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E-SUVs Market Trends

Report ID: GMI11485
Published Date: Sep 2024
Report Format: PDF

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E-SUVs Market Trends

E-SUVs are witnessing significant technological advancements in electric motor performance, enhancing power and efficiency. Innovations such as improved motor designs and advanced cooling systems boost the overall power output and acceleration of electric SUVs, making them competitive with traditional internal combustion engine vehicles. Enhanced efficiency translates to longer driving ranges on a single charge, alleviating range anxiety and broadening the appeal of e-SUVs.

Additionally, developments in regenerative braking and more efficient powertrains contribute to better energy management and reduced energy consumption. These advancements make e-SUVs more practical for various driving conditions, including off-road and long-distance travel. As technology continues to evolve, it will further reduce costs and improve performance, driving higher adoption rates and expanding market growth.

For instance, in May 2024, Kia officially unveiled the EV3, its new compact electric SUV, which boasts an impressive driving range of up to 600 km on a single charge. This model is designed to make electric vehicles more accessible and appealing to a broader audience, combining innovative technology with a bold design.

The EV3 features a striking exterior that embodies Kia's 'Opposites United' design philosophy, blending modern aesthetics with functional elements. The SUV is built on Kia's Electric Global Modular Platform (E-GMP) and offers two battery options: a standard 58.3 kWh battery and a long-range 81.4 kWh battery. Both variants are powered by a 150 kW (204 PS) electric motor, enabling acceleration from 0 to 100 km/h in just 7.5 seconds.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of e-SUVs reached USD 145.1 billion in 2023 and is set to grow at a CAGR of over 11.1% between 2024 and 2032, owing to the increasing consumer awareness and the preference for eco-friendly vehicles.

In 2023, the all-wheel drive (AWD) segment accounted for a market share of over 51% and is expected to exceed USD 180 billion by 2032, as they provide superior traction and stability, aligning perfectly with the SUV ethos of versatility and all-terrain capability.

In 2023, the Asia Pacific region accounted for a market share of over 36% and is expected to exceed USD 130 billion by 2032, driven by substantial demand in countries such as China, Japan, and South Korea, backed by government subsidies, extensive charging infrastructure, and strong consumer demand.

Audi AG, BMW Group, Mercedes-Benz, Ford Motor Company, Volkswagen AG, Toyota Motor Corporation, Volvo Car Corporation, Hyundai Motor Company, General Motors, and Tata Motors.