Investing with a 20-year timeframe changes the way you think about ASX shares.
Short-term volatility becomes background noise. What matters instead is whether a business can stay relevant, keep reinvesting, and grow alongside changes in technology, consumer behaviour, and the global economy. The best long-term performers are rarely perfect every year, but they tend to compound steadily as their markets expand.
With that perspective, here are three ASX 200 growth shares that could be well suited to a buy-and-hold approach over the next two decades.
Life360 Ltd (ASX: 360)
Life360 operates a platform that has quietly become part of everyday life for millions of families around the world.
Its app combines location sharing, safety features, and emergency tools in a subscription-based model that benefits from strong network effects. Once families adopt the service, it often becomes embedded in daily routines, leading to high retention and recurring revenue.
What makes Life360 particularly interesting over a 20-year horizon is the size of its opportunity. While it may already have over 90 million monthly active users, this is still only a small portion of the global population. This gives it a long growth runway over the next two decades. It also has a major opportunity to deepen engagement with current users and lift its revenue per user metric significantly.
If Life360 continues to execute, it could evolve from a single-purpose app into a broader consumer safety platform over time.
Lovisa Holdings Ltd (ASX: LOV)
Another ASX 200 growth share that could be a top buy and hold option is Lovisa.
It shows how a retail business can still deliver long-term growth when the model is right. The company operates a fast-fashion jewellery concept with global appeal, supported by rapid product turnover, disciplined store economics, and a capital-light expansion strategy. Unlike many Australian retailers, Lovisa has successfully scaled across regions including Europe, the United States, and Asia.
Over a 20-year period, the key driver is not any single season's sales, but the ability to keep opening profitable stores and adapting to local markets. Lovisa has shown it can do this repeatedly, while maintaining strong margins and returns on capital.
As long as management remains disciplined and demand for affordable fashion accessories persists, Lovisa has the potential to keep growing its footprint for many years.
WiseTech Global Ltd (ASX: WTC)
WiseTech Global operates at the core of global trade and supply chains.
Its CargoWise platform is used by major freight forwarders and logistics providers to manage complex international shipments. As global trade becomes more regulated and interconnected, the value of integrated software solutions continues to rise.
What makes WiseTech compelling over a multi-decade timeframe is its scalability. Software allows the company to grow revenue faster than costs as customers expand usage and adopt additional modules. High switching costs also help protect WiseTech's position once customers are embedded in the platform.
While its share price has experienced significant volatility in recent times, I believe the long-term trajectory for this ASX 200 growth share is upwards.
