Technavio, a leading provider of market research reports, has released its latest study on Electric Sports Utility Vehicle (E-Suv) Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges. The electrical vehicle (EV) market's growth relies heavily on the advancement of EV charging infrastructure. Substantial investments are being allocated towards the development and enhancement of this infrastructure to ensure the long-term viability of all-electric SUVs. With the increasing focus on sustainable transportation and the rising popularity of higher levels of autonomy in EVs, the demand for wireless charging systems is escalating. Future business models are being explored by key EV manufacturers and charging system providers to optimize wireless charging efficiency for EVs.
The global electric sports utility vehicle (e-suv) market size is estimated to grow by USD 181.10 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 35.85% during the forecast period. Increasing demand and sales of BEVs in global market is driving market growth, with a trend towards emergence of wireless charging systems for evs. However, high cost of ownership of e-suvs poses a challenge. Some of the key industry leaders include AEHRA, Bayerische Motoren Werke AG, BYD Co. Ltd., Dr. Ing. h.c. F. Porsche AG, Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., KIA CORP., Mahindra and Mahindra Ltd., Maruti Suzuki India Ltd., Mercedes Benz Group AG, Nissan Motor Co. Ltd., Pravaig Dynamics Pvt Ltd., Renault SAS, Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., Volkswagen AG, and Volvo Car Corp..
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Major Findings
Growth and Market Trends: The global electric SUV market is expanding rapidly, with electric SUVs comprising over 60% of global EV sales in 2021. This growth is driven by rising demand for zero-emission vehicles and increased environmental awareness, even as traditional combustion engine SUVs still dominate. Key industry players like Tata Motors, Mercedes-Benz, and Lotus Cars are heavily investing in R&D to lower battery costs and enhance driving range. Hybrid SUVs and luxury electric vehicles are also gaining traction.
Technological and Infrastructure Developments: Lithium-ion batteries continue to be the preferred choice for EVs due to their high energy density and longevity, though alternative technologies like LFP and lithium-sulfur batteries are under development. The EV sector faces supply chain challenges due to high demand for batteries and components. To support the shift to electric mobility, investments are being made in charging infrastructure and research funding, particularly from the DOE and other organizations, to improve performance and reduce costs.
The global automotive parts and equipment market encompasses organizations involved in the manufacturing of components and accessories for various vehicle types, including passenger cars (PCs), electric SUVs (E-SVUs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio's market analysis, the size of the automotive components and equipment market is determined by the consolidated revenue generated by these manufacturers. Key growth drivers for this market include the escalating demand for electronic components in automobiles, particularly in the expanding electric vehicle, motorcycle, and passenger car sectors. Over the past decade, the sales growth of these vehicle types has significantly boosted the requirement for electronic control units (ECUs) and other electrical components.
The Electric Sports Utility Vehicle (E-Suv) Market is experiencing significant growth, fueled by the Increasing demand and sales of BEVs in global market. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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The Electric Sports Utility Vehicle (E-SUV) market represents a significant growth opportunity for automotive businesses. With increasing consumer preference for eco-friendly and sustainable transportation solutions, the demand for E-SUVs is surging. These vehicles offer the utility and versatility of traditional SUVs, combined with the environmental benefits of electric powertrains. Market projections indicate robust growth, making it a lucrative business proposition for automakers and suppliers.
The Electric Sports Utility Vehicle (E-SUV) market is experiencing significant growth as automakers shift their focus towards fuelefficient mobility solutions. The market can be segmented into Full-size, Midsize, and Compact segments. The body and chassis of E-SUVs are designed to provide the same utility as their gasoline-powered counterparts while reducing emissions to zero. Manufacturers like Mercedes-Benz are investing heavily in R&D operations to develop advanced technologies such as LFP batteries and motors for their E-SUVs. The DOE is also working on charging infrastructure development and battery cost reduction through the use of advanced technologies like lithium-sulfur and lithium-ion batteries. Environmental awareness is driving the demand for zero-emission vehicles, and E-SUVs are no exception. However, supply chain disruptions and the high cost of batteries remain challenges for the industry. Hybrid SUVs with combustion fuel engines and all-wheel or four-wheel drive capabilities are also gaining popularity as transitional solutions. The electrification strategy of major automakers like Mercedes-Benz and the advancements in battery technology are expected to drive the growth of the E-SUV market in the coming years. The future of the SUV segment lies in electric powertrains, and the race is on to provide the most efficient and cost-effective solutions.
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