Asia Pacific E-SUV Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

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

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

Asia Pacific E-SUV Market Share

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 2024-2032 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 front...

Nissan Motor Co. Ltd.

Nissan Motor Co. Ltd. was established in 1933 and situated in Yokohama, Japan. Nissan Motor Co. Ltd. is a prom...

Hyundai Motor Company

Hyundai Motor Company was founded in 1967 and is headquartered in Seoul, South Korea. It is a prominent global...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

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.