New York, United States: Quadintel Research has recently released a comprehensive intelligence report titled ” Electric SUV Market “Outlook, Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030. This report provides a detailed analysis at the micro-level, focusing on insurers, key business segments, offerings, and sales channels within the sector. The competitive assessment section of the report presents an overview of competitors, their financial situations, recent developments, competitive analysis, and market advancements. By examining the strengths and weaknesses of major competitors, this analysis facilitates market players in identifying viable opportunities more effectively.
The report covers both pre and Post – COVID analysis | The final report will include an in-depth analysis of the impact of the Russia-Ukraine war and the COVID-19 pandemic on the industry.
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The global electric SUV market size was US$ 43 billion in 2021. The global electric SUV market size is forecast to reach US$ 320 billion by 2030, growing at a compound annual growth rate (CAGR) of 25.5% during the forecast period from 2022 to 2030.
E-SUV stands for electric sports utility vehicle, which uses hybrid or battery electric power systems to combine off-road and road-going passenger vehicle capabilities. In order to meet operational needs, E-SUVs are equipped with an all-wheel-drive (AWD) or four-wheel-drive (4WD) system to operate on rugged terrain surfaces and public roadways. Due to their operational capability, high-end technology-enabled cars, and better safety, E-SUVs are popular among electric passenger vehicle owners. Compared to traditional autos, E-SUVs provide enhanced vehicle dynamics, lower fuel consumption, and a low-noise electric motor.
Factors Influencing Market Growth
Among the factors driving the global market include the growing penetration of fuel-efficient mobility solutions and decreasing battery cost per KWH.
Decreasing sales and production of the automotive and the increased manufacturing cost may slow down the overall market growth.
The expansion of self-driving electric technology in SUVs and stringent government rules toward vehicle emission is forecast to offer lucrative opportunities for the global market during the forecast period.
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global electric SUV market. Due to the commuting constraints, a low demand outlook, and market players’ predicted weak financial performance in 2020. In the short term, market participants in the e-SUV market were using a variety of strategies to manage operations, including slashed budgets, longer equipment lifecycles, reduced employee counts, and lower compensation. However, end-user demand has dropped significantly owing to low consumer confidence and high vehicle pricing.
Regional Analysis
The Asia Pacific region is forecast to have lucrative growth during the forecast period. As a result of the increasing penetration of electric vehicles and rising inclination towards utility vehicles. India, Germany, and China. In addition, the existence of leading players and rising SUV demand among people. Thus, these factors boost the market growth in the region.
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Leading Competitors
The leading prominent companies profiled in the global electric SUV market are:
BMW Group
BYD Company Limited
Daimler AG
Ford Motor Company
Groupe Renault
Honda Motor Co., Limited
Kia Corporation
Tata Motors
Tesla
Volkswagen AG
Volvo Car Corporation
Other Prominent Players
Scope of the Report
The global electric SUV market segmentation focuses on Propulsion, Type, Seating Capacity, and Region.
Segmentation based on Propulsion
Battery Electric Vehicle
Hybrid Vehicle
Segmentation based on Type
Compact crossover
Crossover
Mid-size
Full-size
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Segmentation based on Seating Capacity
Five-seater
Six seaters and above
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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