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The image enhancement methods based on 3D lookup tables (3D LUTs) efficiently reduce both model size and runtime by interpolating pre-calculated values at the vertices. However, the 3D LUT methods have a limitation due to their lack of spatial information, as they convert color values on a point-by-point basis. Although spatial-aware 3D LUT methods address this limitation, they introduce additional modules that require a substantial number of parameters, leading to increased runtime as image resolution increases. To address this issue, we propose a method for generating image-adaptive LUTs by focusing on the redundant parts of the tables. Our efficient framework decomposes a 3D LUT into a linear sum of low-dimensional LUTs and employs singular value decomposition (SVD). Furthermore, we enhance the modules for spatial feature fusion to be more cache-efficient. Extensive experimental results demonstrate that our model effectively decreases both the number of parameters and runtime while maintaining spatial awareness and performance. The code is available at https://github.com/WontaeaeKim/SVDLUT.