity of luxury cars poses a challenge.Key market players include AB Volvo, Bayerische Motoren Werke AG, China FAW Group Co. Ltd.
, General Motors Co., Honda Motor Co. Ltd.
, Hyundai Motor Co., Mahindra and Mahindra Ltd., Mazda Motor Corp.
, Mercedes Benz Group AG, Mitsubishi Corp., Nissan Motor Co. Ltd.
, Porsche Automobil Holding SE, Renault SAS, Tesla Inc., Toyota Motor Corp., SAIC Motor Corp.
Ltd., Stellantis NV, Tata Motors Ltd., BYD Co.
Ltd., and Ford Motor Co..
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF The luxury electric vehicle market is experiencing significant growth due to increasing concerns over reducing vehicular emissions. Major manufacturers like Bayerische Motoren Werke AG, Mercedes Benz Group AG, AB Volvo, and Jaguar Land Rover Automotive are investing in electric vehicles, with BMW launching ten models by 2025 and Mercedes Benz introducing the EQS SUV.
These companies are also planning to release electric SU.