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Global E-SUV Market Size, Share, Analysis, Trends, Forecast: By Type: Crossover, Mid-size, Full Size, Compact; By Propulsion: Battery Electric Vehicles (BEVs), Plug-In Hybrid Electric Vehicles (PHEVs), Fuel Cell Electric Vehicles (FCEVs); By Seating Capacity: 5-seater, 6-seater and Above; Regional Analysis; Competitive Landscape; 2024-2032
Global E-SUV Market Outlook
The global E-SUV market size was approximately USD 131.17 billion in 2023. The market is further estimated to grow at a CAGR of 24.7% in the forecast period of 2024-2032, reaching a value of around USD 956.41 billion by 2032.
A sports utility vehicle (SUV) encompasses automotive vehicles that have truck-like chassis and can be taken off-road. E-SUV refers to electric SUVs that run on electric or hybrid battery propulsion systems and have high operational capability and less environmental impact.
SUVs are generally characterised by features like raised ground clearance, four-wheel drive, a spacious interior, and often a body built on a light-truck chassis. The term "SUV" covers a broad range of vehicles and has been used more loosely in recent times, encompassing various designs and capabilities. SUVs have evolved over time, with modern versions including smaller, mid-size, and crossover models, becoming increasingly popular worldwide.
The history of the SUV begins with early military and low-volume models from the late 1930s, evolving to four-wheel-drive station wagons and carryalls introduced around 1949. The modern style of SUVs is often traced back to the 1984 Jeep Cherokee (XJ). Initially, many SUVs used body-on-frame construction, but over time, more have adopted unibody construction.
Key Trends in the Market
The burgeoning popularity of zero-emission vehicles
The growing popularity of zero-emission vehicles to lower environmental impact is one of the key E-SUV market trends. The high demand for SUVs has led automakers to capitalise on the opportunity and offer electric-based SUVs as an efficient automobile solution of the future.
These vehicles offer a sustainable alternative to traditional combustion-engine SUVs, with significant reductions in greenhouse gas emissions and fossil fuel consumption. As concerns about climate change and environmental degradation intensify, consumers and governments are increasingly favouring zero-emission vehicles.
This shift is further supported by advancements in electric vehicle technology, increasing the range and efficiency of E-SUVs, making them more viable and attractive options for consumers seeking environmentally friendly and cost-effective transportation solutions. Governments worldwide are also supporting this shift through incentives and stricter emission regulations, further boosting the popularity of E-SUVs.
Rising implementation of sulphide-based batteries in E-SUV
Increased adoption of fast-charging or long-lasting batteries such as sulphide-based ones in electric sports utility vehicles to increase the driving range and improve operational efficiency is also a crucial trend. The automakers are also deploying wireless charging in E-SUVs to improve the convenience of drivers and contribute to the E-SUV market growth.
These batteries can be charged more quickly than traditional lithium-ion batteries, making electric SUVs more convenient for daily use and long trips. Sulphide-based batteries further have a higher energy density, providing more power without increasing the weight or size of the battery pack. These batteries also tend to be more stable and less prone to overheating, enhancing the overall safety of electric SUVs.
Sulphide-based batteries typically exhibit a longer lifecycle, ensuring prolonged vehicle usability and reducing the need for frequent battery replacements. While the initial cost might be higher, the long-term savings in energy and maintenance can make these vehicles more economically viable.
Technological advancements in the market
Advanced technologies such as the Internet of Things (IoT) based sensors and advanced data analytics are being incorporated in electric SUVs to collect and analyse data and utilise that data to enhance the performance of the vehicle, which further supports the E-SUV market demand in the long run.
IoT sensors enable real-time monitoring of vehicle systems, improving maintenance and diagnostics. Data analytics provide insights into driving patterns and battery usage, optimising energy consumption. These technologies also enhance safety features, like predictive collision avoidance, and improve the overall driving experience with personalised settings and connectivity options. This integration of cutting-edge tech positions electric SUVs at the forefront of automotive innovation and elevates the functionality, safety, and connectivity of electric SUVs, aligning them with modern technological trends.
