Meticulous Research® has published a new market research 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), and Geography – Global Forecast to 2031.”
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According to the report, the global e-SUV market is expected to reach $914.2 billion by 2031, growing at a CAGR of 16.2% from 2024 to 2031. The growth of the e-SUV market is primarily driven by the rising adoption of compact electric SUVs, favorable government regulations supporting EV adoption, and stringent fuel economy and emission standards. Additionally, increased investments by major automotive OEMs in e-SUV development are projected to create significant growth opportunities. However, high vehicle costs and the limited availability of charging infrastructure in emerging markets may act as growth barriers.
The report segments the market by propulsion type, vehicle size, and power output, providing in-depth analysis of market trends and competition on a regional level.
By propulsion type, battery-electric SUVs are forecasted to dominate in 2024, with over 64% of the market share. This dominance is attributed to the increasing demand for eco-friendly, fuel-efficient vehicles, tighter automotive emission regulations, and the rapid development of charging infrastructure. The hybrid SUV segment is projected to grow at the fastest pace, driven by increasing investments in hybrid technologies aimed at improving fuel efficiency, reducing emissions, and enhancing performance.
In terms of size, mid-size SUVs are expected to hold the largest market share, accounting for over 42% of the global e-SUV market in 2024. These vehicles offer better fuel efficiency, maneuverability, and urban driving capabilities. Meanwhile, compact SUVs are forecasted to record the highest growth, fueled by growing consumer preference for smaller, fuel-efficient vehicles and the automotive industry’s focus on launching compact electric SUVs with advanced safety and comfort features.
In the power output segment, e-SUVs with 150 KW to 250 KW power output are expected to account for the largest market share in 2024, representing over 53% of the global market. The increasing adoption of electric SUVs, combined with supportive government incentives and growing investments in EV infrastructure, is driving this segment’s growth. Additionally, this segment is expected to grow at the highest CAGR, as automakers focus on developing high-performance electric SUVs.
Regionally, the Asia-Pacific region is expected to lead the global e-SUV market in 2024, capturing more than 56% of the market. Government subsidies, tax incentives, and regulations promoting EV adoption, coupled with rising demand for fuel-efficient vehicles, are driving growth in the region. Furthermore, Asia-Pacific is forecasted to grow at the fastest rate, with a CAGR of over 19%, driven by ongoing investments in EV infrastructure and advancements in vehicle technology.
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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