Meticulous Research®, a prominent global market research firm, has released an insightful report titled, “e-SUVs Market by Propulsion (Battery Electric SUV, Hybrid SUV), Size (Compact SUV, Mid-Size SUV, Full-Size SUV), Power Output (Less Than 150 KW, 150 KW to 250 KW, More Than 250 KW), Geography - Global Forecast to 2031.”
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This report projects that the e-SUVs market will reach $914.2 billion by 2031, with a CAGR of 16.2% from 2024 to 2031. The growth of the e-SUVs market is driven by the global demand for small and compact e-SUVs, supportive government regulations, and stringent emission and fuel economy standards. Moreover, significant investments in e-SUVs by leading automotive OEMs are expected to enhance market growth opportunities. However, the high pricing of e-SUVs may restrict market expansion, and the insufficient charging infrastructure in developing nations poses a considerable challenge.
The e-SUVs market is segmented by propulsion type, size, and power output, providing a thorough analysis of competitors and regional dynamics.
Regarding propulsion type, the e-SUVs market is classified into battery-electric SUVs and hybrid SUVs. In 2024, battery-electric SUVs are projected to capture more than 64% of the global market share. This dominance is primarily due to stringent automotive emission regulations, increasing consumer demand for fuel-efficient vehicles, a global shift towards eco-friendly transportation, and the enhancement of charging infrastructure.
Conversely, the hybrid SUVs segment is expected to experience the highest CAGR during the forecast period. This growth is primarily fueled by rising investments from automotive OEMs in hybrid vehicle technologies, better fuel efficiency, lower operating costs compared to traditional fuel vehicles, and improved performance characteristics.
In terms of size, the e-SUVs market is segmented into compact SUVs, mid-size SUVs, and full-size SUVs. By 2024, mid-size SUVs are expected to hold over 42% of the market share. Mid-size SUVs are preferred due to their balanced characteristics, offering better handling and higher fuel efficiency, making them suitable for city driving and parking.
On the other hand, the compact SUVs segment is forecasted to demonstrate the highest CAGR during the forecast period. This growth can be attributed to factors such as enhanced fuel efficiency, versatility, comfortable interiors with advanced safety features, and a growing consumer preference for compact electric SUVs.
On the basis of power output, the e-SUVs market is divided into Less Than 150 KW, 150 KW to 250 KW, and More Than 250 KW. By 2024, the 150 KW to 250 KW segment is expected to dominate, capturing over 53% of the global market share. This significant share can be attributed to the rising adoption of electric SUVs, increasing government investments in EV charging infrastructure, and favorable policies and incentives from various state authorities.
However, the 150 KW to 250 KW segment is projected to achieve the highest CAGR throughout the forecast period, driven by key players focusing on the development of e-SUVs with power outputs in this range.
Geographically, the e-SUVs market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. By 2024, Asia-Pacific is expected to dominate with over 56% of the e-SUVs market share. This substantial share is attributed to government subsidies, tax incentives, and regulations that support the development and adoption of EVs, alongside rising consumer demand for fuel-efficient mobility solutions and efforts to reduce greenhouse gas emissions.
Furthermore, Asia-Pacific is anticipated to register the highest CAGR of over 19% during the forecast period, driven by initiatives to strengthen charging infrastructure and a growing emphasis on technological advancements and capacity expansions among key industry players.
Key Players:
The key players operating in the e-SUVs market are Tesla Inc. (U.S.), Toyota Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), BYD Company Ltd. (China), Ford Motor Company (U.S.), Hyundai Motor Company (South Korea), Mercedes-Benz (Germany), Nissan Motor Corporation (Japan), Volkswagen AG (Germany), AB Volvo (Sweden), Kia Corporation (South Korea), and BMW (Germany).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/e-suvs-market-5958
Key Questions Answered in the Report:
- Which are the high-growth market segments based on propulsion type, size, and power output?
- What was the historical market for e-SUVs?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, and opportunities in the e-SUVs market?
- Who are the major players, and what shares do they hold in the e-SUVs market?
- What is the competitive landscape in the e-SUVs market?
- What are the recent developments in the e-SUVs market?
- What are the different strategies adopted by the major players in the e-SUVs market?
- What are the important geographic trends, and which are the fastest-growing countries?
- Who are the local emerging players in the global e-SUVs market, and how do they compete with existing players?
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