E-SUVs Market Size Expected to Propel USD 13,969.03 Bn by 2034
According to Towards Automotive research, the global E-SUVs market size is calculated at USD 337.42 billion in 2025 and is expected to reach around USD 13,969.03 billion by 2034, growing at a CAGR of 51.24% from 2024 to 2034.
Ottawa, April 30, 2025 (GLOBE NEWSWIRE) -- The global E-SUVs market size was valued at USD 223.10 billion in 2024 and is predicted to hit around USD 13,969.03 billion by 2034, a study published by Towards Automotive a sister firm of Precedence Research.
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Market Overview:
The E-SUVs market is experiencing significant growth as more consumers lean toward electric vehicles that provide sustainability while maintaining performance and comfort. E-SUVs merge the spaciousness, versatility, and rugged charm of conventional SUVs with the eco-friendly and cost-effective benefits of electric powertrains. Enhanced battery capacity, fast-charging networks, and advancements in driving range are making E-SUVs more viable for everyday commuting and long-distance journeys.
Recent Product Innovations by Top Market Companies
Sr. No.
Name of the Company
Name of the Model
Name of the Brand
Usage
1.
Tesla, Inc.
Tesla Model X
Tesla
Electric SUV
Tesla Model Y
Tesla
Electric Compact SUV
2.
Ford Motor Company
Ford Mustang Mach-E
Ford
Electric SUV
Ford F-150 Lightning
Ford
Electric Pickup SUV
3.
Volkswagen AG
Volkswagen ID.4
Volkswagen
Electric Compact SUV
Volkswagen ID. Buzz
Volkswagen
Electric Minivan
Automakers are heavily investing in a variety of E-SUV models to meet different price points and customer preferences, ranging from compact urban SUVs to high-end luxury variants. Rising awareness of environmental concerns, supportive government initiatives promoting electric transportation, and appealing incentives are further driving the global uptake of E-SUVs. As the automotive sector continues to shift toward electrification, E-SUVs are emerging as a vital segment, delivering an ideal solution that balances sustainability, performance, and the classic desirability of SUVs.
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Major Trends in the E-SUVs Market:
Development of Fast-Charging Networks: The establishment of comprehensive fast-charging infrastructure throughout highways and cities is promoting long-distance travel in E-SUVs, enhancing consumer confidence and facilitating broader acceptance of electric SUVs worldwide.
Adoption of Advanced Technologies: E-SUVs are progressively integrating autonomous driving capabilities, AI-driven energy management systems, connected vehicle features, and improved infotainment options, providing consumers with premium driving experience.
Introduction of Budget-Friendly E-SUV Models: Manufacturers are launching more budget-friendly E-SUV options to appeal to a wider audience, making electric SUVs a viable option.
Limitations & Challenges in E-SUVs Market:
Elevated Initial Purchase Costs: Even with available incentives, the higher initial costs associated with E-SUVs compared to traditional internal combustion engine SUVs remain an obstacle for many budget-conscious consumers, limiting broader market adoption in select areas.
Concerns Over Limited Driving Range: Despite enhancements in battery technology, consumers still experience range anxiety, particularly in rural or underserved regions with fewer charging stations, which hampers the broader acceptance of E-SUVs.
Unreliable Charging Infrastructure: While urban centers typically feature robust charging facilities, the absence of a consistent and accessible charging network in rural or suburban areas poses a serious challenge to the widespread use of E-SUVs.
Future Opportunity in the E-SUVs Market
The greatest opportunity for the E-SUVs market stems from the ongoing global shift toward sustainable transportation. As governments worldwide tighten emissions regulations and provide increased incentives for electric vehicle adoption, the demand for E-SUVs is set to experience substantial growth.
Improvements in battery efficiency, coupled with expanding fast-charging infrastructure, will make E-SUVs more practical for consumers. Additionally, automakers are putting greater emphasis on creating affordable E-SUV models to appeal to a broader consumer base, generating considerable prospects in both emerging and established regions. Moreover, advancements in automotive technology create immense opportunities in the market.
In November 2023, Lucid Motors introduced the groundbreaking Lucid Gravity, a luxury electric SUV. The Gravity SUV is engineered to be a high-performance model with a projected driving range exceeding 440 miles and capacity for up to seven adults along with their belongings.
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Regional Analysis:
Asia Pacific: Leader in the E-SUVs Market
Asia Pacific dominated the market with the largest share in 2024, driven by government policies promoting electric vehicle adoption, substantial consumer interest, and major investments from both local and global automakers. Nations such as China, Japan, and South Korea are actively encouraging electric mobility through subsidies, tax benefits, and development of charging infrastructure.
Top Asia Pacific Countries for E-SUVs Production
China: China is at the forefront of E-SUVs production. Government incentives, expanding EV charging network, and ambitious targets to eliminate internal combustion engines, making it the largest E-SUV market worldwide.
