Asia Pacific E-SUV Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)
Description
The Asia Pacific e-SUV market reached around USD 125.44 Billion in 2024. The market is projected to grow at a CAGR of 11.90% between 2025 and 2034 to reach nearly USD 386.13 Billion by 2034.
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Asia Pacific E-SUV Market Growth
China has established itself as a global frontrunner in the adoption of electric vehicles. In 2023, the country recorded 8.1 million new electric car registrations, reflecting a 35% increase compared to 2022. Notably, 2024 marked the first instance in which China's New Energy Vehicle (NEV) sector operated without the benefit of national subsidies for electric vehicle purchases, which had previously supported market growth for over a decade. Furthermore, China emerged as the world's largest automobile exporter in 2023, with over 4 million cars exported, including 1.2 million electric vehicles. This represents a significant increase, with total car exports rising nearly 65% from 2022, while electric vehicle exports surged by 80%. The primary markets for these exports included Europe and various countries in the Asia Pacific region, such as Thailand and Australia.
The Indian automotive sector is currently positioned as the fifth largest in the world, with projections indicating it will ascend to the third position by 2030. India holds the distinction of being the largest manufacturer of two-wheeled and three-wheeled vehicles globally. At present, the automobile sector accounts for 7.1% of India's GDP and contributes 49% to the manufacturing GDP. The overall value of India's automotive sector is approximately $222 billion, while the electric vehicle market is anticipated to reach a valuation of $2 billion by 2023 and $7.09 billion by 2025. The increasing popularity of electric SUVs is largely influenced by environmental considerations, as they generate no tailpipe emissions, thereby contributing to a decrease in air pollution and greenhouse gas levels. Both consumers and governmental bodies are emphasising the importance of environmentally friendly vehicles to address climate change and foster cleaner urban settings.
Key Trends and Developments
Supportive government policies and incentives, growing urbanisation and pollution concerns, advancements in battery technology, and expansion of charging infrastructure are the major trends impacting the Asia Pacific E-SUV market expansion
August 2024
The electric vehicle manufacturer, Zeekr, declared its intention to introduce its inaugural electric SUV in China in September 2024, offering a price that is more than $1,400 lower than that of Tesla's Model Y in the region.
September 2024
Toyota is poised to unveil its electric SUV, the Toyota bZ3C. This innovative electric crossover SUV has been developed in collaboration with BYD, a prominent electric vehicle manufacturer in China. The bZ3C concept was showcased at the 2024 Beijing Motor Show in April. It is crafted around a "Reboot" concept, incorporating engaging features aimed at appealing to the younger Gen Z demographic
September 2024
Maruti Suzuki, the leading automobile manufacturer in India, revealed its intention to venture into the electric vehicle sector with the introduction of its inaugural model, a mid-sized SUV, which is scheduled to be unveiled at the Bharat Mobility Global Expo in January 2025.
September 2024
Mercedes Benz India, the renowned German luxury automobile manufacturer, is set to commence production of its electric SUV, the EQS SUV 580, in India. This initiative marks India as the sole market outside the United States to manufacture this seven-seater vehicle, as the company recognises a growing local demand for electric vehicles.
Government Policies and Incentives
Numerous countries in the Asia Pacific provide significant subsidies, tax incentives, and rebates to foster the adoption of electric vehicles. These initiatives lower the expenses associated with electric SUVs and motivate both producers and consumers to engage in electric mobility investments.
Growing Urbanisation and Pollution Concerns
The swift pace of urbanisation, coupled with rising air pollution, has heightened the need for more environmentally friendly transportation alternatives. Electric SUVs are increasingly preferred due to their lower emissions, contributing to the mitigation of environmental and public health issues in heavily populated regions.
Advancements in Battery Technology
Enhancements in battery technology, including extended ranges and reduced charging durations, render E-SUVs more practical and attractive. These developments overcome earlier constraints and improve the viability of electric vehicles for a variety of driving requirements.
Expansion of Charging Infrastructure
The establishment of comprehensive and effective charging infrastructures throughout the Asia Pacific facilitates the adoption of E-SUVs. The enhanced accessibility of charging stations alleviates concerns regarding range limitations, thereby making the ownership of an E-SUV more practical.
Asia Pacific E-SUV Market Trends
The Asia Pacific is witnessing a notable movement towards the establishment of local manufacturing plants for electric SUVs. This transition is designed to lower production expenses, address the specific demands of regional markets, and take advantage of local government incentives, thereby improving the accessibility and cost-effectiveness of electric SUVs in various markets. Furthermore, E-SUVs in the Asia Pacific area are increasingly integrating sophisticated technological features, including autonomous driving functions, smart connectivity, and advanced driver assistance systems. This development signifies a rising consumer inclination towards vehicles that are rich in features and technology, providing enhanced safety, convenience, and an overall superior driving experience.
