Luxury Suv Market Fuel Type Insights
The Luxury SUV market is split by fuel type into gasoline, diesel, electric, and hybrid segments. In 2023, the gasoline segment is anticipated to dominate and hold the bulk of the market at around 60%. The diesel segment is the likely second largest, making up around 25% of the market. Experts also predict that both electric and hybrid segments are going to grow due to more and more stringent regulations and increasing worry for the environment. The dominance of gasoline will come as no surprise to anyone.
There are many gas-powered luxury SUVs in the world, and gasoline itself is cheaper than most other fuels.The gasoline segment is going to dominate the market, but it is also believed to gradually decline with the emergence of more electric and hybrid luxury SUVs. The electric segment is very likely to grow the fastest over the course of the entire 2021 to 2023 period. The CAGR is expected to exceed 20%, and it will be driven by a decrease in cost, incentives from governments, and increased consumer awareness as far as pollution is concerned.
The hybrid segment will grow fast but lag behind the electric one. It is expected to grow as it provides a very good balance between performance and fuel economy.Hopefully, increased demand and new, more eco-friendly luxury SUVs will continue to drive the market’s volume up.
Source Primary Research, Secondary Research, Market Research Future Database and Analyst Review
Luxury Suv Market Drive Type Insights
The Luxury SUV market is segmented by Drive Type into All-Wheel Drive, Front-Wheel Drive, and Rear-Wheel Drive. In 2023, All-Wheel Drive was the largest segment, accounting for over 60% of the Luxury SUV market revenue. This is due to the increasing demand for SUVs with improved traction and stability, especially in regions with challenging weather conditions. Front-Wheel Drive is expected to witness steady growth during the forecast period, driven by its fuel efficiency and lower cost compared to All-Wheel Drive.
Rear-wheel drive is anticipated to hold a niche market share, primarily catering to enthusiasts who prefer a more traditional driving experience.
Luxury Suv Market Segment Insights
The Luxury SUV Market is segmented based on segment into Compact Luxury SUV, Mid-Size Luxury SUV, and Full-Size Luxury SUV. The Compact Luxury SUV segment is expected to hold the largest market share in 2023, owing to its affordability and fuel efficiency. The Mid-Size Luxury SUV segment is projected to grow at a significant CAGR during the forecast period due to its spacious interiors and luxurious features. The Full-Size Luxury SUV segment is expected to witness steady growth, driven by its powerful engines and off-road capabilities.
Luxury Suv Market Price Range Insights
The Luxury SUV market segmentation by price range offers crucial insights into consumer preferences and market dynamics. The segment "Less than $50,000" caters to a broader customer base seeking affordability and practicality. The "Over $150,000" segment represents the high-end luxury market, targeting discerning buyers who prioritize exclusivity and premium features. The "Less than $50,000" segment is expected to witness steady growth, driven by rising disposable income and the increasing popularity of entry-level luxury SUVs.
