Latest News- Electric Sports Utility Vehicle (E-Suv) Market: Battery electric vehicle is expected to lead the Propulsion segment during 2024-2028

The Electric Sports Utility Vehicle (E-Suv) Market is being driven by Increasing demand and sales of BEVs in global market

The Electric Sports Utility Vehicle (E-Suv) Market is expected to grow at a CAGR of 35.85% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 181101.3 million. The electrical vehicle (EV) market's growth relies heavily on the advancement of EV charging infrastructure. Significant investments are being allocated towards its development and enhancement. With the increasing prioritization of sustainable transportation and the rising popularity of higher levels of autonomy in EVs, the demand for wireless charging systems is escalating. Future EV models are being developed in collaboration with charging system providers to optimize wireless charging efficiency. These systems enable EVs to align precisely over charging pads, ensuring maximum power transfer. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Propulsion
  • Battery electric vehicle
  • Hybrid vehicle
• Type
  • Small and medium size
  • Large size
• Geography
  • APAC
    • China
    • Japan
  • North America
    • US
  • Europe
    • Germany
    • Norway
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand and sales of BEVs in global market
• Reducing prices of lithium-ion batteries
• Growing government incentives, and subsidies on EVs

However, the market also witnesses some limitations, which are as follows:

• High cost of ownership of e-SUVs
• Lack of e-SUV charging infrastructure in developing automotive markets
• e-SUV range issues

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Market Scope in Electric Sports Utility Vehicle (E-Suv) Market Research Report

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Research Analysis Overview

The Electric Sports Utility Vehicle (E-SUV) market is experiencing significant growth as consumers shift towards zero-emission mobility solutions. Traditional SUVs with combustion fuel engines are being replaced by electric and hybrid models, offering all-wheel and four-wheel drive capabilities. Manufacturers like Mercedes-Benz are prioritizing electrification strategies, focusing on battery cost reduction through advancements in LFP and lithium-ion batteries, as well as lithiumsulfur batteries. R&D operations are underway to improve fuel-efficient mobility solutions, mitigate supply chain disruptions, and expand charging infrastructure. EVs, including E-SUVs in compact, midsize, and full-size segments, are becoming increasingly popular due to environmental awareness and the body and chassis designs offering comparable performance to gasoline-powered vehicles.

Market Research Overview

The global automotive parts and equipment market encompasses organizations involved in the manufacturing of components and accessories for various vehicle types, including electric SUVs, hybrid SUVs, and those with combustion fuel engines. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment producers. Key growth drivers for this sector include the rising demand for electronic components in automobiles. This trend is particularly notable in the increasing sales of electric vehicles, motorcycles, and passenger cars, which have significantly boosted the need for electronic control units (ECUs) and other electrical components in the past decade. Additionally, the growing popularity of all-wheel drive systems in SUVs is expected to further fuel market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/