Asia Pacific E-SUV Industry Segmentation
The EMR’s report titled “Asia Pacific E-SUV Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Based on country, the market is segmented into China, India, ASEAN, Australia, and Japan. India is projected to grow at a CAGR of 20.4% during the forecast period of 2025-2034 due to the introduction of favourable government initiatives supporting EV adoption, coupled with the thriving automotive sector.
Leading Companies in the Asia Pacific E-SUV Market
Major players are focusing on the manufacturing of technologically upgraded and luxury E-SUVs to gain a competitive edge in the market.
AB Volvo
AB Volvo was established in 1927 and is based in Gothenburg, Sweden. The company focuses on the production of trucks, buses, and construction machinery, and is recognised for its commitment to safety, innovation, and sustainability within the commercial vehicle sector.
Toyota Motor Corporation
Toyota Motor Corporation was Founded in 1937 and is located in Toyota City, Japan. It stands as a global frontrunner in automotive production, celebrated for its groundbreaking hybrid technology introduced with the Prius and its expansion into electric vehicle markets.
Nissan Motor Co. Ltd.
Nissan Motor Co. Ltd. was established in 1933 and situated in Yokohama, Japan. Nissan Motor Co. Ltd. is a prominent player in the automotive sector as it is distinguished for its cutting-edge electric vehicles, particularly the Nissan Leaf, which ranks among the top-selling electric cars worldwide.
Hyundai Motor Company
Hyundai Motor Company was founded in 1967 and is headquartered in Seoul, South Korea. It is a prominent global automotive manufacturer recognised for its innovative vehicle technologies and competitive offerings, including the widely acclaimed Hyundai Kona Electric in the electric vehicle category.
Other major players in the market are Tesla Inc., BMW AG, Volkswagen AG, Mercedes-Benz Group AG, BYD Co. Ltd., and SAIC Motor Corp. Ltd, among others.
{{IS_GRAPH}}
Asia Pacific E-SUV Market Growth
China has established itself as a global frontrunner in the adoption of electric vehicles. In 2023, the country recorded 8.1 million new electric car registrations, reflecting a 35% increase compared to 2022. Notably, 2024 marked the first instance in which China's New Energy Vehicle (NEV) sector operated without the benefit of national subsidies for electric vehicle purchases, which had previously supported market growth for over a decade. Furthermore, China emerged as the world's largest automobile exporter in 2023, with over 4 million cars exported, including 1.2 million electric vehicles. This represents a significant increase, with total car exports rising nearly 65% from 2022, while electric vehicle exports surged by 80%. The primary markets for these exports included Europe and various countries in the Asia Pacific region, such as Thailand and Australia.
The Indian automotive sector is currently positioned as the fifth largest in the world, with projections indicating it will ascend to the third position by 2030. India holds the distinction of being the largest manufacturer of two-wheeled and three-wheeled vehicles globally. At present, the automobile sector accounts for 7.1% of India's GDP and contributes 49% to the manufacturing GDP. The overall value of India's automotive sector is approximately $222 billion, while the electric vehicle market is anticipated to reach a valuation of $2 billion by 2023 and $7.09 billion by 2025. The increasing popularity of electric SUVs is largely influenced by environmental considerations, as they generate no tailpipe emissions, thereby contributing to a decrease in air pollution and greenhouse gas levels. Both consumers and governmental bodies are emphasising the importance of environmentally friendly vehicles to address climate change and foster cleaner urban settings.
Key Trends and Developments
Supportive government policies and incentives, growing urbanisation and pollution concerns, advancements in battery technology, and expansion of charging infrastructure are the major trends impacting the Asia Pacific E-SUV market expansion
August 2024
The electric vehicle manufacturer, Zeekr, declared its intention to introduce its inaugural electric SUV in China in September 2024, offering a price that is more than $1,400 lower than that of Tesla's Model Y in the region.
September 2024
Toyota is poised to unveil its electric SUV, the Toyota bZ3C. This innovative electric crossover SUV has been developed in collaboration with BYD, a prominent electric vehicle manufacturer in China. The bZ3C concept was showcased at the 2024 Beijing Motor Show in April. It is crafted around a "Reboot" concept, incorporating engaging features aimed at appealing to the younger Gen Z demographic
September 2024
Maruti Suzuki, the leading automobile manufacturer in India, revealed its intention to venture into the electric vehicle sector with the introduction of its inaugural model, a mid-sized SUV, which is scheduled to be unveiled at the Bharat Mobility Global Expo in January 2025.
