Meticulous Research®—a renowned global market research company—has published 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 Meticulous Research®’s latest findings, the global 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 fueled by the increasing adoption of compact e-SUVs, favorable government policies, and stringent emission and fuel economy standards. Significant investments from leading automotive OEMs are expected to drive market expansion. However, high e-SUV prices and the lack of charging infrastructure in developing countries may pose growth challenges.
Market Segmentation
The e-SUVs market is segmented by propulsion type, size, and power output. The report provides a detailed analysis of regional markets and competitor dynamics.
Propulsion Type
The market is categorized into battery-electric SUVs and hybrid SUVs. Battery-electric SUVs are expected to lead with a market share of over 64% in 2024. This dominance is due to strict emission regulations, rising consumer demand for efficient vehicles, a shift towards eco-friendly transportation, and the expansion of charging infrastructure.
The hybrid SUVs segment is projected to grow at the highest CAGR. This growth is driven by investments in hybrid powertrains, enhanced fuel efficiency, lower operational costs compared to traditional vehicles, reduced emissions, and improved performance.
Size
The e-SUV market is segmented into compact SUVs, mid-size SUVs, and full-size SUVs. Mid-size SUVs are anticipated to hold over 42% of the market share in 2024. They provide a balanced option between compact and full-size models, offering better handling, fuel efficiency, and suitability for urban environments.
The compact SUVs segment is expected to grow at the highest CAGR. This growth is due to factors such as fuel efficiency, versatility, advanced safety features, and rising consumer preference. Automotive manufacturers are focusing on launching compact electric SUVs with innovative 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 forecasted to hold over 53% of the market share in 2024. This substantial share is driven by the growing adoption of electric SUVs, investments in EV charging infrastructure, and favorable policies and incentives.
The 150 KW to 250 KW segment is also expected to grow at the highest CAGR. This growth is largely driven by the focus of major 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. Asia-Pacific is expected to capture over 56% of the global e-SUV market share in 2024. This is due to supportive government policies, tax incentives, regulations encouraging EV adoption, and growing consumer demand for fuel-efficient vehicles.
Asia-Pacific is also projected to experience the highest CAGR of over 19% during the forecast period, driven by increased investments in EV charging infrastructure, technological advancements, and expanded production capacity.
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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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