Summary
- Premium luxury and ultra-luxury SUVs are one of the strongest segments in the market, surprisingly
- Almost every brand has posted year-over-year sales increases in Q1 2024
- There are three trends in premium and ultra-luxury that mean the most to buyers right now:
- Hybridization
- Autonomous Assists
- Enhanced Connectivity
- We think that if things stay trending as they are, the premium lux and ultra-lux segment might come out of 2024 with one of its stronger years, maybe its strongest year, in recent memory
In our Q1 2024 review earlier this year, one of the points made was that the premium luxury and ultra-luxury segment were two of the few that was predicted to continue growing through the year. Now that we have hit the halfway point of 2024, it is time to investigate if that prediction has held true.
Keep in mind, we are going one step beyond the typical luxury SUV market. We’re moving up to the range of Bentley, Rolls-Royce, Lamborghini, Aston Martin, and the like. To determine the dynamics, we’ll be looking at units sold growth year-over-year, and the emerging most important trends for ultra-luxury and premium luxury customers.
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