Electric SUV market size growing at a CAGR of 25.5%
TOKYO, June 20, 2022 (GLOBE NEWSWIRE) — The Global electric SUV market Size was USD 43 billion in 2021 and is estimated to reach USD 320 billion by 2030, with a significant CAGR of 25.5% from 2022 to 2030.
Electric vehicles (EVs) are currently the most realistic path for the automotive industry. Not only are they a greener alternative to fossil fuel vehicles, but they also have the potential (due to their layout) to be roomier. Electric cars and SUVs are two modes of transportation that are in high demand right now, so electric SUVs (e-SUVs) are perhaps the most sought-after models. SUVs have grown in popularity over the past decade and are currently the number one most popular new vehicle. Customers are honoring SUVs, and automakers are responding with an increasing number of variants. Manufacturers’ continued focus on launching new electric SUVs with innovative features is also supporting market demand. For example, electric vehicles are becoming increasingly popular in India, with a wide range of cars and SUVs including BMW iX, Audi Q4 e-Tron, Mercedes EQS and Kia EV6.
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|market||electric SUV market|
|Market size 2021||$43 billion|
|Market Forecast 2030||$320 billion|
|CAGR over the period 2022-2030||25.5%|
|analysis period||2018 – 2030|
|forecast data||2022 – 2030|
|Covered Segments||By drive, by type, by seating capacity, by geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Important companies in profile||BMW Group, Ford Motor Company, BYD Company Limited, Daimler AG, Volkswagen AG, Honda Motor Co., Ltd., Groupe Renault, Tata Motors, Kia Corporation, Tesla and Volvo Car Corporation|
|report coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
|customization area||10 hrs from free customization and expert advice|
Lowering battery prices and growing government subsidies to encourage EV adoption are leading trends in the electric SUV market
Government support is driving the global electric SUV market
According to the International Environment Agency, more than ten million electric cars were on the roads worldwide in 2020. It was a turning point in the electrification of mass transit. Electric vehicle sales accounted for 4.6% of total vehicle sales worldwide. The range of electric vehicle models has grown. New efforts have been made in battery technology. And that achievement came amid the outbreak of Covid-19 and the resulting economic meltdown and lockdown. The near-term prospects for electric vehicle sales are promising. Global sales of electric cars increased by over 140% in the first quarter of 2021 compared to the same point in 2020, driven by sales of around 5,00,000 vehicles in China and around 4,50,000 in Europe. Revenue in the United States more than doubled compared to the first quarter of 2020, albeit from a much lower base. On the other hand, numerous developing countries have invested and started new programs to increase sales of electric vehicles. For example, in February 2019, the Cabinet of the Union of India approved the 10,000 crore INR scheme of the FAME II program. This program went into effect on April 1, 2019. The main objective of the program was to promote faster adoption of hybrid and electric vehicles in India by providing upfront incentives for EV adoption and development of essential EV charging infrastructure.
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Impact of COVID-19 on the electric SUV industry
The COVID-19 pandemic has decimated the automotive sector and the disruption has hurt demand for electric vehicles. This has had a negative impact on the global electric SUV industry due to commuter restrictions, a negative demand outlook and the projected weak financial performance of market participants in 2020. The supply of lithium-ion battery packs was hampered for many weeks in FY21 due to the pandemic. This was followed by a government crackdown on Chinese supplies, further crippling battery supplies. Hence, the industry suffered a significant meltdown during the peak of the pandemic.
A lack of charging infrastructure in emerging markets could hamper growth
During development, the electric charging infrastructure has various gaps and problems. In India, AC001 and DC001 chargers are by far the most common public charging options, while most 2W, 3W and 4W versions choose not to use them. Another major problem is the lack of support for grid expansion to cope with the increased load. According to an industry analysis, the increased use of electric vehicles will increase electricity demand by 100 TWh by 2030. In addition, building an EV charging station is costly due to installation fees and specific technology. Permits and grid connections are required for installation, which may require additional modifications to the distribution network. Combined hardware and installation could cost as much as $4,500 per Level 1 port, $20,000 per Level 2 port, and $90,000 per DC Fast Charge (DCFC). However, increasing significant investments in charging infrastructure will reverse the industry scenario in the next few years. For example, the US government plans to allocate over $100 billion to develop electric vehicle infrastructure.
Segmentation of the electric SUV market
The global electric SUV market has been segmented on the basis of powertrain, type, seating capacity, and geography. Based on powertrain, the market is segmented into battery electric vehicles and hybrid vehicles. Among them, the battery electric vehicle segment generated the largest revenue in the electric SUV market, while the hybrid vehicle segment achieved the fastest growth rate during the forecast period 2022-2030.
According to the type, the market is divided into compact crossover, crossover, mid-size and full-size. In 2021, the compact crossover segment took the majority of the electric SUV market share. In addition, the seating capacity segment is divided into 5-seater and 6-seater and above. Accordingly, the 5-seater segment had a significant market share in 2021, although the 6-seater and above segment will see a significant growth rate in the projected years 2022 to 2030.
Regional overview of the electric SUV market
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the regional classification of the global Electric SUV Market. Based on our analysis, the Asia-Pacific region is expected to witness the fastest growth rate due to favorable government policies for EV adoption in China and India. In addition, the Europe region gained a significant share in 2021. Tightened government regulations related to CO2 emissions, the presence of numerous key players and a strong demand for high-tech electric vehicles are some of the factors supporting the European electric SUV market.
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Global Electric SUV Market Companies
Major companies present in the market worldwide include BMW Group, Ford Motor Company, BYD Company Limited, Daimler AG, Volkswagen AG, Honda Motor Co., Ltd., Groupe Renault, Tata Motors, Kia Corporation, Tesla and Volvo Car Corporation.
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