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As per the latest findings, the 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 trajectory is driven by the global uptake and innovation of small and compact e-SUVs, favorable government policies, and stringent emission and fuel economy standards. Additionally, increasing investments in e-SUVs by key automotive OEMs are likely to present further opportunities for market expansion. However, the high price tags of e-SUVs could limit overall market growth. Furthermore, the lack of charging infrastructure in developing countries poses a significant hurdle.
The e-SUVs market is divided by propulsion type, size, and power output. This analysis includes a comprehensive evaluation of industry competitors and regional markets.
In terms of propulsion type, the market is classified into battery-electric SUVs and hybrid SUVs. By 2024, the battery-electric SUVs segment is expected to dominate, capturing over 64% of the global e-SUVs market share. This dominance is largely due to the increasing enforcement of stringent automotive emission regulations, rising consumer demand for fuel-efficient vehicles, a global pivot toward eco-friendly transportation, and the enhancement of charging infrastructure.
In contrast, the hybrid SUVs segment is expected to achieve the highest CAGR during the forecast period, driven by significant investments from automotive OEMs into hybrid technologies, improved fuel efficiency, and lower operational costs compared to traditional fuel vehicles.
In terms of 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 capture over 42% of the total market share. Mid-size SUVs, which fall between compact and full-size models, are preferred for their superior handling, fuel efficiency, and suitability for urban environments.
However, the compact SUVs segment is expected to witness the highest CAGR over the forecast period, attributed to multiple factors such as enhanced fuel efficiency, adaptability, advanced safety features, and increasing consumer interest in compact electric SUVs.
Based on power output, the market is classified 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 expected to hold over 53% of the global market share. This significant share is connected to the growing adoption of electric SUVs, rising government investments in EV charging infrastructure, and favorable policies and subsidies from various state governments.
Nonetheless, the 150 KW to 250 KW segment is anticipated to exhibit the highest CAGR during the forecast period, propelled by key players' focus on developing e-SUVs with power capacities 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 the market, accounting for over 56% of the e-SUVs market share. This significant share is attributed to government subsidies, tax incentives, and regulations supporting the development and adoption of EVs, along with rising consumer demand for fuel-efficient vehicles and initiatives to reduce greenhouse gas emissions.
Moreover, Asia-Pacific is projected to achieve the highest CAGR of over 19% during the forecast period, driven by growing efforts to improve charging infrastructure and increased emphasis on technological innovation and expanded production capacity among leading players in the sector.
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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