Electric SUV Top Companies and Market Size Analysis
The global electric SUV market size was evaluated at USD 561.04 billion in 2023 and is expected to hit around USD 9,051.21 billion by 2033, growing at a healthy CAGR of 32.06% from 2024 to 2034. The top companies are Tesla Inc., Hyundai Motor Company, Toyota Motor Corporation, Nissan Motor Corporation, Kia Corporation, BYD Company Ltd., Ford Motor Company, Volkswagen AG, AB Volvo, Honda Motor Co., Ltd., Chevrolet, and Others.
Market Report Coverage
| Report Attributes |
Details |
| Market Size by 2033 |
USD 9,051.21 Billion |
| Market Size in 2023 |
USD 561.04 Billion |
| Market Growth Rate |
32.06% |
| Leading Region |
Europe |
| Forecast Period |
2023 to 2033 |
| Segments Covered |
Vehicle Type, Propulsion Type, Vehicle Range, Drive Type, and Regions |
| Regions Covered |
North America, Europe, Asia-Pacific, Latin America and Middle East, & Africa |
Electric SUV Key Players
- Tesla Inc.
- Hyundai Motor Company
- Toyota Motor Corporation
- Nissan Motor Corporation
- Kia Corporation
- BYD Company Ltd.
- Ford Motor Company
- Volkswagen AG
- AB Volvo
- Honda Motor Co., Ltd.
- Chevrolet
Latest Announcements by the Industry Leaders
- In January, Elon Musk confirmed the planning for the introduction of the affordable electric vehicle. Musk said the next-generation vehicle will launch in 2025 and introduce the second major growth wave, following the first wave with the launch of Model 3 vehicles in 2017 and Model Y vehicles in 2020.
- Hyundai is introducing its forthcoming EV, the Ioniq 9. The company shared a few introductory images of its flagship electric SUV on its social media handles and official websites.
Recent Developments
- In November 2024, Mahindra is marking a significant milestone by extending its electric vehicle portfolio with the launch of new electric SUVs, the XEV 9e and BE 6e. The vehicle will make its debut in the global market with the name of ‘Unlimited India’ at the event held in Chennai on 26 November 2024.
- In November 2024, Skoda Auto is planning to launch the electric vehicle in the Indian market in 2025. Skoda, planning to launch its best-selling European Enyaq EVs, was prepared and tested for the Indian market.
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