Electric sports utility vehicles (SUVs) are rugged electric motor vehicles that are designed to carry cargo and passengers. An electric SUV offers greater comfort and efficiency, as compared to a general-purpose vehicle, across uneven terrain. Electric SUVs can be driven off-road, possess high ground clearance ratio, and contain of a four-wheel drive system. Unlike traditional SUVs, electric SUVs do not emit high carbon monoxide, particulate matter, hydrocarbons, and other highly harmful gases that are unsafe to human health. Moreover, pure electric SUVs are considered zero-emission vehicles, as they do not emit emission gases due to being powered only by an electric propulsion system.
Automobiles running on non-renewable fuel resources emit significant amounts of carbon, which is a key reason for pollution. Therefore, governments are promoting eco-friendly vehicles that are expected to curb carbon emissions. Moreover, government initiatives and policies are prompting the adoption of alternative fuel vehicles, owing to the finite resources of fossil fuel and transportation emission. Several policies exist for electric vehicle, which include monetary and traffic regulations. Monetary policies include subsidies for the purchase of alternative fuel vehicles and exemptions from road tax exemption for vehicle owners. This is projected to drive the electric sports utility vehicle (SUV) market during the forecast period. Furthermore, increasing demand for SUVs around the world owing to the new flock of electric SUV models has influenced consumers to opt for SUVs over conventional sedans and hatchbacks. Electric SUVs offer numerous benefits such as low emission, ease of maintenance, flexible interior space, improved performance, enhanced esthetic appearance, comfort, and higher ride position. This is anticipated to boost the electric SUV market in the near future. Increasing fuel cost supplemented with low recharging cost of electric SUVs are estimated to propel the electric SUV market during the forecast period. However, larger and less aerodynamic electric vehicles need heavier, larger, and more expensive batteries to power them. This is projected to hamper the electric SUV market during the forecast period.
The global electric SUV market can be segmented based on electric type, vehicle type, component, and region. In terms of electric type, the global electric SUV market can be divided into battery electric SUV, plug-in hybrid electric SUV, and hybrid electric SUV. Battery electric SUV is a highly attractive segment of the electric SUV market, as these are pure electric vehicles that do not emit carbon due to the absence of an internal combustion engine and electric motors generate the torque required to drive these vehicles.
In terms of vehicle type, the global electric sports utility vehicle (SUV) market can be bifurcated into passenger electric vehicle and commercial electric vehicle. The passenger electric vehicle segment leads the electric sports utility vehicle (SUV) market, primarily due to a rise in the demand for economical, low maintenance, and zero-emission vehicles.
Based on component, the global electric sports utility vehicle (SUV) market can be segregated into battery, electric motor, transmission system, energy storage system, and others. The battery segment accounts for a prominent share of the electric sports utility vehicle (SUV) market. The battery stores electrical energy required to drive the vehicle and power its electric functions.
In terms of region, the global electric sports utility vehicle (SUV) market can be split into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific dominates the global electric SUV market, primarily due to the expansion of electric mobility industry in China, Japan, India, and South Korea. China is global leader of electric mobility and contributes significantly toward the high global market share held by Asia Pacific. The Government of China is taking more aggressive steps to encourage the sale of EVs. The government is offering subsidies and incentives on the purchase of EVs. Governments of various countries in Asia Pacific are enacting transportation emission norms and regulations. Furthermore, availability of inexpensive labor boost the investment in Asia Pacific is projected to drive the electric SUV market in the region.
Major players operating in the global electric sports utility vehicle (SUV) market include AB Volvo, BMW AG, Tata Motors, Daimler AG, Volkswagen AG, Nissan Motor Corporation., Toyota Motor Corporation., Renault, Faraday&Future Inc., Hyundai Motor Company, General Motors, Tesla, Inc., Ford Motor Company, , BYD Company Limited., Kia Motors Corporation, BYTONSubaru Corporation, Honda Motor Co., Ltd., SF Motors, and Mitsubishi Motors Corporation.
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