Market Forecasts and Trends Analysis of the e-SUVs Sector: Size & Share
Meticulous Research®, a top-tier global market research organization, has published 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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According to this report, the e-SUVs market is projected to reach $914.2 billion by 2031, at a CAGR of 16.2% from 2024 to 2031. The growth in the e-SUVs market is fueled by the worldwide adoption of small and compact e-SUVs, supportive government policies, and stringent emission and fuel economy regulations. Additionally, the increasing investments in e-SUVs from key automotive OEMs are expected to provide growth opportunities. However, the high price of e-SUVs may pose challenges to market expansion, and the lack of charging infrastructure in developing regions is a significant hurdle.
The e-SUVs market is categorized based on propulsion type, size, and power output, facilitating a comprehensive analysis of competitors and regional markets.
By propulsion type, the e-SUVs market is divided into battery-electric SUVs and hybrid SUVs. In 2024, battery-electric SUVs are expected to account for over 64% of the global market share, primarily due to stringent automotive emission regulations, increasing consumer demand for fuel-efficient vehicles, a global trend towards eco-friendly transportation, and enhancements in charging infrastructure.
However, the hybrid SUVs segment is anticipated to grow at the highest CAGR during the forecast period, driven by rising investments from automotive OEMs in hybrid technology, better fuel efficiency, lower operating costs compared to conventional fuel vehicles, and enhanced performance.
Concerning size, the e-SUVs market is segmented into compact SUVs, mid-size SUVs, and full-size SUVs. By 2024, mid-size SUVs are projected to hold over 42% of the market share, benefiting from their balance between compact and full-size options, improved handling, and better fuel efficiency suited for urban environments.
In contrast, the compact SUVs segment is expected to demonstrate the highest CAGR during the forecast period, fueled by factors like enhanced fuel efficiency, versatility, advanced safety features, and a growing consumer preference for compact electric SUVs equipped with innovative capabilities.
Regarding power output, the e-SUVs market is categorized 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 anticipated to dominate, capturing over 53% of the global market share. This dominance is attributed to the increasing 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 projected to experience the highest CAGR during the forecast period, driven by key industry players focusing on developing e-SUVs with power capacities within 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 the market with over 56% of the e-SUVs market share. This significant share is linked to government subsidies, tax incentives, and regulations supporting the development and adoption of EVs, alongside a growing consumer demand for fuel-efficient mobility solutions and efforts to reduce greenhouse gas emissions.
Moreover, Asia-Pacific is forecasted to register the highest CAGR of over 19% during the forecast period, driven by initiatives aimed at improving charging infrastructure and an increasing focus on technological advancements and production capacity enhancements by leading market 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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