Major E-SUVs market participants include Audi AG, BMW Group, Mercedes-Benz, Ford Motor Company, Volkswagen AG, Toyota Motor Corporation, Volvo Car Corporation, Hyundai Motor Company, General Motors, Tata Motors
Selbyville, Delaware, Nov. 14, 2024 (GLOBE NEWSWIRE) —
The e-SUVs market valuation is predicted to exceed USD 355.9 billion by 2032, reported in a research analysis by Global Market Insights Inc.
This growth is fueled by increasing consumer preference for eco-friendly vehicles and rising awareness of environmental concerns. As worries about climate change and sustainability intensify, more consumers seeking electric SUVs to lower their carbon footprint. The zero tailpipe emissions of e-SUVs make them a popular choice for environmentally-conscious buyers. Moreover, government incentives such as tax rebates and subsidies boost sales by making these vehicles more affordable. Additionally, corporate sustainability goals and environmental regulations are accelerating the shift toward electric vehicles as consumers prioritize personal and environmental health.
Government incentives play a crucial role in the growth of the e-SUVs market by reducing the overall cost for buyers. These incentives often include tax credits, direct cash rebates, and exemptions from certain vehicle fees, which make electric SUVs more accessible to a broader audience. Furthermore, the development of charging infrastructure supported by government subsidies enhances the practicality of owning an e-SUV, encouraging more consumers to make the switch. These factors push manufacturers to expand their electric vehicle portfolios, further stimulating market growth.
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The e-SUVs market from the AWD segment held the largest share, representing over 51% of the market. AWD systems offer enhanced traction and stability, making them especially popular among consumers seeking performance and safety. Their ability to handle diverse road conditions, coupled with the benefits of instant torque from electric motors, has contributed to their dominance.
When it comes to propulsion, battery electric vehicles (BEVs) lead the market, accounting for approximately 75% of sales in 2023. BEVs’ zero-emission nature, paired with government incentives and advances in battery technology, makes them a preferred option. Additionally, the growing availability of fast-charging stations is improving convenience, encouraging more consumers to opt for BEVs over hybrid alternatives.
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Asia Pacific dominates the e-SUV market, with over 36% share in 2023, driven by strong demand in major countries and extensive government support for electric vehicle adoption. North America and Europe also show strong growth, with significant investments in infrastructure and regulatory support for emission reductions.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 – 2032
Chapter 3 E-SUVs Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material suppliers
3.2.2 Battery manufacturers
3.2.3 Component suppliers
3.2.4 Vehicle manufacturers
3.2.5 Distribution channels
3.3 Profit margin analysis
3.4 Price analysis of different e-SUVs
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key news & initiatives
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
3.9.1.1 Increasing consumer awareness and desire for environmentally-friendly vehicles
3.9.1.2 Advancements in electric motor performance, enhancing power and efficiency
3.9.1.3 Government incentives, tax credits, and subsidies for electric vehicle purchases
3.9.1.4 Growing consumer demand for SUVs and crossover vehicles
3.9.1.5 Expansion of public and private charging stations, reducing range anxiety
3.9.2 Industry pitfalls & challenges
3.9.2.1 High initial costs of e-SUVs
3.9.2.2 Limited charging infrastructure
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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