Europe Luxury Suv Market Size & Outlook, 2023-2030
Europe luxury suv market highlights
- The Europe luxury suv market generated a revenue of USD 56,665.6 million in 2023.
- The market is expected to grow at a CAGR of 22.7% from 2024 to 2030.
- In terms of segment, compact was the largest revenue generating vehicle type in 2023.
- Compact is the most lucrative vehicle type segment registering the fastest growth during the forecast period.
Europe data book summary
| Market revenue in 2023 | USD 56,665.6 million |
| Market revenue in 2030 | USD 236,856.8 million |
| Growth rate | 22.7% (CAGR from 2024 to 2030) |
| Largest segment | Compact |
| Fastest growing segment | Compact |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Compact |
| Key market players worldwide | Volvo AB ADR, Tata Motors, Volkswagen AG, Mercedes-Benz Group AG, Isuzu Motors, Aston Martin, Toyota Motor Corp, Bayerische Motoren Werke AG ADR, Nissan Motor Co Ltd, General Motors Co |
Other key industry trends
- In terms of revenue, Europe region accounted for 33.0% of the global luxury suv market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- Europe is the fastest growing regional market and is projected to reach USD 236,856.8 million by 2030.
Compact was the largest segment with a revenue share of 100% in 2023. Horizon Databook has segmented the Europe luxury suv market based on compact covering the revenue growth of each sub-segment from 2018 to 2030.
In Europe's diverse terrain, from urban settings to countryside roads, luxury SUVs offer the perfect combination of power, style, and practicality. Additionally, with increasing demand for eco-friendly options, many luxury brands are introducing hybrid and electric models, reflecting the region's emphasis on sustainability.
As a result, luxury SUVs have become a key segment in Europe's automotive market, appealing to consumers who prioritize sophistication without compromising on performance or environmental consciousness.
Several companies across Europe are focusing on launching electric luxury SUV cars aimed at better customer convenience. For instance, in May 2024, The Mercedes-Maybach EQS 680 SUV debuted in Europe after a successful launch in the U.S. This luxury electric vehicle combines an exceptional driving experience with refined comfort.
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Luxury SUV Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Isuzu Motors | View profile | 251-500 | Anaheim, California, United States, North America | http://www.isuzu.com/ |
| Aston Martin | View profile | 1001-5000 | Gaydon, Warwickshire, United Kingdom, Europe | http://www.astonmartin.com |
| Tata Motors | View profile | 10001+ | Mumbai, Maharashtra, India, Asia | http://www.tatamotors.com |
| Nissan Motor Co Ltd | View profile | 147116 | 1-1, Takashima 1-chome, Nishi-ku, Yokohama-shi, Kanagawa, Japan, 220-8686 | http://www.nissan-global.com |
| Mercedes-Benz Group AG | View profile | 166056 | Mercedesstrasse 120, Stuttgart, BW, Germany, 70372 | https://www.daimler.com |
| Bayerische Motoren Werke AG ADR | View profile | 154950 | Petuelring 130, Munich, BY, Germany, 80809 | https://www.bmwgroup.com |
| General Motors Co | View profile | 163000 | 300 Renaissance Center, Detroit, MI, United States, 48265-3000 | https://www.gm.com |
| Volkswagen AG | View profile | 656134 | Berliner Ring 2, Wolfsburg, NI, Germany, 38440 | https://www.volkswagenag.com |
| Toyota Motor Corp | View profile | 380793 | 1 Toyota-cho, Aichi Prefecture, Toyota, Japan, 471-8571 | https://www.global.toyota |
| Volvo AB ADR | View profile | 104905 | Gropegardsgatan 2, Gothenburg, Sweden, 417 15 | https://www.volvogroup.com |
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