Product Code: GVR-4-68040-329-3
Electric SUV Market Growth & Trends:
The global electric SUV market size is anticipated to reach USD 4.33 trillion by 2030 and is anticipated to expand at a CAGR of 31.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing concerns about climate change and air quality are prompting consumers to opt for electric vehicles (EVs), including SUVs, which produce lower or zero emissions compared to traditional internal combustion engine vehicles. In addition, several benefits offered by e-SUVs, such as lower operating costs and energy savings, environmental benefits, and additional safety features, are making them more demandable in the global market.
Governments across the globe are offering subsidies, tax credits, and other financial incentives to encourage the adoption of EVs, making them more attractive and affordable to consumers. For instance, in March 2024, the government of India approved a new Electric Vehicle (EV) Policy worth USD 500 million, featuring a range of incentives aimed at attracting investments from global EV companies. This initiative aims to establish India as a major manufacturing hub for advanced EV technology. Such initiatives are expected to bode well for the market growth.
The EV industry, particularly in China, has been experiencing an intense price war as manufacturers compete to gain market share. For instance, according to a report published by IEA, since the end of 2022 in China, intensified competition among major manufacturers has rapidly reduced prices of electric vehicles. The prices of compact electric cars and SUVs declined by up to 10% from 2022 to 2023. In the first quarter of 2024, Tesla further reduced prices, cutting the cost of its Models 3 and Y by up to 6%, compelling rivals to lower prices despite tighter profit margins. The price war has led to substantial price cuts across various electric SUV models, making them more affordable. This has increased demand and driven sales growth.
Furthermore, as electric vehicles become more popular worldwide, substantial advancements in battery technology are driving this evolution. EV batteries are pivotal in achieving electric cars' full potential and technological progress. By utilizing clean energy, EVs offer a sustainable alternative to traditional gasoline-powered vehicles. Thus, continuous advancements in EV battery technology are boosting the market's growth.
Electric SUV Market Report Highlights:
- The compact segment dominated the market in 2023. EV manufacturers are introducing a broader range of compact e-SUV models to meet increasing consumer demand for smaller, more versatile electric vehicles. Compact electric SUVs are becoming popular choices for urban commuting due to their smaller footprint, ease of parking, and efficient use of space
- The Battery Electric Vehicle (BEV) segment dominated the market in 2023. The increasing adoption of electric SUVs with BEV technology, owing to its benefits, is driving the segment's growth. One of the major advantages of BEVs lies in their simplicity. With minimal moving parts, BEVs require low maintenance. They eliminate the need for activities such as oil changes and tune-ups associated with traditional internal combustion engine vehicles
- The 250-500-mile segment is expected to grow at the highest CAGR from 2024 to 2030. The range of 250 to 300 miles in an electric SUV addresses range anxiety concerns and provides a compelling set of advantages for environmentally conscious consumers seeking practical and efficient transportation solutions, contributing to the growth of this segment
- The FWD segment accounted for the highest market share in 2023. FWD adoption is on the rise because it's more cost-effective to manufacture, requiring fewer components than rear-wheel drive systems. This cost efficiency enables manufacturers to offer electric SUVs at more competitive prices. Such factors are expected to bode well for the segment's growth
- The Europe region dominated the market in 2023. Growing consumer demand and increasing production and sales of electric SUVs across Europe can be attributed to the market growth in the region. In addition, the vast presence of e-SUV manufacturers such as Volkswagen AG and AB Volvo in the region is boosting the market's growth
