Electric Sport Utility Vehicle Market (E-SUV) – Overview
Electric vehicles, since their inception, have revolutionized the global automotive sector. Growing prices of fossil fuels and the adverse effects of internal combustion engine (ICE) vehicles on the environment have increased the importance of electric vehicles globally. Sports utility vehicles (SUV), which are mainly used as family cars due to growing demand for comfortable and luxury rides. However, SUVs are generally fueled by diesel, which increases their emissions. Thus, electric SUVs were introduced in the market. E-SUVs do not compromise on the passengers’ comfort and do not harm the environment as well. The Electric Sport Utility Vehicle Market is anticipated to progress with a CAGR of 10 % in the duration of the forecast period.
The prominent players in the Global Electric Sports Utility Vehicle (E-SUV) Market include Toyota Motor Corporation (Japan), Tesla, Inc. (U.S.), BMW Group (Germany), Jaguar Land Rover (UK), Audi AG (Germany), Porsche AG (Germany), Volvo Car (Sweden), The Hyundai Motor Company (South Korea), Honda Motor Company, Ltd. (Japan), and Nissan Motor Co., Ltd. (Japan).
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Stringent regulations regarding pollution emission have prompted some countries to banning of diesel vehicles. Due to this reason, the overall SUV market was expected to dip. However, with the advent of e-SUVs, the demand for SUVs, that run on eco-friendly fuel, has gone up. These vehicles are particularly popular in Europe and North America, where tight regulations and standards regarding maintenance of environmental balance, are in place.
Electric Sport Utility Vehicle Market Segmentation:
The analysis of the segments of the electric sports utility vehicle market is carried out on the basis of seater type, drive train, and region.
Based on the drive train, the electric sports utility vehicle market is segmented into Rear Wheel Drive (RWD), Front Wheel Drive (FWD), and All Wheel Drive (AWD).
On the basis of the seater type, the electric sports utility vehicle market is segmented into 7-seater and 5-seater.
The regions included in the electric sports utility vehicle market are North America, Asia Pacific, Europe, and the rest of the world.
The players are staunchly taking on the obstacles to progress and are building strategies that are expected to lead to a useful effect on the market’s progress. The market shows an intensified growth pace due to the constructive influence exerted by the market forces from both internally and externally. Specific areas in the market are projected to accomplish an absolute lead in the market place owing to improved strategies. The accretive nature of a few of the assets in the market is projected to increase the progress capability of the market. Moreover, the alliances being created in the market are projected to additionally encourage the development of the market in the approaching years.
The absorbed costs in the market are effortlessly dealt with, unlocking more room for expansion in the market. The promotional and miscellaneous expenses are upgraded chiefly due to the advancement of the market.
Market Research Analysis
The global Electric Sports Utility Vehicle (e-SUV) market is segmented on the basis of region into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific is projected to witness the highest CAGR over the forecast period. Countries such as China, Japan and South Korea, are major consumers and producers of SUVs in this region. Similarly, these countries are also expected to dominate the Asia Pacific eSUV market over the forecast period.
The European market was dominated by developed countries such as UK, germany and France. This region has a well-established infrastructure in place for electric vehicles, which has made it easier for consumers to switch from ICE vehicles to electric vehicles. Smaller countries in this region such as Norway and Ireland are known for a high penetration of electric vehicles.
Table of Contents
2.Scope of The Report
2.1. Market Definition
2.2. Scope of The Study
2.2.2. Research Objective
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
3. Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat of New Entrants
3.1.2. Bargaining Power of Buyers
3.1.3. Threat of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power of Buyers
3.2. Value Chain/Supply Chain Analysis
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