Japan: With its emphasis on clean energy vehicles and investment in battery technology, Japan has increased its E-SUVs production in the last few years. Major automotive manufacturers in the country are continually innovating and launching new electric SUV models, supporting market growth.
South Korea: South Korea's dedication to green mobility, support for electric vehicle manufacturing, and growth in ultra-fast charging stations have established it as a noteworthy market for E-SUVs.
The area also enjoys a densely populated urban environment that enhances the practicality of E-SUVs for daily commuting. Increasing environmental concerns and government measures aimed at reducing vehicle emissions have further hastened the transition toward electric SUVs. In addition, domestic manufacturers are focusing on developing new models to meet consumers' demands, solidifying the region's position in the market.
In March 2025, BYD revealed the Fangchengbao Tai 3, its inaugural battery electric SUV under the Fangchengbao brand. The Tai 3 provides an impressive range of up to 501 km (CLTC) and incorporates BYD's Blade LFP battery technology. An exceptional variant features a roof-mounted drone system developed in collaboration with DJI, highlighting BYD's innovative approach in the Asia Pacific E-SUV sector.
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North America's Significant growth in the E-SUVs Market
North America is expected to witness significant growth during the forecast period, driven by rising consumer interest in sustainable vehicles and increasing investments by major automakers in electric mobility. The region benefits from favorable government programs, including tax rebates and funding for EV charging infrastructure. A rise in environmental consciousness, coupled with advancements in battery technology that enhance driving ranges, has further fueled adoption.
Major Factors for the Market's Expansion in North America:
Federal and state-level incentives, tax credits, and grants for purchasing electric vehicles are significantly enhancing the adoption of E-SUVs across the United States and Canada.
Significant investments in creating extensive, fast, and ultra-fast EV charging networks are alleviating range anxiety, making E-SUV ownership more convenient and appealing across North America.
The prevailing cultural preference for spacious and versatile SUVs aligns seamlessly with the shift toward electric mobility, pushing the demand for electric SUVs in North American markets.
Segment Outlook
Propulsion Insights
The HEV segment dominated the E-SUVs market with the largest share in 2024. This is mainly due to increased consumers' desire for a harmonious blend of fuel efficiency and reduced emissions without entirely depending on charging infrastructure. Hybrid electric vehicles (HEVs) provide flexibility for long journeys and benefits from established refueling networks. This appeal is particularly pronounced among buyers in emerging markets where comprehensive electric charging infrastructure is still being developed, thus driving HEV demand within the E-SUV sector.
The BEV segment is projected to expand at a significant CAGR during the forecast period, driven by strict emission regulations, improvements in battery technology, and the growth of charging infrastructure. Governments around the globe are actively promoting battery electric vehicles (BEVs) adoption via incentives and policy initiatives. Automakers are increasingly introducing a wider array of high-performance BEV E-SUVs, which offer enhanced range and quicker charging options. Heightened consumer awareness regarding environmental sustainability further accelerates the adoption of BEV models.
Size Insights
The mid-size segment led the E-SUVs market in 2024. Mid-size E-SUVs offer a balance between cost, performance, and practicality. Mid-size E-SUVs attract urban and suburban families due to their roomy interiors, impressive driving range, and lower operational expenses when compared to larger vehicles. Numerous automakers are concentrating on this segment to reach a broader consumer audience seeking versatile and reasonably priced electric SUVs.
The full-size segment is likely to grow at the fastest rate during the forecast period. The growth of the segment can be attributed to the increasing consumer interest in luxury, performance, and greater driving range. Full-size models boast advanced features, exceptional comfort, and increased cargo space, making them suitable for long trips and premium customers. Luxury brands are heavily investing in the development of full-size electric SUVs that provide longer battery life, innovative technology, and elegant designs, driving the segment's growth.
Driving Range Insights
The 150 to 300 km segment dominated the E-SUVs market with the largest share in 2024. This driving range satisfy the everyday commuting and travel requirements of most urban users. This range is deemed optimal for city driving and occasional intercity trips while remaining budget friendly. Automakers are strategically producing models that fit within this range to target cost-conscious consumers who desire dependable electric mobility solutions without forgoing performance or convenience.
The above 300 km segment is expected to expand at the fastest rate during the projection period, driven by advancements in battery technology and vehicle efficiency. Since range anxiety remains a significant concern for potential EV buyers, manufacturers are emphasizing longer-range E-SUVs to boost consumer confidence. The increasing availability of high-capacity batteries and rapid-charging infrastructure further supports this expansion. Consumers looking for versatile vehicles suitable for both urban and long-distance travel are progressively choosing E-SUVs that offer more than 300 km of range.
Components Insights
The powertrain segment dominated the market in 2024, as it is essential for optimizing overall performance, efficiency, and durability in electric SUVs. Innovations in electric motors, transmissions, and power control units are critical for improving vehicle acceleration, energy consumption, and driving dynamics. Automakers are significantly investing in cutting-edge powertrain technologies to enhance driving experience and amplify the attractiveness of their E-SUV models.
