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Base Year
Historical Year
Forecast Year
The global E-SUV market value was around USD 131.17 billion in 2023. The market is projected to grow at a CAGR of 24.7% between 2024 and 2032 to reach a value of around USD 956.41 billion by 2032.
Global E-SUV Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 131.17 |
Market Size 2032 | USD Billion | 956.41 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 24.7% |
CAGR 2024-2032 - Market by Region | North America | 28.5% |
CAGR 2024-2032 - Market by Country | USA | 29.3% |
CAGR 2024-2032 - Market by Country | UK | 27.0% |
CAGR 2024-2032 - Market by Type | Compact | 27.2% |
CAGR 2024-2032 - Market by Propulsion | Battery Electric Vehicles (BEVs) | 27.7% |
Market Share by Country 2023 | UK | 4.7% |
An SUV, short for a sports utility vehicle, typically features a truck-like chassis suitable for off-road use. Electric SUVs, known as E-SUVs, are a variant powered by electric or hybrid battery systems, designed for robust performance with reduced environmental impact.
SUVs are identifiable by their raised ground clearance, four-wheel drive capability, and spacious interiors, and often built on a light-truck chassis. The term "SUV" has broadened over time to encompass a variety of designs and capabilities, including smaller, mid-size, and crossover models, reflecting their growing popularity worldwide and influencing the E-SUV market trends.
The SUV's history dates to early military and limited-production models of the late 1930s, evolving into four-wheel-drive station wagons and carryalls introduced around 1949. The contemporary idea of SUVs is frequently attributed to the 1984 Jeep Cherokee (XJ). While early SUVs typically used body-on-frame construction, many have transitioned to unibody construction over time to enhance efficiency and performance, which has contributed to the E-SUV market growth.
The rising interest in zero-emission vehicles
The surge in demand for zero-emission electric SUVs reflects worldwide environmental issues. The E-SUV market dynamics and trends are influenced by government incentives and technological progress is driving their popularity, delivering efficient and eco-friendly transport solutions considering stricter environmental regulations and policies.
Growing adoption of sulphide-based batteries in electric SUVs
Sulphide-based batteries are revolutionizing electric SUVs by providing faster charging times and longer driving ranges. These batteries feature higher energy densities, increased durability, and lower maintenance costs, with their adoption in the automotive market further accelerated by the advent of wireless charging technology.
Technological advancements in the market
Technological innovations like IoT sensors and data analytics elevate E-SUV capabilities. Real-time monitoring enhances performance, safety, and connectivity, catering to consumer demands for intelligent, secure, and interconnected electric vehicles at the forefront of automotive evolution.
The growth of the E-SUV market offers a notable advantage in fuel efficiency compared to traditional gasoline or diesel counterparts. According to the U.S. Department of Transportation, powering an EV for 15,000 miles annually costs around USD 600 in electricity. In contrast, fueling a gasoline-powered SUV for the same distance averages about USD 2,700 per year. This translates to potential savings of over USD 2,100 annually on fuel costs alone for EV owners.
The E-SUV market revenue is increasing in Norway as it achieved a remarkable milestone in 2023, with electric vehicles accounting for an impressive 82.4% share of new car sales, highlighting the country's leadership in EV adoption. Although January 2024 saw a peak of 92.1% in sales figures, indicating a potential temporary high, Norway continues to make strong progress towards its goal of 100% EV adoption thus expanding the E-SUV industry revenue.
Globally, the adoption of electric cars surged in 2023, with nearly 14 million new electric vehicles registered, bringing the total on the road to 40 million, as reported by the IEA. This marks a significant 35% increase from 2022 and reflects more than sixfold growth compared to 2018. Electric vehicles also claimed an expanded market share, accounting for 18% of total car sales in 2023, up from 14% in 2022. Battery electric cars remained dominant, comprising 70% of the electric car market, and their rapid mainstream acceptance, thus boosting the E-SUV market expansion.
The E-SUV market opportunities are further broadened by the growing number of charging points globally. The IEA notes substantial growth in public charging infrastructure for electric vehicles. By the end of 2022, there were 2.7 million charging points worldwide, with over 900,000 installations in that year alone, marking a 55% increase compared to 2021.
In 2023, the global installation of public light-duty vehicle fast chargers reached approximately 2 million, with China making a significant contribution. Future projections from STEPS and APS suggest a substantial increase to over 8 million chargers by 2035, indicating robust growth in charging infrastructure to support the expanding E-SUV market demand.
The surge in demand for e-SUVs is driven by their spacious interiors, versatility, perceived safety, impressive acceleration, handling, and technological features, making them popular worldwide.
E-SUVs face challenges such as a higher initial purchase price and limitations in battery range compared to gasoline-powered counterparts.
Continued advancements in battery technology, charging infrastructure development, and vehicle design are expected to promote the growth of the E-SUV industry.
The reliance on specific materials for battery production can make the E-SUV market demand vulnerable to price fluctuations and supply chain disruptions.
“Global E-SUV Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Propulsion
Market Breakup by Seating Capacity
Market Breakup by Region
Battery electric vehicles (BEVs) dominate the global E-SUV market, credits to a wide range of battery-powered SUV models. Manufacturers are incorporating advanced technologies such as ultra-fast charging and vehicle-to-grid systems to extend battery life and driving range. BEVs operate more quietly than traditional SUVs due to the absence of an internal combustion engine and simpler drivetrains, which reduces noise pollution and enhances driving convenience boosting the E-SUV market expansion.
As per the E-SUV industry analysis, government subsidies and tax incentives are boosting consumer adoption, driving rapid growth in the segment. Additionally, major automakers are ramping up their investments in BEV technology to stay competitive.
Hyundai Motor Company, founded in 1967, is a global automotive manufacturer headquartered in Seoul, South Korea. The company is dedicated to offering advanced mobility solutions and supporting the shift towards clean energy.
Audi AG is an automotive company for luxury vehicles, founded in 1909 and based in Ingolstadt, Germany. The company focuses on high build, progressive design, and sustainability in its premium cars.
BMW AG, incorporated in 1916 and headquartered in Munich, Germany, is a multinational provider of luxury vehicles. Some of its major automotive brands include BMW, MINI, BMW Motorrad, and Rolls-Royce, among others.
Other E-SUV market players include Mercedes-Benz AG, Ford Motor Company, Renault S.A.S, Tesla, Inc., Volkswagen AG, Volvo Group, and Tata Motors Limited, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Propulsion |
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Breakup by Seating Capacity |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Get in touch with us today for customized, data-driven solutions tailored to your unique requirements!
The market was valued at USD 131.17 billion in 2023.
The market is projected to grow at a CAGR of 24.7% between 2024 and 2032.
The revenue generated from the E-SUV market is expected to reach USD 956.41 billion in 2032.
The major market drivers are growing environmental concerns, an increase in demand for compact-sized electric SUVs, and surge in fuel prices.
The key trends of the market include the rising popularity of zero-emission vehicles, increasing adoption of fast-charging or long-lasting batteries, and integration of advanced technologies in EVs, such as the Internet of Things (IoT), smart sensors, and advanced data analytics.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Based on the propulsion, the market is divided into battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs).
The market key players are Hyundai Motor Company, Audi AG, BMW AG, Mercedes-Benz AG, Ford Motor Company, Renault S.A.S, Tesla, Inc., Volkswagen AG, Volvo Group, and Tata Motors Limited, among others.
The market is categorised according to the type, which includes crossover, mid-size, full size and compact.
Based on the searing capacity, the market is divided into 5-seater, 6-seater and above.
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