E-SUV Market Analysis
Based on the type, the market is categorised into crossover, mid-size, full size, and compact. On the basis of propulsion, the market is divided into battery electric vehicles (BEVs), plug in-hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs). The market segments, based on seating capacity, includes 5-seater and 6-seater and above. The regional markets are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the E-SUV market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Hyundai Motor Company
- Audi AG
- BMW AG
- Mercedes-Benz AG
- Ford Motor Company
- Renault S.A.S
- Tesla, Inc.
- Volkswagen AG
- Volvo Group
- Tata Motors Limited
- Others
Market Share by Propulsion
Battery electric vehicles (BEVs) occupy a sizeable portion of the global E-SUV market share due to the growing availability of a wide range of battery-based SUV models. BEV automakers are readily implementing new technologies such as ultra-fast battery charging and vehicle-to-grid charging to improve the longevity of the battery and provide more mileage. Furthermore, these vehicles are generally quieter than traditional SUVs due to the absence of an engine and the presence of a simpler drivetrain, which results in reduced noise pollution and makes them a convenient driving option.
Subsidies and tax breaks for BEVs are also encouraging consumer adoption and propelling the segment growth. Moreover, major manufacturers are increasingly investing in BEV technology to stay ahead of their competitors.
Market Analysis by Region
As per the E-SUV market analysis, the Asia Pacific accounts for a substantial share of the global market owing to the expansion of the EV sector in the region. Regulatory measures by the government such as controlling the emission level and enacting effective transportation standards also provide a positive outlook to the market. Additionally, technological advancements by the market players such as autonomous self-driving features and battery enhancement aid them in staying ahead of their competitors and offer lucrative market growth opportunities.
Meanwhile, electric car sales, including E-SUVs, have seen exponential growth in Europe in recent years. The number of electric car models, particularly large cars and SUVs has been increasing rapidly. This growth is in response to consumer demand and the ongoing shift of major carmakers towards electrification. National policies and incentives, along with developments in battery manufacturing and the growing competitive nature of the EV market, are expected to continue driving the growth of the market in Europe.
Competitive Landscape
Hyundai Motor Company, established in 1967, is a multinational automotive producer, with its headquarters in Seoul, South Korea. The company aims to provide future mobility solutions and aid in the transition to 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.
Key Highlights of the Report
| 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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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global E-SUV Market Analysis
8.1 Key Industry Highlights
8.2 Global E-SUV Historical Market (2018-2023)
8.3 Global E-SUV Market Forecast (2024-2032)
8.4 Global E-SUV Market by Type
8.4.1 Crossover
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Mid-size
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Full Size
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Compact
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.5 Global E-SUV Market by Propulsion
8.5.1 Battery Electric Vehicles (BEVs)
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Plug-In Hybrid Electric Vehicles (PHEVs)
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Fuel Cell Electric Vehicles (FCEVs)
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global E-SUV Market by Seating Capacity
8.6.1 5-seater
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 6-seater and Above
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global E-SUV Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America E-SUV Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe E-SUV Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific E-SUV Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America E-SUV Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa E-SUV Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Hyundai Motor Company
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Audi AG
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 BMW AG
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Mercedes-Benz AG
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Ford Motor Company
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Renault S.A.S
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Tesla, Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Volkswagen AG
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Volvo Group
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Tata Motors Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global E-SUV Market: Key Industry Highlights, 2018 and 2032
2. Global E-SUV Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global E-SUV Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global E-SUV Historical Market: Breakup by Propulsion (USD Billion), 2018-2023
5. Global E-SUV Market Forecast: Breakup by Propulsion (USD Billion), 2024-2032
6. Global E-SUV Historical Market: Breakup by Seating Capacity (USD Billion), 2018-2023
7. Global E-SUV Market Forecast: Breakup by Seating Capacity (USD Billion), 2024-2032
8. Global E-SUV Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global E-SUV Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America E-SUV Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America E-SUV Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe E-SUV Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe E-SUV Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific E-SUV Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific E-SUV Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America E-SUV Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America E-SUV Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa E-SUV Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa E-SUV Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global E-SUV Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 131.17 billion.
The market is projected to grow at a CAGR of 24.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 956.41 billion by 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 major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various propulsion systems are battery electric vehicles (BEVs), pug in-hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs).
The key players in the market 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.
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