Growing at a CAGR of 25.5%, Electric SUV Market Size Expected To Reach USD 320 Bn by 2030 Exclusive Report By Acumen Research and Consulting

TOKYO, June 20, 2022 (GLOBE NEWSWIRE) -- The Global Electric SUV Market size accounted for USD 43 Bn in 2021 and is estimated to reach USD 320 Bn by 2030, with a significant CAGR of 25.5% from 2022 to 2030.

Electric vehicles (EVs) are the most realistic path ahead for the automobile industry right now. They are not only a more environmentally friendly alternative to fossil-fuel-driven vehicles, but they also have the potential to be more capacious (due to their layout). Electric cars and SUVs are two forms of transportation that are currently in high demand, therefore electric SUVs (e-SUVs) are possibly the most sought-after models. SUVs have grown in popularity over the last decade and currently rank first among the most popular new cars. Customers honor SUVs, and automakers are reacting by producing an increasing number of versions. Manufacturers’ continuous focus to launch new electric SUVs with innovative features is also supporting the market demand. For instance, electric vehicles are growing increasingly popular in India, with a wide range of cars and SUVs on the way, including the BMW iX, Audi Q4 e-Tron, Mercedes EQS, and Kia EV6.

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Report Coverage:

Reducing battery prices and growing government subsidies to encourage the adoption of electric vehicles are leading trends in electric SUV market

Government Support Fuels the Global Electric SUV Market

According to the International Environment Agency, in 2020, there were more than ten million electric automobiles on the road worldwide. It was a watershed moment in the electrification of mass transportation. Electric vehicle sales accounted for 4.6% of total vehicle sales worldwide. The range of electric vehicle models has grown. New battery technology efforts have been launched. And this accomplishment was made in the middle of the Covid-19 outbreak, as well as the resulting economic collapse and lockdowns. The short-term outlook for EV sales is promising. Global electric car sales increased by over 140% in the first quarter of 2021 compared to the same time in 2020, driven by sales of roughly 5,00,000 vehicles in China and around 4,50,000 in Europe. Sales in the United States more than doubled compared to the first quarter of 2020, though from a far lower basis. On the other hand, numerous developing countries invested and launched new schemes to increase the sales of electric vehicles. For instance, in February 2019, the Union Cabinet of India approved the 10,000-crore INR FAME-II scheme programme. On April 1, 2019, this programme went into effect. The scheme's major goal was to promote faster adoption of hybrid and electric vehicles in India by providing upfront incentives for the adoption of electric vehicles as well as developing the essential charging infrastructure for EVs.

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COVID-19 Impact on Electric SUV Industry

The COVID-19 pandemic decimated the auto sector, and the disruption impacted demand for electric vehicles. Due to commute limits, a negative demand outlook, and predicted weak financial performance of market players in 2020, this has had a negative influence on the worldwide electric SUV industry. The supply of lithium-ion battery packs was hampered for many weeks in FY21 owing to the pandemic. This was followed by a government crackdown on Chinese shipments, further crippling battery supply. Thus, the industry suffered a significant breakdown during the peak pandemic.

Lack of Charging Infrastructure in Emerging Countries Could Hamper the Growth

When it comes to development, the electric charging infrastructure has various gaps and problems. In India, AC001 & DC001 chargers are by far the most common options for public charging stations, whereas most 2W, 3W, and 4W versions choose not to use them. Lack of support for grid development to cater to the increased load is another major problem. As per an industry analysis, increased use of EVs by 2030 will shoot up the electricity demand by 100 TWh. Furthermore, constructing an EV charging station is costly because of installation fees and specific technology. Permitting and grid connections are required for installation, which may necessitate additional distribution grid modifications. Together, hardware and installation could cost as much as $4,500 per Level 1 port, $20,000 per Level 2 port, and $90,000 per direct current fast charging (DCFC). However, growing significant investments in the charging infrastructure will reverse the industry scenario in the next few years. For instance, the US government plans to provide over US$ 100 billion for electric vehicle infrastructure development.

Electric SUV Market Segmentation

The global electric SUV market has been segmented based on propulsion, type, seating capacity, and geography. Based on the propulsion, the market is divided into battery electric vehicles and hybrid vehicles. Among them, the battery electric vehicle segment generated the largest electric SUV market revenue, whereas the hybrid vehicle segment attained the fastest growth rate throughout the forecast period 2022 – 2030.

By type, the market is split into compact crossover, crossover, mid-size, and full-size. In 2021, the compact crossover segment occupied the majority of the electric SUV market share. Furthermore, the seating capacity segment is split into 5 seaters and 6 and above seaters. Based on them, the 5 seater segment occupied a significant market share in 2021, although, the 6 and above seater segment will witness a considerable growth rate throughout the forecasted years 2022 – 2030.

Electric SUV Market Regional Overview

North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global electric SUV market. Based on our analysis, the Asia-Pacific region is anticipated to witness the fastest growth rate due to the favorable government policies for the adoption of electric vehicles in China and India. Furthermore, the Europe region gathered a significant amount of share in 2021. Increased government regulations regarding carbon emission, the presence of numerous key players, and heavy demand for high-tech electric vehicles are some of the factors that are supporting the Europe electric SUV market.

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Global Electric SUV Market Companies

Key companies covered globally in the market include BMW Group, Ford Motor Company, BYD Company Limited, Daimler AG, Volkswagen AG, Honda Motor Co., Ltd., Groupe Renault, Tata Motors, Kia Corporation, Tesla, and Volvo Car Corporation.

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