Meticulous Research®—a prominent name in global market research—has introduced a new report titled, ‘e-SUVs Marketby 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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According to the latest report from Meticulous Research®, the global e-SUVs market is projected to reach $914.2 billion by 2031, growing at a CAGR of 16.2% from 2024 to 2031. This growth is supported by the global trend towards compact e-SUVs, favorable government policies, and stringent emission and fuel economy standards. Additionally, the significant investments by leading automotive OEMs are expected to propel market expansion. However, high prices and the absence of charging infrastructure in developing countries may impede growth.
Market Segmentation
The e-SUVs market is segmented by propulsion type, size, and power output. The report provides a detailed analysis of regional markets and evaluates industry competitors.
Propulsion Type
The market is divided into battery-electric SUVs and hybrid SUVs. Battery-electric SUVs are expected to dominate with a market share of over 64% in 2024. This dominance is attributed to strict emission regulations, rising consumer demand for efficient vehicles, a shift towards sustainable transportation, and the growth of charging infrastructure.
The hybrid SUVs segment is anticipated to grow at the highest CAGR during the forecast period. This growth is driven by investments in hybrid technology, superior fuel efficiency, lower running costs compared to conventional vehicles, reduced emissions, and improved performance.
Size
The market is segmented into compact SUVs, mid-size SUVs, and full-size SUVs. Mid-size SUVs are expected to capture over 42% of the market share in 2024. They offer a balance between compact and full-size SUVs, providing better handling, fuel efficiency, and suitability for urban driving.
The compact SUVs segment is expected to record the highest CAGR. This growth is driven by factors such as fuel efficiency, versatility, advanced safety features, and rising consumer preference. Automakers are focusing on launching compact electric SUVs with advanced features.
Power Output
The e-SUVs market is segmented into Less Than 150 KW, 150 KW to 250 KW, and More than 250 KW. The 150 KW to 250 KW segment is forecasted to hold over 53% of the market share in 2024. This segment’s large share is due to the growing adoption of electric SUVs, investments in charging infrastructure, and favorable policies and incentives.
The 150 KW to 250 KW segment is expected to grow at the highest CAGR. This growth is primarily driven by the focus of major players on developing e-SUVs with power outputs in this range.
Geography
The e-SUVs market is segmented by region into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is expected to hold over 56% of the global e-SUV market share in 2024. This is due to supportive government policies, tax incentives, regulations promoting EV adoption, and growing consumer demand for fuel-efficient solutions.
Asia-Pacific is also expected to experience the highest CAGR of over 19% during the forecast period, driven by increased investments in EV charging infrastructure, technological advancements, and expanded production capacity by major players.
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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