Luxury SUV Industry - Regional Synopsis
APAC Market Statistics
Asia Pacific in luxury SUV market is poised to account for around 45% revenue share by 2037. The region's luxury sector is flourishing, since a growing number of new automobile purchasers are selecting luxury SUVs due to rising personal disposable income. The region's economy is predicted to increase modestly in the coming years, with consumer spending shifting toward discretionary items. In real terms, the total disposable income is expected to double between 2021 and 2040, quicker than in any other region, according to a report released by Euromonitor International.
The luxury SUV market has expanded in China as a result of the country's robust economic growth and increased disposable income. For instance, in 2023, the disposable income per capita of Chinese citizens rose by more than 6%.
The South Korean automotive business has undergone extraordinary growth, with Korean SUVs emerging as showcases models, resulting in increased sales. SUVs have recently gained popularity in the country, accounting for more than 65% of local passenger car sales in 2022.
Japan is known for being a global leader in the production of automobiles because it is home to automakers such as Daihatsu, Mitsubishi, Mazda, Suzuki, Subaru, Honda, and Nissan, as well as a large number of companies that manufacture motors, motorbikes, ATVs, cars, electric vehicles, and construction vehicles. As a result, there is increased demand in the area for luxury SUVs. As per the statistics, the number of passenger cars produced in Japan increased to over 7 million in 2023 from around 6 million the year before.
North American Market Analysis
North American luxury SUV market revenue is anticipated to hold substantial share by the end of 2037, owing to the increasing popularity of luxury SUVs in this region.
Luxury SUVs are especially well-liked by people with busy lifestyles and families in the United States, driven by several variables, such as the need for status and prestige, cutting-edge technological features, and exceptional performance. Moreover, customers in the US place a high value on luxury vehicles since possessing a luxury vehicle is regarded as a status symbol, and they value the enhanced performance and driving pleasure that luxury automobiles provide.
In Canada, premium and luxury car sales are anticipated to increase in the online space, where luxury manufacturers such as Mercedes-Benz, Audi, BMW, Jaguar, Ford, Bentley, Land Rover, Maserati, Nissan, Lexus, Toyota, Volvo, and Porsche have established a notable presence by providing a varied selection of sedans, and luxury SUVs, to suit a wide range of tastes.
