Global Electric Sports Utility Vehicle (SUV) Market to Reach USD 293.91 Billion by 2031 | CAGR of 33.8%
Category : Automotive | Published Date : Nov 2024 | Type : Press Release
Electric Sports Utility Vehicle (SUV) Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Electric Sports Utility Vehicle Market size was valued at USD 28.65 billion in 2023 and is projected to grow at a CAGR of 33.8%, reaching USD 293.91 billion by 2031. Electric SUVs combine traditional SUV features such as spacious interiors and off-road capabilities with electric propulsion, offering eco-friendly and high-performance alternatives to conventional vehicles. Equipped with advanced technologies like regenerative braking and ADAS, these vehicles cater to diverse consumer needs, including personal and commercial use.
The report comprises the Electric Sports Utility Vehicle Market Share, Size & Industry Analysis, based on Propulsion Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), Battery Type (Lithium-Ion, Nickel-Metal Hydride, Solid-State, Others), Range (Up to 200 Miles, 200-400 Miles, Above 400 Miles), Drive Type (2WD, 4WD, AWD), End-User (Personal Use, Commercial Use), and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Electric Sports Utility Vehicle Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The market is driven by government incentives for EV adoption, advancements in battery technology, and rising consumer demand for sustainable and technologically advanced vehicles. Limited charging infrastructure in emerging markets poses a challenge.
Segmental Analysis :
Based on propulsion type, the market is segmented into Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV).
- The BEV segment dominated the market in 2023 with a 68.30% revenue share, driven by zero-emission benefits, government subsidies, and advancements in lithium-ion battery technology.
- The FCEV segment is expected to grow at the fastest rate, supported by its longer range and suitability for heavy-duty and long-distance applications.
Based on battery type, the market is segmented into Lithium-Ion, Nickel-Metal Hydride, Solid-State, and Others.
- The lithium-ion segment accounted for the largest share in 2023, driven by its superior energy density, lightweight design, and wide application in BEVs and PHEVs.
- The solid-state segment is projected to grow at the fastest CAGR, fueled by advancements offering faster charging, higher safety, and increased energy density.
Based on range, the market is segmented into Up to 200 Miles, 200-400 Miles, and Above 400 Miles.
- The 200-400 miles segment held the largest share in 2023, offering an optimal balance of range and affordability, appealing to both daily commuters and long-distance travelers.
- The above 400 miles segment is expected to witness the fastest growth, driven by demand for premium long-range SUVs equipped with advanced battery technologies.
Based on drive type, the market is segmented into 2WD, 4WD, and AWD.
- The AWD segment dominated the market in 2023, supported by its superior traction and stability, making it ideal for various terrains and weather conditions.
- The 4WD segment is projected to grow rapidly, driven by increasing adoption in rugged and off-road electric SUV applications.
Based on end-user, the market is segmented into Personal Use and Commercial Use.
- The personal use segment accounted for the largest revenue share in 2023, driven by rising consumer interest in eco-friendly and versatile vehicles.
- The commercial use segment is anticipated to grow at the fastest rate, fueled by adoption in ride-hailing services and fleet operations, supported by government incentives for fleet electrification.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
- Asia-Pacific: Held the largest market share in 2023, with China accounting for 45.3% of the revenue, supported by government policies, EV infrastructure, and strong automotive production capabilities.
- North America: Expected to grow significantly, driven by rising adoption of EVs and strong government support for reducing carbon emissions.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 293.91 Billion |
| CAGR (2024-2031) | 33.8% |
| Propulsion Type | Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV) |
| Battery Type | Lithium-Ion, Nickel-Metal Hydride, Solid-State, Others |
| Range | Up to 200 Miles, 200-400 Miles, Above 400 Miles |
| Drive Type | 2WD, 4WD, AWD |
| End-User | Personal Use, Commercial Use |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Electric Sports Utility Vehicle Industry:
- Tesla, Inc. (USA)
- Rivian Automotive, Inc. (USA)
- Lucid Motors, Inc. (USA)
- BYD Company Limited (China)
- NIO Inc. (China)
- XPeng Inc. (China)
- Volkswagen AG (Germany)
- BMW AG (Germany)
- Ford Motor Company (USA)
- General Motors Company (USA)
Recent Industry Developments :
- February 2024: Volkswagen partnered with XPENG to develop smart electric SUVs for the Chinese market, focusing on integrating XPENG's autonomous driving technologies.
- November 2024: Hyundai unveiled the IONIQ 9, emphasizing innovative design, sustainability, and advanced battery performance.
- August 2023: Acura launched the all-electric 2024 ZDX and ZDX Type S SUVs, showcasing advanced technology and luxurious interiors.
