Meticulous Research® has published 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), and Geography – Global Forecast to 2031.”
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The report projects that the global e-SUV market will reach $914.2 billion by 2031, with a robust CAGR of 16.2% from 2024 to 2031. This growth is primarily attributed to the rising demand for compact electric SUVs, supportive government policies, and regulations focused on reducing carbon emissions and improving fuel efficiency. Leading automakers’ investments in the e-SUV sector further accelerate the market. However, the high costs of e-SUVs and the lack of extensive charging infrastructure in developing regions may challenge market expansion.
The report breaks down the market into categories based on propulsion, vehicle size, and power output, offering competitive insights and country-level analyses.
In terms of propulsion, battery-electric SUVs are projected to hold the largest share of the market in 2024, comprising over 64% of global sales. This dominance is driven by stricter emission regulations, increasing demand for environmentally friendly vehicles, and global efforts to develop EV infrastructure. Conversely, hybrid SUVs are expected to register the fastest growth rate, as automotive manufacturers focus on hybrid powertrain technology to improve fuel efficiency and performance.
By size, mid-size SUVs are anticipated to dominate the market, securing more than 42% of the total market in 2024. These vehicles offer a balanced mix of handling, fuel efficiency, and suitability for urban driving. Compact SUVs, on the other hand, are expected to grow the fastest, driven by their fuel efficiency, versatility, and the preference of manufacturers to introduce more compact electric SUVs equipped with advanced technologies.
In terms of power output, e-SUVs with 150 KW to 250 KW capacity will dominate, with over 53% of the market share in 2024. This segment benefits from the rising adoption of electric vehicles, increased investment in EV infrastructure, and government incentives for electric vehicle purchases. Furthermore, this segment is expected to grow at the highest CAGR as automakers focus on creating more powerful electric SUVs.
Regionally, Asia-Pacific is expected to lead the global market, capturing more than 56% of the market share in 2024. Government incentives, environmental regulations, and increasing consumer demand for electric vehicles drive this region’s market dominance. Additionally, Asia-Pacific is poised to experience the fastest growth, with a CAGR of over 19%, due to ongoing investment 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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