Meticulous Research®, a renowned global market research firm, has released a detailed 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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This report reveals that the e-SUVs market is projected to reach $914.2 billion by 2031, achieving a CAGR of 16.2% from 2024 to 2031. The growth of the e-SUVs market is driven by the increasing global adoption of small and compact e-SUVs, government policies that favor industry growth, and stringent emission and fuel economy standards. Additionally, significant investments in e-SUVs from major automotive OEMs are expected to foster market growth. However, the high costs of e-SUVs could impede growth. Moreover, the lack of adequate charging infrastructure in developing regions remains a critical challenge.
The e-SUVs market is segmented by propulsion type, size, and power output, providing a thorough analysis of competitors and regional markets.
In terms of propulsion type, the e-SUVs market is categorized into battery-electric SUVs and hybrid SUVs. In 2024, the battery-electric SUVs segment is anticipated to dominate with over 64% of the global market share. This significant portion is primarily attributed to the rise of stringent automotive emission regulations, a growing consumer preference for fuel-efficient vehicles, a global shift towards eco-friendly transportation solutions, and the expansion of charging infrastructure.
Conversely, the hybrid SUVs segment is expected to showcase the highest CAGR during the forecast period. This growth can be attributed to increasing investments by automotive OEMs in hybrid technology, better fuel efficiency, lower operating costs compared to traditional fuel vehicles, and enhanced performance.
Regarding size, the e-SUVs market is divided into compact SUVs, mid-size SUVs, and full-size SUVs. By 2024, mid-size SUVs are expected to hold more than 42% of the market share. Mid-size SUVs strike a balance between compact and full-size vehicles, offering superior handling, improved fuel efficiency, and better suitability for urban environments.
On the other hand, the compact SUVs segment is forecasted to exhibit the highest CAGR throughout the forecast period, driven by factors like enhanced fuel efficiency, versatility, comfortable interiors with advanced safety features, and growing consumer preferences for compact SUVs.
In terms of power output, the e-SUVs market is segmented into Less Than 150 KW, 150 KW to 250 KW, and More Than 250 KW. In 2024, the 150 KW to 250 KW segment is projected to account for over 53% of the global e-SUVs market share. This substantial market share can be attributed to the increasing adoption of electric SUVs, rising government investments in EV charging infrastructure, and supportive policies and incentives introduced by various state governments.
However, the 150 KW to 250 KW segment is anticipated to achieve the highest CAGR during the forecast period, fueled by key players' focus on the development of e-SUVs with power outputs in 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, accounting for over 56% of the e-SUVs market share. This substantial share is linked to government subsidies, tax incentives, and regulations aimed at promoting the development and adoption of EVs, alongside rising consumer demand for fuel-efficient mobility solutions and initiatives to reduce greenhouse gas emissions.
Furthermore, Asia-Pacific is predicted to record the highest CAGR of over 19% during the forecast period, driven by increasing efforts to bolster charging infrastructure and a growing focus 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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