New York, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Electric Sports Utility Vehicle (e-SUV) Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Sports Utility Vehicle Market Research Report, Drive Train, Seater Type and Region - Forecast till 2030”, the market is projected to be worth USD 261.53 Billion by 2030, registering a CAGR of 32.48% during the forecast period (2022 - 2030)., The market was valued at USD 39.71 billion in 2021.
List of the companies profiled in the electric sports utility vehicle market research report include –
- Toyota Motor Corporation (Japan)
- Tesla Inc. (U.S.)
- BMW Group (Germany)
- Jaguar Land Rover (UK)
- Audi AG (Germany)
- Porsche AG (Germany)
- Volvo Car (Sweden)
- The Hyundai Motor Company (South Korea)
- Honda Motor Company Ltd. (Japan)
- Nissan Motor Co. Ltd. (Japan).
- Among others.
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Key players have incorporated several strategies to stay at the forefront such as mergers and acquisitions, new product launches, geographic expansions, and others.
Industry Updates
Leading car manufacturer Honda aims to go all-electric. It has lately announced three concepts- a sports utility vehicle, a four-door GT, and a two-door coupe from the forthcoming e:N series.
Market Research Future’s Review on Electric Sports Utility Vehicle Market
COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long term & immediate effect of the COVID-19 pandemic possessed a negative effect on the electric sports utility vehicle market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. But with the relaxation of lockdowns, this market is likely to get back to normalcy soon.
Browse In-depth Market Research Report (188 pages) on Electric Sports Utility Vehicle (e-SUV)
https://www.marketresearchfuture.com/reports/electric-sports-utility-vehicle-market-7498
Drivers
Growing Need for Compact and Small SUVs to Boost Market Growth
The burgeoning need for compact and small SUVs in emerging markets will boost market growth over the forecast period. The top automobile manufacturers are aiming to develop small and medium-sized entry-level SUVs for extending their customer base as well as increasing their product portfolio. Manufacturers are developing new car concepts for instance crossover SUVs that has an SUV-like stance yet ride as a sedan.
Opportunities
Increasing Levels of Stringency in Environmental Legislation to offer Robust Opportunities
The increasing levels of stringency with regards to environmental legislation coupled with increasing knowledge amid the masses regarding environmental degradation will offer robust opportunities for the market over the forecast period.
Besides, rising fuel costs and the growing awareness about the different benefits of electric SUVs such as higher ride position, comfort, improved esthetic appearance, improved performance, versatile interior space, ease of maintenance, and low emissions are also adding market growth.
Restraints
High Cost of Ownership to act as Market Restraint
The high cost of ownership may act as market restraint over the forecast period.
Challenges
Need for Expensive Batteries to act as Market Challenge
The need of less and larger aerodynamic electric vehicles for larger, heavier, and more expensive batteries for powering it may act as market challenge over the forecast period.
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Market Segmentation
The global electric sports utility vehicle market is bifurcated based on seater type and drive train.
By drive train, the electric sports utility vehicle market is segmented into all-wheel drive (AWD), front wheel drive (FWD), and rear wheel drive (RWD).
By seater type, the electric sports utility vehicle market is segmented into 7 seater and 5 seater.
Regional Analysis
APAC to Remain Forerunner in Electric Sports Utility Vehicle Market
The APAC region will remain forerunner in the electric sports utility vehicle market over the forecast period. Increasing sales of e-SUVs in India and China, increase in automotive manufacturing plants, changing consumer preference towards spacious and large vehicles, expansion of electric mobility industry in South Korea, India, Japan, and China, China being a global leader of electric mobility, the government of China taking more aggressive steps for encouraging the sale of EVs, governments offering incentives and subsidies on the purchase of electric vehicles, governments enacting transportation regulations and emission norms, availability of inexpensive labor, booming automotive sector in China, the presence of technologically advanced countries such as South Korea, Indonesia, and Japan, the presence of developing countries like Malaysia, Taiwan, and India, and e-SUV OEMs investing and establishing themselves as key players in the market are adding to the global electric sports utility vehicle market growth in the region.
Segmentation of Market covered in the research:
Electric Sports Utility Vehicle (e-SUV) Market Research Report: Information by Drive Train (Front Wheel Drive, Rear Wheel Drive, All Wheel Drive), Seater Type (5-Seater, 7-Seater) and Region - Global Forecast till 2030
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
