Meticulous Research®, a leading global market research firm, has unveiled a significant 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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The report highlights that the e-SUVs market is expected to reach $914.2 billion by 2031, exhibiting a CAGR of 16.2% from 2024 to 2031. This growth trajectory is primarily fueled by the rising global demand for small and compact e-SUVs, supportive government policies, and strict emission and fuel economy standards. Additionally, significant investments from major automotive OEMs in e-SUV development are anticipated to create further growth opportunities. Nevertheless, the high cost of e-SUVs could hinder market expansion, and inadequate charging infrastructure in developing regions remains a critical challenge.
The e-SUVs market is segmented based on propulsion type, size, and power output, offering a detailed analysis of competitors and regional dynamics.
In terms of propulsion type, the market is classified into battery-electric SUVs and hybrid SUVs. By 2024, battery-electric SUVs are projected to account for over 64% of the global market share. This strong position is largely attributed to stringent automotive emission regulations, heightened consumer demand for fuel-efficient vehicles, a global shift towards eco-friendly transportation, and improvements in charging infrastructure.
Conversely, the hybrid SUVs segment is expected to experience the highest CAGR during the forecast period. This growth is primarily driven by increased investments from automotive OEMs in hybrid vehicle technology, better fuel efficiency, reduced operating costs compared to traditional fuel vehicles, and improved performance metrics.
Concerning size, the e-SUVs market is divided into compact SUVs, mid-size SUVs, and full-size SUVs. In 2024, mid-size SUVs are anticipated to comprise over 42% of the market share. This substantial share is due to their balanced features, offering better handling, improved fuel efficiency, and suitability for urban driving and parking.
On the other hand, the compact SUVs segment is projected to register the highest CAGR during the forecast period, driven by factors such as enhanced fuel efficiency, versatility, spacious interiors with advanced safety features, and growing consumer preferences for compact electric SUVs.
Regarding power output, the market is segmented 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, holding over 53% of the global market share. This dominance is attributed to the growing adoption of electric SUVs, rising government investments in EV charging infrastructure, and favorable policies and incentives from various state authorities.
However, the 150 KW to 250 KW segment is anticipated to grow at the highest CAGR throughout the forecast period, driven by key players’ focus on developing e-SUVs within this power output 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 projected to capture over 56% of the e-SUVs market share. This significant share is linked to government subsidies, tax incentives, and regulations that promote the development and adoption of EVs, alongside increasing consumer demand for fuel-efficient mobility solutions and efforts to curb greenhouse gas emissions.
Furthermore, Asia-Pacific is expected to witness the highest CAGR of over 19% during the forecast period, driven by initiatives aimed at enhancing 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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