Electric SUV Market Revenue to Attain USD 9,051.21 Bn by 2033

15 Nov 2024

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Table of Content

1. Electric SUV Market Revenue and Trends 2. Market Overview 3. Report Highlights of the Electric SUV Market 4. Electric SUV Market Trends 5. Regional Outlook 6. Electric SUV Market Coverage 7. Market News

Electric SUV Market Revenue and Trends

The global electric SUV market revenue was valued at USD 740.91 billion in 2024 and is expected to attain around USD 9,051.21 billion by 2033, growing at a healthy CAGR of 32.06% during the forecast period. The increasing government participation in the expanding electric vehicle market worldwide due to reducing the carbon emissions caused by gasoline or disease engine cars is accelerating the growth of the market.

Market Overview

The electric SUV is a type of automobile driven by an electric motor, not by any type of gasoline or diesel engine. The rising adoption of electric vehicles is owing to several benefits, including lowered maintenance, fuel efficiency, enhanced technology, convenience, and noise reduction. The rising automobile industry and the concern about environmental pollution are driving the growth of the market.

Report Highlights of the Electric SUV Market

• By vehicle type, the compact SUV segment accounted for the largest share of the electric SUV market in 2023. The rising demand for small, fuel-efficient, and space-saving electric cars, which are equipped with all the technological advancements, is driving the growth of the segment. 
• By vehicle type, the mid-size segment is estimated to have significant growth in the market during the forecast period. The mid-size SUVs are larger in internal space with larger storage space for the passengers and cargo, which makes them ideal for large groups of people. 
• By propulsion type, the battery electric vehicle (BEV) segment led the market in 2023. Battery electric vehicles solely depend on the electric powertrain with zero carbon emission. These types of vehicles come with rechargeable batteries. 
• By propulsion type, the plug-in hybrid electric vehicle (PHEV) segment is predicted to witness significant growth in the market over the forecast period. These types of vehicles are a combination of both gasoline and electric powertrains. These provide better fuel efficiency as compared to the traditional vehicle type. 
• By vehicle range, the up to 250 miles segment dominated the market in 2023. This range of SUVs is designed to commute in the cities, and their compact size makes them suitable for small groups of people with internal city transport. 
• By vehicle range, the 250-500 miles segment expected significant growth in the electric SUV market during the predicted period. These types of SUVs are perfect for long-distance travel. These are more fuel-efficient and low maintenance. 
• By drive type, the FWD segment dominated the market in 2023. The four-wheel drive vehicles provide larger space for passengers and cargo, and their lightweight design makes them more fuel efficient. 
• By drive type, the AWD segment is predicted to witness significant growth in the electric SUV market over the forecast period. The all-wheel drive (AWD) of the vehicle provides enhanced traction and control over the vehicle. 

Electric SUV Market Trends

The rise in lifestyle changes:

The increasing economic standard of the people due to the rising per capita income worldwide and the demand for luxury and upgraded lifestyles is driving the demand for industrialization and causing the increased demand for automobiles to accelerate the growth of the electric SUV market.

Advancements in automobile:

Technological advancements in the automobile, such as autonomous vehicles, robotics, artificial intelligence, machine learning, and others that enhance the driving experience and comfort, are contributing to the growth of the market. 

Increasing environmental concern:

The rising environmental concern due to the rising carbon emissions by gasoline vehicles, which severely impacts climate conditions and human health, is diverting people towards electric vehicles with zero carbon emissions, which boosts the sale of electric cars. 

Government support:

The rising government support in the expansion of the electric vehicle market by the supporting policies and discounts on taxes on the sale of electric vehicles attract consumers towards EVs and sustainability in the automobile industry. 

Regional Outlook

North America is estimated to have significant growth during the forecast period. The growth of the market is attributed to the rising automobile industry with the continuously expanding demand and the increased availability of the leading market players in countries like the United States and Canada. The region is one of the largest producers of the automobile, luxury cars, and electric cars. Tesla, one of the major electric vehicle manufacturers, is present in the U.S., and it is contributing significantly to the expansion of the market. The people of the region highly prefer electric cars over gasoline vehicles due to environmental concerns and the infrastructural development of the charging station and government support towards sustainability and lowering carbon pollution, which contributed to the growth of the electric SUV market across the region. 

Asia Pacific expects a steady growth rate during the forecast period. The growth of the market is attributed to the rising demand for the automobile industry and the rising foreign investment for the development of the industrial infrastructure. The rising disposable income in the population is driving the demand for luxury cars with advanced technological integration, and the rising government support with the sale of EVs, offering tax benefits, and others are attracting consumers towards electric vehicles that anticipated the increased demand for the electric SUV market in the region.

Electric SUV Market Coverage

Market News

• In November 2024, the Suzuki Motor Corp. and Toyota Motor Co. collaborated to launch the new electric SUV, which will sold on the international markets.  The latest electric vehicle will provided by Suzuki to Toyota, while the platform is jointly developed by Toyota, Suzuki, and Daihatsu Motor Co., utilizing the strengths and expertise of each firm. 
• In November 2024, the Suzuki Motor Corporation launched its large production of the battery electric vehicle (BEV) e Vitara, which is a significant milestone towards the company's carbon-neutral vision. The announcement of launching the latest electric vehicle was made at an international event in Milan, Italy.

Market Segmentation

By Vehicle Type

• Compact
• Mid-size
• Full-size

By Propulsion Type

• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Electric Vehicle (PHEV)

By Vehicle Range

• Up to 250 Miles
• 250-500 Mile
• Above 500 Miles

By Drive Type 

• FWD
• RWD
• AWD

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