PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616029
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616029
E-SUVs Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
The Global E-SUVs Market was valued at USD 145.1 billion in 2023 and is projected to grow at a CAGR of 11.1% from 2024 to 2032. This growth is fueled by increasing consumer preference for eco-friendly vehicles and rising awareness of environmental concerns. As worries about climate change and sustainability intensify, more consumers seeking electric SUVs to lower their carbon footprint. The zero tailpipe emissions of e-SUVs make them a popular choice for environmentally-conscious buyers. Moreover, government incentives such as tax rebates and subsidies boost sales by making these vehicles more affordable.
Additionally, corporate sustainability goals and environmental regulations are accelerating the shift toward electric vehicles as consumers prioritize personal and environmental health. Government incentives play a crucial role in the growth of the e-SUVs market by reducing the overall cost for buyers. These incentives often include tax credits, direct cash rebates, and exemptions from certain vehicle fees, which make electric SUVs more accessible to a broader audience. Furthermore, the development of charging infrastructure supported by government subsidies enhances the practicality of owning an e-SUV, encouraging more consumers to make the switch.
These factors push manufacturers to expand their electric vehicle portfolios, further stimulating market growth. The market is segmented by drivetrain into all-wheel drive (AWD), rear-wheel drive (RWD), and front-wheel drive (FWD). In 2023, the AWD segment held the largest share, representing over 51% of the market. AWD systems offer enhanced traction and stability, making them especially popular among consumers seeking performance and safety.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $145.1 Billion |
| Forecast Value | $355.9 Billion |
| CAGR | 11.1% |
Their ability to handle diverse road conditions, coupled with the benefits of instant torque from electric motors, has contributed to their dominance. When it comes to propulsion, battery electric vehicles (BEVs) lead the market, accounting for approximately 75% of sales in 2023. BEVs' zero-emission nature, paired with government incentives and advances in battery technology, makes them a preferred option. Additionally, the growing availability of fast-charging stations is improving convenience, encouraging more consumers to opt for BEVs over hybrid alternatives. Regionally, Asia Pacific dominates the market, with over 36% share in 2023, driven by strong demand in major countries and extensive government support for electric vehicle adoption.North America and Europe also show strong growth, with significant investments in infrastructure and regulatory support for emission reductions.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 Raw material suppliers
- 3.2.2 Battery manufacturers
- 3.2.3 Component suppliers
- 3.2.4 Vehicle manufacturers
- 3.2.5 Distribution channels
- 3.3 Profit margin analysis
- 3.4 Price analysis of different e-SUVs
- 3.5 Technology & innovation landscape
- 3.6 Patent analysis
- 3.7 Key news & initiatives
- 3.8 Regulatory landscape
- 3.9 Impact forces
- 3.9.1 Growth drivers
- 3.9.1.1 Increasing consumer awareness and desire for environmentally-friendly vehicles
- 3.9.1.2 Advancements in electric motor performance, enhancing power and efficiency
- 3.9.1.3 Government incentives, tax credits, and subsidies for electric vehicle purchases
- 3.9.1.4 Growing consumer demand for SUVs and crossover vehicles
- 3.9.1.5 Expansion of public and private charging stations, reducing range anxiety
- 3.9.2 Industry pitfalls & challenges
- 3.9.2.1 High initial costs of e-SUVs
- 3.9.2.2 Limited charging infrastructure
- 3.9.1 Growth drivers
- 3.10 Growth potential analysis
- 3.11 Porter's analysis
- 3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Type, 2021 - 2032 ($Bn, Units)
- 5.1 Key trends
- 5.2 Compact e-SUVs
- 5.3 Mid-size e-SUVs
- 5.4 Full-size e-SUVs
Chapter 6 Market Estimates & Forecast, By Propulsion, 2021 - 2032 ($Bn, Units)
- 6.1 Key trends
- 6.2 Battery electric vehicles (BEVs)
- 6.3 Plug-in hybrid electric vehicles (PHEVs)
- 6.4 Fuel cell electric vehicle (FCEVs)
Chapter 7 Market Estimates & Forecast, By Drivetrain, 2021 - 2032 ($Bn, Units)
- 7.1 Key trends
- 7.2 All-wheel drive (AWD)
- 7.3 Rear-wheel drive (RWD)
- 7.4 Front-wheel drive (FWD)
Chapter 8 Market Estimates & Forecast, By Range, 2021 - 2032 ($Bn, Units)
- 8.1 Key trends
- 8.2 Short-range (Upto 150 Km)
- 8.3 Medium-range (150 to 300 Km)
- 8.4 Long-range (Above 300 Km)
Chapter 9 Market Estimates & Forecast, By Battery Capacity, 2021 - 2032 ($Bn, Units)
- 9.1 Key trends
- 9.2 Below 50 kWh
- 9.3 50-100 kWh
- 9.4 Above 100 kWh
Chapter 10 Market Estimates & Forecast, By Charging Type, 2021 - 2032 ($Bn, Units)
- 10.1 Key trends
- 10.2 Normal charging
- 10.3 Fast charging
Chapter 11 Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn, Units)
- 11.1 Key trends
- 11.2 North America
- 11.2.1 U.S.
- 11.2.2 Canada
- 11.3 Europe
- 11.3.1 UK
- 11.3.2 Germany
- 11.3.3 France
- 11.3.4 Spain
- 11.3.5 Italy
- 11.3.6 Russia
- 11.3.7 Nordics
- 11.4 Asia Pacific
- 11.4.1 China
- 11.4.2 India
- 11.4.3 Japan
- 11.4.4 South Korea
- 11.4.5 ANZ
- 11.4.6 Southeast Asia
- 11.5 Latin America
- 11.5.1 Brazil
- 11.5.2 Mexico
- 11.5.3 Argentina
- 11.6 MEA
- 11.6.1 UAE
- 11.6.2 South Africa
- 11.6.3 Saudi Arabia
Chapter 12 Company Profiles
- 12.1 Audi AG
- 12.2 BMW Group
- 12.3 BYD Auto Co., Ltd.
- 12.4 Ford Motor Company
- 12.5 General Motors
- 12.6 Honda Motor Co Ltd
- 12.7 Hyundai Motor Company
- 12.8 Kia Corporation
- 12.9 Lucid Motors, Inc.
- 12.10 Mahindra & Mahindra Limited
- 12.11 Mazda Motor Corporation
- 12.12 Mercedes-Benz
- 12.13 MG Motor
- 12.14 Porsche AG
- 12.15 Rivian Automotive, Inc.
- 12.16 Tata Motors
- 12.17 Tesla, Inc
- 12.18 Toyota Motor Corporation
- 12.19 Volkswagen AG
- 12.20 Volvo Car Corporation