- In June 2024, General Motors launched an electric SUV, the Chevrolet Equinox EV, manufactured at its Ramos Arizpe facility in Coahuila, Mexico. The Equinox EV, powered by GM's Ultium battery platform, provides a range of up to 513 km on a full charge. It has a 180 kW (241 hp) motor, delivering 32.6 kg-m of torque and FWD traction. In addition, the vehicle includes a dual-port portable charger that supports both 110V and 220V, ensuring flexibility for charging requirements
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definitions
- 1.3. Information Procurement
- 1.4. Information Analysis
- 1.4.1. Market Formulation & Data Visualization
- 1.4.2. Data Validation & Publishing
- 1.5. Research Scope and Assumptions
- 1.6. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.2.1. Raw Material Outlook
- 3.2.2. Manufacturing & Technology Trends
- 3.3. Market Dynamics
- 3.3.1. Market Driver Impact Analysis
- 3.3.2. Market Restraint Impact Analysis
- 3.3.3. Market Opportunity Impact Analysis
- 3.4. Industry Analysis Tools
- 3.4.1. Porter's Analysis
- 3.4.2. PESTEL Analysis
Chapter 4. Electric SUV Market: Vehicle Type Estimates & Trend Analysis
- 4.1. Vehicle Type Movement Analysis & Market Share, 2023 & 2030
- 4.2. Electric SUV Market Estimates & Forecast, By Vehicle Type
- 4.2.1. Compact
- 4.2.2. Mid-size
- 4.2.3. Full-size
Chapter 5. Electric SUV Market: Propulsion Type Estimates & Trend Analysis
- 5.1. Propulsion Type Movement Analysis & Market Share, 2023 & 2030
- 5.2. Electric SUV Market Estimates & Forecast, By Propulsion Type
- 5.2.1. Battery Electric Vehicle (BEV)
- 5.2.2. Plug-in Hybrid Electric Vehicle (PHEV)
Chapter 6. Electric SUV Market: Vehicle Range Estimates & Trend Analysis
- 6.1. Vehicle Range Movement Analysis & Market Share, 2023 & 2030
- 6.2. Electric SUV Market Estimates & Forecast, By Vehicle Range
- 6.2.1. Up to 250 Miles
- 6.2.2. 250-500 Mile
- 6.2.3. Above 500 Miles
Chapter 7. Electric SUV Market: Drive Type Estimates & Trend Analysis
- 7.1. Drive Type Movement Analysis & Market Share, 2023 & 2030
- 7.2. Electric SUV Market Estimates & Forecast, By Drive Type
- 7.2.1. FWD
- 7.2.2. RWD
- 7.2.3. AWD
Chapter 8. Electric SUV Market: Regional Estimates & Trend Analysis
- 8.1. Electric SUV Market: Regional Outlook
- 8.2. North America
- 8.2.1. North America Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.2.2. U.S.
- 8.2.2.1. U.S. Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.2.3. Canada
- 8.2.3.1. Canada Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.2.4. Mexico
- 8.2.4.1. Mexico Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.3. Europe
- 8.3.1. Europe Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.3.2. Germany
- 8.3.2.1. Germany Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.3.3. UK
- 8.3.3.1. UK Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.3.4. France
- 8.3.4.1. France Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.4. Asia Pacific
- 8.4.1. Asia Pacific Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.4.2. China
- 8.4.2.1. China Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.4.3. India
- 8.4.3.1. India Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.4.4. Japan
- 8.4.4.1. Japan Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.4.5. Australia
- 8.4.5.1. Australia Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.4.6. South Korea
- 8.4.6.1. South Korea Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.5. Latin America
- 8.5.1. Latin America Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.5.2. Brazil
- 8.5.2.1. Brazil Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.6. MEA
- 8.6.1. MEA Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.6.2. UAE
- 8.6.2.1. UAE Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.6.3. Kingdom of Saudi Arabia (KSA)
- 8.6.3.1. Kingdom of Saudi Arabia (KSA) Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
- 8.6.4. South Africa
- 8.6.4.1. South Africa Electric SUV market estimates & forecasts, 2018 - 2030 (Volume Units) (USD Billion)
Chapter 9. Competitive Landscape
- 9.1. Company Categorization
- 9.2. Participant's Overview
- 9.2.1. Tesla Inc.
- 9.2.2. BYD Company Ltd.
- 9.2.3. Hyundai Motor Company
- 9.2.4. Toyota Motor Corporation
- 9.2.5. Nissan Motor Corporation
- 9.2.6. Kia Corporation
- 9.2.7. Ford Motor Company
- 9.2.8. Volkswagen AG
- 9.2.9. AB Volvo
- 9.2.10. Honda Motor Co., Ltd.
- 9.2.11. Chevrolet
- 9.3. Financial Performance
- 9.4. Product Benchmarking
- 9.5. Company Market Share Analysis, 2023
- 9.6. Company Heat Map Analysis
- 9.7. Strategy Mapping
- 9.7.1. Expansion
- 9.7.2. Collaborations
- 9.7.3. Mergers & Acquisitions
- 9.7.4. New Vehicle Type Launches
- 9.7.5. Partnerships
- 9.7.6. Others