The North America E-SUV market reached around USD 28.34 Billion in 2023. The market is projected to grow at a CAGR of 15.80% between 2024 and 2032 to reach nearly USD 106.12 Billion by 2032.
Base Year
Historical Year
Forecast Year
The Government of Canada has set a target to achieve carbon neutrality by the year 2050 and has made significant financial commitments in the budgets for 2021, 2022, and 2023 to support infrastructure development and the transition to a green economy. U.S. automakers' Canadian subsidiaries have declared considerable investments, with General Motors contributing US$785 million, Ford investing US$1.5 billion, and Stellantis committing US$1.14 billion, all aimed at adapting their production lines for electric vehicle manufacturing. Furthermore, in early 2022, GM Canada, Ford Motors Canada, and Stellantis Canada revealed their intentions to establish their facilities dedicated to the production of batteries for electric vehicles.
Across the United States, the demand for electric vehicles has experienced a consistent upward trajectory, with registrations increasing from 280,000 units in 2016 to 2.4 million in 2022. Notably, the period from 2021 to 2022 witnessed a remarkable 68% year-over-year growth in electric vehicle registrations within the United States. The escalating concerns regarding environmental issues are propelling the adoption of electric SUVs (E-SUVs), as consumers aim to lower their carbon emissions and address climate change. E-SUVs present a more environmentally friendly option compared to conventional vehicles, catering to the rising preference for sustainable and eco-conscious transportation alternatives.
Value in USD Billion
2024-2032
North America E-SUV Market Outlook
*this image is indicative*
Rising environmental concerns, the expansion of charging infrastructure for electric vehicles, the growing focus on sustainability, and advancements in battery technologies are the major trends impacting the North America E-SUV market expansion
Federal and state incentives play a crucial role in making electric SUVs more financially accessible to consumers. These incentives often come in the form of tax credits and rebates, which can significantly lower the initial purchase price of these vehicles.
Enhancements in battery longevity, efficiency, and charging speed significantly increase the attractiveness of electric SUVs. Extended driving ranges and reduced charging durations overcome earlier constraints, rendering electric SUVs more suitable for everyday usage.
The rising awareness of environmental issues and the intention to minimise carbon footprints are influencing consumer preferences towards electric vehicles. Electric SUVs are progressively regarded as a more sustainable option in comparison to conventional internal combustion engine vehicles.
The establishment of a comprehensive and reliable charging infrastructure enhances the convenience of owning an electric SUV. The greater presence of fast-charging stations alleviates concerns regarding range and facilitates the wider acceptance of electric vehicles.
In North America, the combination of federal and state incentives, including tax credits and rebates, alongside rigorous emissions regulations, reduces the cost of electric SUVs and promotes their uptake. These initiatives render electric vehicles economically appealing while supporting environmental objectives. Additionally, recent advancements in battery technology, featuring extended ranges and quicker charging options, significantly improve the functionality and attractiveness of electric SUVs. These developments overcome earlier challenges, rendering electric SUVs more appropriate for daily use and broadening their market opportunities.
The EMR’s report titled “North America E-SUV Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Breakup by Type
Breakup by Propulsion
Breakup by Drive Type
Breakup by Country
Based on country, the market is segmented into the United States and Canada. The United States is projected to grow at a CAGR of 15.4% during the forecast period of 2024-2032 due to the thriving automotive sector and the growing focus on decarbonisation in the transportation sector.
Major players are focusing on the adoption of cutting-edge technologies to gain a competitive edge in the market.
BYD Co. Ltd., established in 1995, is based in Shenzhen, China. The company specialises in electric vehicles, battery production, and renewable energy solutions, positioning itself as a significant entity in the international electric vehicle market.
SAIC Motor Corp. Ltd. was founded in 1955 and is located in Shanghai, China. The company engages itself in joi...
AB Volvo was established in 1927 and is headquartered in Gothenburg, Sweden. It is a leading producer of truck...
Toyota Motor Corporation, founded in 1937, is based in Aichi Prefecture, Japan. As a global frontrunner in aut...
*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, Nissan Motor Co. Ltd., and Hyundai Motor Co., among others
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market attained a value of nearly USD 28.34 Billion.
The market is assessed to grow at a CAGR of 15.80% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024 -2032 to reach about USD 106.12 Billion by 2032.
The market is being driven by rising environmental concerns and increasing adoption of e-mobility across the world.
The key trends aiding the market expansion include the advancement of battery technology of electric vehicles and the expansion of charging infrastructure.
The major types of E-SUVs in the market are mid-size, full size, and compact.
The major countries considered in the market are the United States and Canada.
The major players in the market are Tesla Inc., BMW AG, Volkswagen AG, Mercedes-Benz Group AG, BYD Co. Ltd., SAIC Motor Corp. Ltd, AB Volvo, Toyota Motor Corp., Nissan Motor Co. Ltd., and Hyundai Motor Co., among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Propulsion |
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| Breakup by Drive Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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