Luxury SUV Market Size, Share & Trends Analysis Report By Vehicle Type (Compact, Mid Size, Full Size), By Propulsion Type (ICE, Electric), By Region (North America, Europe), And Segment Forecasts, 2024 - 2030

Luxury SUV Market Size, Share & Trends Analysis Report By Vehicle Type (Compact, Mid Size, Full Size), By Propulsion Type (ICE, Electric), By Region (North America, Europe), And Segment Forecasts, 2024 - 2030


Luxury SUV Market Size & Trends

The global luxury SUV market size was estimated at USD 171.88 billion in 2023 and is expected to grow at a CAGR of 18.1% from 2024 to 2030. The market growth can be attributed to a combination of advanced technology, superior comfort, and enhanced performance. Luxury SUVs have become a preferred choice for consumers seeking utility and opulence. The shift towards sustainability has led to a significant rise in the production and sales of electric and hybrid luxury SUVs.

Luxury SUVs are at the forefront of automotive technology, integrating features such as advanced driver assistance systems (ADAS), autonomous driving capabilities, and state-of-the-art infotainment systems. Furthermore, the rising demand for advanced safety features within SUVs to minimize accidents is further driving the demand for the market over the forecast period. For instance, a report published by the National Highway Traffic Safety Administration (NHTSA) stated that the adoption of ADAS in SUVs has reduced accident rates by 23%, underscoring the safety benefits of these technologies.

Consumers in the market are increasingly seeking customized and personalized options. Manufacturers are offering bespoke services, allowing customers to tailor their vehicles to their specific requirements. This trend is particularly evident in markets such as the U.S. and Europe, where affluence and individualism drive demand for unique, high-end vehicles. Furthermore, state-of-the-art connectivity and infotainment systems are a significant selling point for luxury SUVs. Features such as large touchscreen infotainment, voice-activated controls, and seamless smartphone integration are now standard in this segment. According to a report published by the European Commission, the integration of 5G technology further enhances the connectivity features in luxury vehicles.

While luxury SUVs are often associated with urban use, a growing trend is towards enhancing their off-road capabilities. Brands such as Land Rover and Mercedes-Benz are incorporating advanced four-wheel-drive systems and rugged design elements to appeal to adventure-seeking consumers. Furthermore, owning a luxury SUV is often associated with higher social status and prestige. Brands such as Lexus, Land Rover, and Mercedes-Benz symbolize success and affluence. A U.S. Bureau of Labor Statistics survey indicated that spending on luxury goods, including high-end vehicles, remains strong among affluent consumers.

Stringent environmental regulations and government incentives for electric vehicles are shaping the market. Policies to reduce carbon emissions encourage manufacturers to develop cleaner, more efficient luxury vehicles. For instance, in September 2023, Mercedes-Benz India Pvt. Ltd. launched an electric luxury SUV named EQE SUV in India. The SUV has an electric range of up to 465 to 550 Km on a single charge.

Global Luxury SUV Market Report Segmentation

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global luxury SUV market based on vehicle type, propulsion type, and region:
  • Vehicle Type Outlook (Revenue, USD Billion, 2018 - 2030)
  • Compact
  • Mid Size
  • Full Size
  • Propulsion Type Outlook (Revenue, USD Billion, 2018 - 2030)
  • ICE
  • Electric
  • Regional Outlook (Revenue, USD Billion, 2018 - 2030)
  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • UK
  • France
  • Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Latin America
  • Brazil
  • Middle East & Africa
  • UAE
  • Kingdom of Saudi Arabia
  • South Africa
Please note The report will be delivered in 4-8 business days upon order notification.


Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Market Definitions
1.3. Research Methodology
1.4. Information Procurement
1.4.1. Purchased Database
1.4.2. GVR’s Internal Database
1.4.3. Secondary Sources
1.4.4. Third Party Perspective
1.4.5. Information Analysis
1.5. Information Analysis
1.5.1. Data Analysis Models
1.5.2. Market Formulation & Data Visualization
1.5.3. Data Validation & Publishing
1.6. Research Scope and Assumptions
1.6.1. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Variable Refrigerant Flow System Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.2. Market Concentration & Penetration Outlook
3.3. Industry Value Chain Analysis
3.4. Technology Overview
3.5. Regulatory Framework
3.6. Market Dynamics
3.6.1. Market Drivers Analysis
3.6.2. Market Restraints Analysis
3.6.3. Market Opportunity Analysis
3.6.4. Market Challenge Analysis
3.7. Variable Refrigerant Flow System Market Analysis Tools
3.7.1. Porter’s Analysis
3.7.1.1. Bargaining power of the suppliers
3.7.1.2. Bargaining power of the buyers
3.7.1.3. Threats of substitution
3.7.1.4. Threats from new entrants
3.7.1.5. Competitive rivalry
3.7.2. PESTEL Analysis
3.7.2.1. Political landscape
3.7.2.2. Economic and Social landscape
3.7.2.3. Technological landscape
3.7.2.4. Environmental landscape
3.7.2.5. Legal landscape
3.8. Economic Mega Trend Analysis
Chapter 4. Variable Refrigerant Flow System Market: System Type Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Variable Refrigerant Flow System Market: System Type Movement Analysis, 2023 & 2030 (USD Million)
4.3. Heat Pump
4.3.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
4.4. Heat Recovery System
4.4.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Variable Refrigerant Flow System Market: Capacity Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Variable Refrigerant Flow System Market: capacity Movement Analysis, 2023 & 2030 (USD Million)
5.3. Up to 10 Tons
5.3.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
5.4. 11 to 18 Tons
5.4.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
5.5. 19 to 26 Tons
5.5.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
5.6. Above 26 Tons
5.6.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 6. Variable Refrigerant Flow System Market: End use Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Variable Refrigerant Flow System Market: End use Movement Analysis, 2023 & 2030 (USD Million)
6.3. Commercial
6.3.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.4. Residential
6.4.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.5. Industrial
6.5.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Variable Refrigerant Flow System Market: Region Estimates & Trend Analysis
7.1. Variable Refrigerant Flow System Market Share, By Region, 2023 & 2030 (USD Million)
7.2. North America
7.2.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.2.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.2.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.2.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.2.5. U.S.
7.2.5.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.2.5.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.2.5.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.2.5.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.2.6. Canada
7.2.6.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.2.6.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.2.6.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.2.6.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.2.7. Mexico
7.2.7.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.2.7.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.2.7.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.2.7.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.3. Europe
7.3.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.3.2. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.3.3. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.3.4. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.3.5. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.3.7. UK
7.3.7.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.3.7.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.3.7.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.3.7.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.3.8. Germany
7.3.8.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.3.8.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.3.8.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.3.8.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.3.9. France
7.3.9.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.3.9.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.3.9.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.3.9.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.3.10. Italy
7.3.10.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.3.10.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.3.10.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.3.10.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.3.11. Spain
7.3.11.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.3.11.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.3.11.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.3.11.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.4. Asia Pacific
7.4.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.4.2. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.4.3. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.4.4. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.4.5. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.4.6. China
7.4.6.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.4.6.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.4.6.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.4.6.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.4.7. India
7.4.7.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.4.7.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.4.7.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.4.7.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.4.8. Japan
7.4.8.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.4.8.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.4.8.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.4.8.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.4.9. South Korea
7.4.9.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.4.9.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.4.9.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.4.9.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.4.10. Australia
7.4.10.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.4.10.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.4.10.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.4.10.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.5. Latin America
7.5.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.5.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.5.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.5.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.5.5. Brazil
7.5.5.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.5.5.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.5.5.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.5.5.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.5.6. Argentina
7.5.6.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.5.6.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.5.6.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.5.6.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.6. Middle East & Africa
7.6.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.6.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.6.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.6.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.6.5. South Africa
7.6.5.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.6.5.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.6.5.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.6.5.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.6.6. Saudi Arabia
7.6.6.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.6.6.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.6.6.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.6.6.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
7.6.7. UAE
7.6.7.1. Variable Refrigerant Flow System Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.6.7.2. Variable Refrigerant Flow System Market Estimates and Forecasts by system type, 2018 - 2030 (USD Million)
7.6.7.3. Variable Refrigerant Flow System Market Estimates and Forecasts by capacity, 2018 - 2030 (USD Million)
7.6.7.4. Variable Refrigerant Flow System Market Estimates and Forecasts by End use, 2018 - 2030 (USD Million)
Chapter 8. Competitive Landscape
8.1. Recent Developments & Impact Analysis by Key Market Participants
8.2. Company Categorization
8.3. Company Market Positioning
8.4. Company Market Share Analysis, 2023
8.5. Company Heat Map Analysis, 2023
8.6. Strategy Mapping
8.7. Company Profiles
8.7.1. Carrier Corporation
8.7.1.1. Participant’s Overview
8.7.1.2. Financial Performance
8.7.1.3. Product Benchmarking
8.7.1.4. Strategic Initiatives
8.7.2. Daikin Industries, Ltd.
8.7.2.1. Participant’s Overview
8.7.2.2. Financial Performance
8.7.2.3. Product Benchmarking
8.7.2.4. Strategic Initiatives
8.7.3. Fujitsu
8.7.3.1. Participant’s Overview
8.7.3.2. Financial Performance
8.7.3.3. Product Benchmarking
8.7.3.4. Strategic Initiatives
8.7.4. Haier Group
8.7.4.1. Participant’s Overview
8.7.4.2. Financial Performance
8.7.4.3. Product Benchmarking
8.7.4.4. Strategic Initiatives
8.7.5. Blue Star Limited.
8.7.5.1. Participant’s Overview
8.7.5.2. Financial Performance
8.7.5.3. Product Benchmarking
8.7.5.4. Strategic Initiatives
8.7.6. Hitachi Ltd.
8.7.6.1. Participant’s Overview
8.7.6.2. Financial Performance
8.7.6.3. Product Benchmarking
8.7.6.4. Strategic Initiatives
8.7.7. Johnson Controls
8.7.7.1. Participant’s Overview
8.7.7.2. Financial Performance
8.7.7.3. Product Benchmarking
8.7.7.4. Strategic Initiatives
8.7.8. LG Electronics
8.7.8.1. Participant’s Overview
8.7.8.2. Financial Performance
8.7.8.3. Product Benchmarking
8.7.8.4. Strategic Initiatives
8.7.9. Trane
8.7.9.1. Participant’s Overview
8.7.9.2. Financial Performance
8.7.9.3. Product Benchmarking
8.7.9.4. Strategic Initiatives
8.7.10. Mitsubishi Electric Corporation
8.7.10.1. Participant’s Overview
8.7.10.2. Financial Performance
8.7.10.3. Product Benchmarking
8.7.10.4. Strategic Initiatives
8.7.11. Rheem Manufacturing Company
8.7.11.1. Participant’s Overview
8.7.11.2. Financial Performance
8.7.11.3. Product Benchmarking
8.7.11.4. Strategic Initiatives
8.7.12. SAMSUNG
8.7.12.1. Participant’s Overview
8.7.12.2. Financial Performance
8.7.12.3. Product Benchmarking
8.7.12.4. Strategic Initiatives

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook
Cookie Settings