Electric Sports Utility Vehicle Market Growth, Revenue, Size, Share, Status, Regional Forecast, 2027
Electric Sports Utility Vehicle Market
According to Market Research Future (MRFR), the global electric sports utility vehicle (e-SUV) market size is estimated to register a 10% CAGR from 2018 to 2023 (forecast period). The report provides an informative understanding of the global situation, the economic situation, and the COVID-19 analysis of the overall industry.
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Since its inception, electric vehicles have revolutionized the global automotive industry. Rising prices of fossil fuels and the detrimental effects of the internal combustion engine (ICE) vehicles on the environment have heightened the importance of electric vehicles worldwide. Sports Utility Vehicles (SUV) are primarily used as family cars due to the increasing demand for comfortable and luxurious rides. However, SUVs are usually powered by diesel, which increases their emissions. Electric SUVs have therefore been launched in the market. E-SUVs does not compromise the comfort of passengers and do not harm the environment.
Market Dynamics
Strong emissions regulations have caused some countries to ban diesel vehicles. As a result, the overall SUV demand was projected to fall. However, with the advent of e-SUVs, the market for SUVs, which operate on environmentally friendly fuel, has increased. These vehicles are prevalent in Europe and North America, where tight regulations and standards regarding maintenance of environmental balance are in place.
Market Segmentation
The global market for electric sports utility vehicle (e-SUV) has been segmented on the basis of drive train and seater type.
By drive train, the global electric sports utility vehicle (e-SUV) market has been segmented into Rear Wheel Drive (RWD), Front Wheel Drive (FWD), and All Wheel Drive (AWD).
By seater type, the global electric sports utility vehicle (e-SUV) market has been segmented into 5-seater and 7-seater.
Regional Analysis
Region-wise, the global electric sports utility vehicle (e-SUV) market share has been segmented into four major regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America is expected to have a significant stake in the global electric sports utility vehicle (e-SUV) market. The U.S. has dominated the region, followed by Canada. Over recent years, the region has witnessed an increasing demand for SUVs and recreational vehicles. However, due to strict environmental regulations, demand for e-SUVs is also expected to increase over the next five years.
Asia Pacific is presumed to rise at the highest CAGR in the global electric sports utility vehicle (e-SUV) industry. The region is dominated by China, which is known to be one of the fastest-growing countries in the global automotive market. Technologically advanced nations like South Korea and Japan have also played a vital role in the industry's growth in the region. In addition, emerging countries such as India, Taiwan, and Malaysia are creating an immense opportunity for this market to expand further. These are untapped markets that inspire e-SUV OEMs to invest and develop themselves as strong players in the local market.
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Key Players
Notable players in the Global Electric Sports Utility Vehicle (E-SUV) Market include Jaguar Land Rover (UK), Toyota Motor Corporation (Japan), BMW Group (Germany), Tesla, Inc. (U.S.), Volvo Car (Sweden), Audi AG (Germany), Porsche AG (Germany), Honda Motor Company, Ltd. (Japan), The Hyundai Motor Company (South Korea), and Nissan Motor Co., Ltd. (Japan).
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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