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Electric SUV Market – Overview
The move towards cleaner sources of transportation has resulted in the development of cutting-edge electric sports utility vehicles to cater to the diverse end-user base globally. Market reports associated with the automobile industry have been put forward by Market Research Future which generates reports on other industry verticals that target the study of recent market scenarios better. The Electric SUV Market is anticipated to progress with a CAGR of 10 % in the duration of the forecast period.
Key Players:
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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Electric SUV Market 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 the 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 comprome on the passengers’ comfort and do not harm the environment as well.
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 SUV 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.
Competitive Analysis
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.
Regional Analysis:
Geographically, the Global Electric Sports Utility Vehicle (e-SUV) Market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to account for a significant share in the Global Electric SUV Market. The U.S. dominated this region, followed by Canada. This region has witnessed a growing demand for SUVs and recreational vehicles in the last few years. However, due to stringent environmental regulations, the demand for e-SUVs is also expected to go up in the next five years.
The Asia Pacific region is expected to grow at the highest CAGR in the Global Electric Sports Utility Vehicle (e-SUV) Market. This region is dominated by China, which is considered to be one of the fastest-growing countries in the global automotive sector. Technologically advanced countries such as Japan and South Korea have also played key roles in the growth of the market in this region. Besides, developing countries such as India, Taiwan and Malaysia provide a huge opportunity for further growth of this markets These are untapped markets, which is encouraging e-SUV OEMs to invest and establish themselves as strong players in the local market.
Table of Contents
1. Executive Summary
2. Scope of The Report
2.1. Market Definition
2.2. Scope of The Study
2.2.1. Definition
2.2.2. Research Objective
2.2.3. Assumptions
2.2.4. Limitations
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
Continued…
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Contact Info:
Name: Vaibhav Hulsure
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Organization: Market Research Future
Website: https://www.marketresearchfuture.com/reports/electric-sports-utility-vehicle-market-7498
Release ID: 505186
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