The battery segment is expected to expand at the highest CAGR in the upcoming period, driven by ongoing advancements in battery energy density, charging speed, and lifespan. As batteries constitute a large portion of the E-SUVs' costs and determine their range and performance, manufacturers are concentrating on next-generation battery technologies such as solid-state batteries. Rising investments in battery production facilities and research initiatives worldwide are propelling rapid advancements, positioning the battery segment as a crucial component for E-SUVs.
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Competitive Landscape
Tesla Inc.
BYD Company Ltd.
Hyundai Motor Company
Toyota Motor Corporation
Nissan Motor Corporation
Kia Corporation
Ford Motor Company
Volkswagen AG
AB Volvo
Honda Motor Co., Ltd.
Chevrolet
Recent Breakthroughs in Global E-SUVs Market:
In June 2024, Chevrolet introduced the Equinox EV, a compact, all-electric SUV. It's designed for mainstream consumers, offering a blend of affordability, attractive design, and a notable 319-mile range.
In May 2024, Jeep introduced its first fully electric SUV for the North American market: the Wagoneer S and the Recon. The Wagoneer S offers 600 horsepower and a 400-mile range, while the Recon features off-road capabilities similar to those of the Wrangler. Both models are part of Jeep's initiative to electrify 50% of its U.S. sales by 2030.
Segments Covered in the Report
By Propulsion
BEV
HEV
By Size
Compact
Mid-Size
Full- Size
By Driving Range
Upto 150 km
150 to 300 km
Above 300 km
By Component
Body
Chassis
Powertrain
ICE
Motor
Up to 20 kW
20 to 100 kW
Above 100 kW
Battery
Upto 10 kWh
10 to 30 KWh
30 to 60 kWh
Above 60 KWh
Electronics
Others
By Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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Increasing demand for HVAC (Heating, Ventilation, and Air Conditioning) systems among residential, commercial, and industrial end-users, industries shift towards energy-efficient electric motors due to lowered energy utilization and operational costs in manufacturing industries are some of the major driving factors for the electric motors market. Download PDF Brochure: List of Key Players in Electric Motors Market: ABB (Switzerland) Siemens (Germany) WEG (Brazil) Wolong Electric (China) NIDEC CORPORATION (Japan) Drivers, Opportunities and Challenges in Electric Motors Market: Driver: Increasing demand for HVAC systems in residential, commercial, and industrial sectors Restraint: Fluctuating prices of raw materials Opportunity: Transition in the global automotive industry toward electric vehicles Challenge: Shortage of components and supply chain issues Electric mobility is making a huge transition in the global automobile industry. The proactive efforts for the decarbonization of society in Europe are driven by the ever-increasing share of electric motors in the market. Advancements in battery technologies have reduced costs of batteries and improved the charging speed of the batteries. The increase in government support by providing redemptions on tax and incentives for promoting eco-friendly electric vehicles through electric motors are also acts of opportunities for the growth of the electric motors market. As per the IEA, it is revealed that 50% of global passenger electric vehicles should come from China in the year 2025. Many governments worldwide are implementing policies and incentives to promote the adoption of electric vehicles as part of efforts to reduce greenhouse gas emissions and combat climate change. These policies include subsidies for EV purchases, tax incentives, and stricter emissions regulations, all of which are accelerating the transition to electric mobility and, consequently, increasing demand for electric vehicle motor market. The rapid growth of the EV market has led to the construction of new manufacturing facilities dedicated to producing electric vehicles and their components, including electric motors. Major automakers and new EV startups are investing heavily in scaling up production, which includes securing a reliable supply of electric motors. the growing demand for electric vehicles is a major driver of demand for electric motors. The transition to electric mobility, driven by technological advancements, government policies, and consumer preferences, is creating a significant and expanding market for electric motors across a wide range of vehicle types and applications. As the EV market continues to grow, the demand for efficient, powerful, and innovative electric motors will remain strong.. Request Sample Pages: Asia Pacific region to be the largest electric motors market Asia Pacific is expected to dominate the global electric motor market size between 2024–2029, followed by Europe and North America. The urban population growth drives demand for infrastructure, including commercial buildings, residential complexes, and public utilities, all of which rely heavily on electric motors for HVAC systems, elevators, water treatment, etc are the reasons for the region's significant market size. Countries such as China and India are driving demand, supported by government initiatives promoting industrial automation and renewable energy adoption. The region's large water treatment plants and increasing electric vehicle manufacturing add to the demand for high-power motors. Moreover, improving motor efficiency and compact high-density designs also increase the market further. This is driving the electric motor market size in the Asia Pacific region. Related Reports: Brushless DC Motor Market - Global Forecast to 2028 Energy Efficient Motor Market - Global Forecast to 2028 CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. 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