TOKYO, June 20, 2022 (GLOBE NEWSWIRE) — The Global Electric SUV market the size accounted for USD 43 billion in 2021 and is expected 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. They are not only a greener alternative to fossil fuel vehicles, but they also have the potential to be bulkier (due to their layout). Electric cars and SUVs are two forms of transportation currently in high demand. Therefore, electric SUVs (e-SUVs) are probably the most sought-after models. SUVs have grown in popularity over the past decade and currently rank number one among the most popular new cars. Customers honor SUVs, and automakers respond by producing more and more versions. The constant desire of manufacturers to launch new electric SUVs with innovative features also supports market demand. For example, electric vehicles are growing in popularity in India, with a wide range of cars and SUVs on the way, including the 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 from 2022 to 2030||25.5%|
|Analysis period||2018 – 2030|
|Forecast data||2022 – 2030|
|Segments Covered||By propulsion, by type, by number of seats, by geography|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||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 cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
|Scope of customization||10 a.m. free customization and expert advice|
Reducing battery prices and increasing government subsidies to encourage adoption of electric vehicles are key trends in the electric SUV market
Government support fuels global electric SUV market
According to the International Environment Agency, in 2020 there were more than ten million electric cars in circulation worldwide. It was a defining moment in the electrification of public transport. Electric vehicle sales accounted for 4.6% of total vehicle sales worldwide. The range of electric vehicle models has expanded. New battery technology efforts have been launched. And this achievement was achieved in the midst of the Covid-19 outbreak, and the resulting economic collapse and lockdowns. The near-term outlook for electric vehicle sales is promising. Global electric car sales increased more than 140% in the first quarter of 2021 compared to the same period in 2020, driven by sales of around 5,000,000 vehicles in China and around 4,50,000 in Europe. US sales more than doubled from the first quarter of 2020, but from a much lower base. On the other hand, many developing countries have invested and launched new programs to increase sales of electric vehicles. For example, in February 2019, the Union Cabinet of India approved the 10,000 crore INR FAME-II scheme scheme. On April 1, 2019, this program came into effect. The main objective of the program was to promote faster adoption of hybrid and electric vehicles in India by providing initial incentives for the adoption of electric vehicles as well as developing essential charging infrastructure for electric vehicles.
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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 impacted demand for electric vehicles. Due to journey limits, negative demand outlook and predicted poor financial performance of market players in 2020, it has negatively influenced the global Electric SUV industry. Supply of lithium-ion batteries was hampered for many weeks in FY21 due to the pandemic. This was followed by a government crackdown on Chinese shipments, further crippling battery supply. Thus, the industry suffered a significant breakdown during the peak of the pandemic.
Lack of charging infrastructure in emerging countries could hamper growth
When it comes to development, electric charging infrastructure has various gaps and problems. In India, the AC001 and DC001 chargers are by far the most common options for public charging stations, while most 2W, 3W and 4W versions choose not to use them. Lack of network development support to meet the increased load is another major problem. According to an industry analysis, the increased use of electric vehicles by 2030 will increase electricity demand by 100 TWh. In addition, building an EV charging station is expensive due to installation costs and specific technology. Permits and grid connections are required for installation, which may require additional modifications to the distribution network. Together, the hardware and installation could cost up to $4,500 per Tier 1 port, $20,000 per Tier 2 port, and $90,000 per DC fast charge (DCFC). However, large and growing investments in charging infrastructure will reverse the industry scenario over the next few years. For example, the US government plans to provide more than US$100 billion for the development of electric vehicle infrastructure.
Segmentation of the electric SUV market
The global electric SUV market has been segmented on the basis of propulsion, type, seating capacity and geography. Based on propulsion, the market is divided into battery electric vehicles and hybrid vehicles. Among them, the battery electric vehicle segment has generated the largest revenue in the electric SUV market, while the hybrid vehicle segment has achieved the fastest growth rate throughout the forecast period 2022-2030.
By type, the market is divided into compact crossover, crossover, mid-size and full-size. In 2021, the compact crossover segment occupied the majority of the electric SUV market share. Additionally, the seating capacity segment is divided into 5-seater and 6+ seater. Based on this, the 5-seater segment occupied a significant market share in 2021, although the 6-seater and above segment will experience considerable growth rate throughout the projected years 2022 – 2030.
Electric SUV Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa constitute the regional classification of the global electric SUV market. According to our analysis, the Asia-Pacific region is expected to experience the fastest growth rate due to favorable government policies for the adoption of electric vehicles in China and India. Moreover, the Europe region garnered a large share in 2021. Rising government regulations regarding carbon emissions, presence of numerous key players, and 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 covered globally in the market are 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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