The electric sports utility vehicle (e-SUV) market size is expected to grow by USD 83,748.62 million during 2022-2027, progressing at a CAGR of 25.19% as per the latest Technavio market research report. APAC will account for 33% of the market’s overall growth. China and India are the major contributing countries to the regional market growth. The regional market growth is fueled by factors such as government initiatives to promote green transportation, stringent carbon emission norms, and incentive schemes for adopting e-SUVs in polluted cities. Since the economy improves in China and Japan, people’s discretionary income has increased, leading to a surge in automobile sales. Hence, such factors drive the growth of the regional market during the forecast period.  

Electric Sports Utility Vehicle (e-SUV) Market: Increasing demand and sales of BEVs in the global market to drive growth 

Increasing demand and sales of Battery Electric Vehicles (BEVs) drive the growth of the e-SUV market. The growing BEV manufacturers in China, such as BYD Co and BAIC, are driven by the country’s growing demand for new energy vehicles, resulting in increased sales volumes. 

For instance, in 2021, global BEV sales saw significant growth, especially in China, the US, and select European countries. BEVs accounted for over 60% of all global EV sales, with China leading in BEV deliveries, followed by Europe and the US. Hence, such factors drive the e-SUV market growth during the forecast period. 

Electric Sports Utility Vehicle (e-SUV) Market: Emergence Of Wireless Charging Systems For EVs  

The emergence of wireless charging systems is an emerging e-SUV market trend. Leading EV manufacturers and charging system providers devise efficient business models for wireless-go charging in future EVs. Such models enable EVs to position themselves optimally over charging pads for maximum efficiency. 

Also, since the focus on sustainable transportation grows, higher levels of EV autonomy gain widespread popularity. Hence, such trends fuel the e-SUV market growth during the forecast period. 

Some of the key Electric Sports Utility Vehicle (e-SUV) Market Players: 

The electric sports utility vehicle (e-SUV) market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. 

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 Motors 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. 

Electric Sports Utility Vehicle (e-SUV) Market: Segmentation Analysis 

This market research report segments the electric sports utility vehicle (e-SUV) market by propulsion (battery electric vehicle and hybrid vehicle), Type (Small, medium size, and Large size) and Geography (APAC, North America, Europe, South America, and Middle East and Africa). 

The battery electric vehicle segment will be significant during the forecast period. The segment growth can be attributed to their environmental advantages, lower costs, and technological advancements that have led to better range, performance, and safety. The technological advancements in BEVs have significantly improved their range, safety, and performance, which leads to higher customer acceptance. Hence, such factors boost the battery electric vehicle segment of the e-SUV market during the forecast period.