North America Luxury Suv Market Size & Outlook, 2023-2030
North America luxury suv market, 2018-2030 (US$M)
North America luxury suv market highlights
- The North America luxury suv market generated a revenue of USD 14,867.0 million in 2023.
- The market is expected to grow at a CAGR of 18.9% 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.
North America data book summary
| Market revenue in 2023 | USD 14,867.0 million |
| Market revenue in 2030 | USD 50,078.7 million |
| Growth rate | 18.9% (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, North America region accounted for 8.6% 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 North America luxury suv market based on compact covering the revenue growth of each sub-segment from 2018 to 2030.
The increasing consumer demand for premium features that offer both comfort and advanced technology is a significant factor contributing to the growth of the market. Buyers are prioritizing vehicles with cutting-edge infotainment systems, driver-assistance technologies, and enhanced safety features, as well as superior craftsmanship and high-end materials.
Additionally, the shift towards sustainability is pushing automakers to incorporate hybrid and electric powertrains in their luxury SUV offerings, responding to growing environmental concerns. The rise in disposable income, along with the preference for larger, more versatile vehicles that combine luxury with practicality, is further fueling market expansion.
Moreover, companies across North America are focusing on launching effective SUV cars aimed to provide better experience. For instance, in September 2024, Lotus has launched the Eletre Carbon, an ultra-luxury variant of its electric hyper-SUV, in North America. This model showcases high-performance and advanced design, featuring extensive use of carbon fiber and premium Bridge of Weir leather in three new colorways.
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Luxury SUV Market Scope
Luxury SUV Market Companies
| Name | Profile | # Employees | HQ | Website |
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North America luxury suv market
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