September 2024
Mercedes Benz India, the renowned German luxury automobile manufacturer, is set to commence production of its electric SUV, the EQS SUV 580, in India. This initiative marks India as the sole market outside the United States to manufacture this seven-seater vehicle, as the company recognises a growing local demand for electric vehicles.
Government Policies and Incentives
Numerous countries in the Asia Pacific provide significant subsidies, tax incentives, and rebates to foster the adoption of electric vehicles. These initiatives lower the expenses associated with electric SUVs and motivate both producers and consumers to engage in electric mobility investments.
Growing Urbanisation and Pollution Concerns
The swift pace of urbanisation, coupled with rising air pollution, has heightened the need for more environmentally friendly transportation alternatives. Electric SUVs are increasingly preferred due to their lower emissions, contributing to the mitigation of environmental and public health issues in heavily populated regions.
Advancements in Battery Technology
Enhancements in battery technology, including extended ranges and reduced charging durations, render E-SUVs more practical and attractive. These developments overcome earlier constraints and improve the viability of electric vehicles for a variety of driving requirements.
Expansion of Charging Infrastructure
The establishment of comprehensive and effective charging infrastructures throughout the Asia Pacific facilitates the adoption of E-SUVs. The enhanced accessibility of charging stations alleviates concerns regarding range limitations, thereby making the ownership of an E-SUV more practical.
Asia Pacific E-SUV Market Trends
The Asia Pacific is witnessing a notable movement towards the establishment of local manufacturing plants for electric SUVs. This transition is designed to lower production expenses, address the specific demands of regional markets, and take advantage of local government incentives, thereby improving the accessibility and cost-effectiveness of electric SUVs in various markets. Furthermore, E-SUVs in the Asia Pacific area are increasingly integrating sophisticated technological features, including autonomous driving functions, smart connectivity, and advanced driver assistance systems. This development signifies a rising consumer inclination towards vehicles that are rich in features and technology, providing enhanced safety, convenience, and an overall superior driving experience.
Asia Pacific E-SUV Industry Segmentation
The EMR’s report titled “Asia Pacific E-SUV Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
- Mid-Size
- Full Size
- Compact
- Battery Electric Vehicles (BEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
- FWD
- RWD
- AWD
- China
- Japan
- India
- ASEAN
- Australia
- Others
Based on country, the market is segmented into China, India, ASEAN, Australia, and Japan. India is projected to grow at a CAGR of 20.4% during the forecast period of 2025-2034 due to the introduction of favourable government initiatives supporting EV adoption, coupled with the thriving automotive sector.
Leading Companies in the Asia Pacific E-SUV Market
Major players are focusing on the manufacturing of technologically upgraded and luxury E-SUVs to gain a competitive edge in the market.
AB Volvo
AB Volvo was established in 1927 and is based in Gothenburg, Sweden. The company focuses on the production of trucks, buses, and construction machinery, and is recognised for its commitment to safety, innovation, and sustainability within the commercial vehicle sector.
Toyota Motor Corporation
Toyota Motor Corporation was Founded in 1937 and is located in Toyota City, Japan. It stands as a global frontrunner in automotive production, celebrated for its groundbreaking hybrid technology introduced with the Prius and its expansion into electric vehicle markets.
Nissan Motor Co. Ltd.
Nissan Motor Co. Ltd. was established in 1933 and situated in Yokohama, Japan. Nissan Motor Co. Ltd. is a prominent player in the automotive sector as it is distinguished for its cutting-edge electric vehicles, particularly the Nissan Leaf, which ranks among the top-selling electric cars worldwide.
Hyundai Motor Company
Hyundai Motor Company was founded in 1967 and is headquartered in Seoul, South Korea. It is a prominent global automotive manufacturer recognised for its innovative vehicle technologies and competitive offerings, including the widely acclaimed Hyundai Kona Electric in the electric vehicle category.
Other major players in the market are Tesla Inc., BMW AG, Volkswagen AG, Mercedes-Benz Group AG, BYD Co. Ltd., and SAIC Motor Corp. Ltd, among others.
