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Meticulous Research® has introduced a detailed market research 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), and Geography – Global Forecast to 2031.”
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The report forecasts that the e-SUV market will reach $914.2 billion by 2031, with a CAGR of 16.2% from 2024 to 2031. The growth is driven by increased adoption of small electric SUVs, favorable government policies, and stringent emissions regulations. Significant investments from leading automotive manufacturers in the e-SUV sector are also expected to propel market growth. However, high vehicle costs and limited charging infrastructure in some regions could challenge market expansion.
The analysis covers market segmentation by propulsion type, size, and power output, offering a comprehensive view of industry trends and regional dynamics.
In terms of propulsion type, battery-electric SUVs are projected to dominate the market in 2024, with a share of over 64%. This growth is driven by heightened demand for low-emission vehicles, rigorous global emissions standards, and expanding charging infrastructure. The hybrid SUV segment is expected to grow at the fastest rate due to advancements in hybrid technology, improved fuel efficiency, and reduced emissions.
By size, mid-size SUVs are expected to lead the market in 2024, capturing more than 42% of the total market. These vehicles offer a good balance of fuel efficiency and handling. Compact SUVs are forecasted to experience the highest growth rate, driven by consumer preference for smaller, fuel-efficient vehicles and advancements in SUV technology.
For power output, e-SUVs with 150 KW to 250 KW are expected to dominate in 2024, holding over 53% of the market share. This growth is supported by increasing adoption of electric SUVs, government incentives, and improvements in EV infrastructure. The segment is also projected to grow at the highest CAGR as manufacturers focus on developing high-performance e-SUVs.
Regionally, Asia-Pacific is expected to lead the e-SUV market in 2024, with over 56% of the market share. This is due to supportive government policies, rising consumer demand for efficient vehicles, and significant investments in EV infrastructure. Asia-Pacific is also projected to grow at the fastest rate, with a CAGR of over 19%, driven by technological advancements and ongoing infrastructure development.
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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