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According to Meticulous Research®’s latest 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 market’s growth is driven by the global shift towards compact e-SUVs, supportive government policies, and stringent emission and fuel economy standards. Additionally, increased investment by leading automotive OEMs is expected to drive further market growth. However, high e-SUV prices and limited charging infrastructure in emerging markets may challenge growth.
Market Segmentation
The e-SUVs market is analyzed by propulsion type, size, and power output. This report includes a detailed examination of regional markets and competitor analysis.
Propulsion Type
The e-SUVs market is segmented into battery-electric SUVs and hybrid SUVs. Battery-electric SUVs are expected to dominate with over 64% of the market share in 2024. This is attributed to stringent emission regulations, rising demand for fuel-efficient vehicles, a shift towards eco-friendly transportation, and the expansion of charging infrastructure.
The hybrid SUVs segment is forecasted to grow at the highest CAGR. Growth in this segment is driven by investments in hybrid powertrains, better fuel efficiency, lower running costs compared to traditional vehicles, reduced emissions, and enhanced performance.
Size
The market is divided into compact SUVs, mid-size SUVs, and full-size SUVs. The mid-size SUVs segment is expected to hold over 42% of the market share in 2024. Mid-size SUVs offer a balance between compact and full-size options, providing better handling, fuel efficiency, and suitability for city driving.
The compact SUVs segment is anticipated to grow at the highest CAGR. This growth is driven by factors such as fuel efficiency, versatility, advanced safety features, and increasing consumer preference. Automotive manufacturers are focusing on developing compact electric SUVs with innovative 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 expected to hold over 53% of the market share in 2024. This segment’s significant share is driven by the rise in electric SUV adoption, investments in EV charging infrastructure, and favorable policies and incentives.
The 150 KW to 250 KW segment is also projected to experience the highest CAGR during the forecast period. This growth is primarily due to the focus of major players on developing e-SUVs with power capacities 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 dominate with over 56% of the global e-SUV market share. This is due to supportive government policies, tax incentives, regulations encouraging EV adoption, and rising consumer demand for fuel-efficient vehicles.
Asia-Pacific is also expected 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.
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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