Meticulous Research®—a prominent global market research company—has released a new 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.’
According to the latest report from Meticulous Research®, the e-SUVs market is projected to reach $914.2 billion by 2031, with a CAGR of 16.2% from 2024 to 2031. This growth is propelled by the global uptake of compact e-SUVs, supportive government regulations, and strict emission and fuel economy standards. The growing investments by leading automotive OEMs are expected to further drive market growth. Nevertheless, high e-SUV prices and the lack of charging infrastructure in developing countries may pose challenges to market expansion.
Market Segmentation
The e-SUVs market is analyzed based on propulsion type, size, and power output. The report provides a comprehensive review of regional markets and competitor analysis.
Propulsion Type
The market is divided into battery-electric SUVs and hybrid SUVs. Battery-electric SUVs are forecasted to dominate with a market share of over 64% in 2024. This dominance is driven by stringent global automotive emission regulations, increasing consumer demand for fuel-efficient vehicles, a shift towards sustainable transportation, and expanding charging infrastructure.
The hybrid SUVs segment is anticipated to achieve the highest CAGR during the forecast period. This growth is due to investments in hybrid technology, better fuel efficiency, lower operational costs compared to conventional vehicles, reduced emissions, and improved performance.
Size
The e-SUV market is segmented into compact SUVs, mid-size SUVs, and full-size SUVs. The mid-size SUV segment is expected to capture the largest share of over 42% in 2024. Mid-size SUVs offer a balance between compact and full-size options, providing better handling, higher fuel efficiency, and suitability for urban environments.
The compact SUVs segment is projected to grow at the highest CAGR. This growth is driven by factors such as fuel efficiency, versatility, advanced safety features, and increasing consumer preference. Automakers are focusing on developing compact electric SUVs with advanced capabilities.
Power Output
The 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 expected to hold over 53% of the market share in 2024. The large share of this segment is attributed to the rising adoption of electric SUVs, government investments in EV charging infrastructure, and favorable policies and incentives.
The 150 KW to 250 KW segment is also forecasted to grow at the highest CAGR. This growth is primarily driven by the focus of key players on developing e-SUVs with power outputs in this range.
Geography
The market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East Africa. In 2024, Asia-Pacific is expected to hold the largest market share of over 56%. This is due to government subsidies, tax incentives, regulations supporting EV adoption, a focus on reducing emissions, growing automobile demand, and consumer preference for fuel-efficient solutions.
Asia-Pacific is also anticipated to record the highest CAGR of over 19% during the forecast period, driven by investments in EV charging infrastructure, technological advancements, and increased production capacity.
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).
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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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