E-SUV Market
By Propulsion (Fully electric, Hybrid),
By Vehicle Type (Compact crossover, Crossover, Mid-size, Full-size),
By Seating Capacity (5 seater, 6 seater, More than 6 seater),
By Drive Type (Front wheel drive, Rear wheel),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
E-SUV Market : Global Analysis and Forecast 2022-2032
The global E-SUV market is to be worth more than USD 155.34 billion by 2032.
An E-SUV vehicle uses one or more electric motors for propulsion. It is an alternative fuel automobile that uses electric motors with motor controllers for propulsion, replacing the more common propulsion methods like the internal combustion engine (ICE). Electricity is used as a transportation fuel to power the battery of the E-SUVs. The electricity powers the vehicle's wheels via an electric motor. However, the one downside that E-SUVs do have compared to their fossil fuels counterparts is that they have limited energy storage capacity, which must be replenished by plugging into an electrical source. The appropriate charging instruments are private at most locations due to a lack of proper infrastructure and the high initial costs involved in developing the infrastructure to charge Electric vehicles.
It has been noticed that the global E-SUVs have shown a sharp increase in market demand in recent times. This has been caused by the compounding of many factors like the fact that customers are increasingly growing aware of climate change and wish to avoid using vehicles that emit harmful gases; continuous heavy development in the technology sector has made the E-SUV market come up with innovations like self-driving technology and supercharging stations which are acting as growth drivers for the E-SUV market.
Most of the companies and startups involved with E-SUVs are in the ongoing technological development of their systems to create more efficient batteries that provide a longer drive time to the user. They wish to seize the opportunity by using the rapidly decreasing price of electric vehicle batteries to their advantage because the main issue that E-SUVs faced when they entered the market was that they were much more expensive compared to their fossil-fuel counterparts, due to this the E-SUVs could not penetrate into the automobile market. However, now with the reduced prices of batteries which are one of the most costly components used in the production process of an E-SUV, companies can reduce the overall cost of their cars and enter into the market that had been left untouched by them earlier due to high price of the vehicles.
Furthermore, in November 2022, electric mobility startup Pravaig Dynamics based in India, recently launched a sports utility vehicle Defy, tagged for approx $48,000 (ex-showroom) to compete with the likes of Audi e-tron and Mercedes Benz EQC. The Bengaluru-based company has commenced the bookings of the model, and deliveries are expected to begin in the third quarter of next year. The company aims to produce 10 lakh units by 2028 and cater to domestic and international markets. This is one of the most significant examples showing this market's high potential.
The E-SUV market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the studied region, the North American region will witness the highest market share, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. Major companies in this sector are BMW Group, BYD Company Limited, Daimler AG, Ford Motor Co. Ltd., Toyota Motor Corporation, Kia Corporation, Tata Motors, Tesla, Volkswagen AG, and Volvo.
