Meticulous Research®, a renowned global market research firm, has released a comprehensive 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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The findings reveal that the e-SUVs market is set to
reach $914.2 billion by 2031, exhibiting a CAGR of 16.2%
from 2024 to 2031. This robust growth can be attributed to the worldwide
acceptance and advancement of compact e-SUVs, favorable government
regulations, and strict emission and fuel economy standards.
Additionally, substantial investments in e-SUVs by major automotive OEMs
are expected to create further market opportunities. Nonetheless, the high
costs of e-SUVs could hinder market expansion. Moreover, the lack of charging
infrastructure in developing nations presents a significant challenge.
The market is segmented based on propulsion type, size, and
power output, with a thorough evaluation of industry competitors and regional
dynamics.
In terms of propulsion type, the e-SUVs market is
divided into battery-electric SUVs and hybrid SUVs. By 2024,
the battery-electric SUVs segment is projected to dominate with over 64%
of the global market share. This dominance is largely due to the implementation
of stringent automotive emission regulations, rising consumer demand for
fuel-efficient vehicles, and a global shift towards eco-friendly
transport solutions, alongside enhanced charging infrastructure.
Conversely, the hybrid SUVs segment is anticipated to
experience the highest CAGR during the forecast period, driven by
increased investment from automotive OEMs in hybrid technology, superior
fuel efficiency, and reduced operating costs compared to traditional vehicles.
In terms of size, the e-SUVs market is categorized
into compact SUVs, mid-size SUVs, and full-size SUVs. In 2024,
mid-size SUVs are expected to hold the largest share, exceeding 42% of
the total market. Mid-size SUVs, positioned between compact and full-size SUVs,
are favored for their superior handling and fuel efficiency, making them ideal
for urban environments.
On the other hand, the compact SUVs segment is
projected to grow at the fastest CAGR during the forecast period, driven
by factors such as improved fuel efficiency, adaptability, a comfortable
interior, and advanced safety features, alongside rising consumer preference
for compact electric SUVs.
Regarding power output, the market is segmented into Less
Than 150 KW, 150 KW to 250 KW, and More Than 250 KW. By 2024,
the 150 KW to 250 KW segment is expected to dominate, capturing over 53%
of the market share. This segment's growth is linked to the rising acceptance
of electric SUVs, substantial government investment in EV charging
infrastructure, and favorable policies, incentives, and subsidies from
state governments.
Nevertheless, the 150 KW to 250 KW segment is
projected to achieve the highest CAGR during the forecast period, fueled
by leading manufacturers' focus on developing e-SUVs with power capacities
within this range.
Geographically, the e-SUVs market is divided into North
America, Asia-Pacific, Europe, Latin America, and the Middle
East & Africa. By 2024, Asia-Pacific is forecasted to capture
over 56% of the e-SUVs market share. This significant share is
attributed to government subsidies, tax incentives, and regulations promoting EV
adoption, alongside a growing demand for fuel-efficient mobility solutions
and efforts to lower greenhouse gas emissions.
Moreover, the Asia-Pacific region is anticipated to exhibit
the highest CAGR of over 19% during the forecast period, driven
by initiatives to enhance charging infrastructure, as well as increasing
technological advancements and expanded production capacity from major 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?
Meticulous Research®
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