Table of Contents
159 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Countries
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Global E-SUV Market Overview
- 5.1 Key Industry Highlights
- 5.2 Global E-SUV Historical Market (2018-2024)
- 5.3 Global E-SUV Market Forecast (2025-2034)
- 5.4 Global E-SUV Market Share by Region
- 5.4.1 North America
- 5.4.2 Europe
- 5.4.3 Asia Pacific
- 5.4.4 Latin America
- 5.4.5 Middle East and Africa
- 6 Asia Pacific E-SUV Market Overview
- 6.1 Key Industry Highlights
- 6.2 Asia Pacific E-SUV Historical Market (2018-2024)
- 6.3 Asia Pacific E-SUV Market Forecast (2025-2034)
- 7 Asia Pacific E-SUV Market by Type
- 7.1 Mid-Size
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Full Size
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Compact
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 8 Asia Pacific E-SUV Market by Propulsion
- 8.1 Battery Electric Vehicles (BEVs)
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Plug-In Hybrid Electric Vehicles (PHEVs)
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 9 Asia Pacific E-SUV Market by Drive Type
- 9.1 FWD
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 RWD
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 AWD
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 10 Asia Pacific E-SUV Market by Country
- 10.1 China
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 Japan
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 10.3 India
- 10.3.1 Historical Trend (2018-2024)
- 10.3.2 Forecast Trend (2025-2034)
- 10.4 ASEAN
- 10.4.1 Historical Trend (2018-2024)
- 10.4.2 Forecast Trend (2025-2034)
- 10.5 Australia
- 10.5.1 Historical Trend (2018-2024)
- 10.5.2 Forecast Trend (2025-2034)
- 10.6 Others
- 11 Market Dynamics
- 11.1 SWOT Analysis
- 11.1.1 Strengths
- 11.1.2 Weaknesses
- 11.1.3 Opportunities
- 11.1.4 Threats
- 11.2 Porter’s Five Forces Analysis
- 11.2.1 Supplier’s Power
- 11.2.2 Buyer’s Power
- 11.2.3 Threat of New Entrants
- 11.2.4 Degree of Rivalry
- 11.2.5 Threat of Substitutes
- 11.3 Key Indicators of Demand
- 11.4 Key Indicators of Price
- 12 Competitive Landscape
- 12.1 Supplier Selection
- 12.2 Key Global Players
- 12.3 Key Regional Players
- 12.4 Key Player Strategies
- 12.5 Company Profiles
- 12.5.1 Tesla Inc.
- 12.5.1.1 Company Overview
- 12.5.1.2 Product Portfolio
- 12.5.1.3 Demographic Reach and Achievements
- 12.5.1.4 Certifications
- 12.5.2 BMW AG
- 12.5.2.1 Company Overview
- 12.5.2.2 Product Portfolio
- 12.5.2.3 Demographic Reach and Achievements
- 12.5.2.4 Certifications
- 12.5.3 Volkswagen AG
- 12.5.3.1 Company Overview
- 12.5.3.2 Product Portfolio
- 12.5.3.3 Demographic Reach and Achievements
- 12.5.3.4 Certifications
- 12.5.4 Mercedes-Benz Group AG
- 12.5.4.1 Company Overview
- 12.5.4.2 Product Portfolio
- 12.5.4.3 Demographic Reach and Achievements
- 12.5.4.4 Certifications
- 12.5.5 BYD Co. Ltd.
- 12.5.5.1 Company Overview
- 12.5.5.2 Product Portfolio
- 12.5.5.3 Demographic Reach and Achievements
- 12.5.5.4 Certifications
- 12.5.6 SAIC Motor Corp. Ltd
- 12.5.6.1 Company Overview
- 12.5.6.2 Product Portfolio
- 12.5.6.3 Demographic Reach and Achievements
- 12.5.6.4 Certifications
- 12.5.7 AB Volvo
- 12.5.7.1 Company Overview
- 12.5.7.2 Product Portfolio
- 12.5.7.3 Demographic Reach and Achievements
- 12.5.7.4 Certifications
- 12.5.8 Toyota Motor Corp.
- 12.5.8.1 Company Overview
- 12.5.8.2 Product Portfolio
- 12.5.8.3 Demographic Reach and Achievements
- 12.5.8.4 Certifications
- 12.5.9 Nissan Motor Co. Ltd.
- 12.5.9.1 Company Overview
- 12.5.9.2 Product Portfolio
- 12.5.9.3 Demographic Reach and Achievements
- 12.5.9.4 Certifications
- 12.5.10 Hyundai Motor Co.
- 12.5.10.1 Company Overview
- 12.5.10.2 Product Portfolio
- 12.5.10.3 Demographic Reach and Achievements
- 12.5.10.4 Certifications
- 12.5.11 Others
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