LONDON--(BUSINESS WIRE)--Technavio analysts have forecasted the global electric sports utility vehicle (e-SUV) market to grow at a CAGR of more than 12% during the period 2018-2022, in their latest market research report.
The emergence of new all-electric SUVs concept in the EV market is a key trend that is being witnessed in the market. The potential of the global EV market has been growing year-over-year. This is evident with the increasing demand and volume sales of EVs around the world. This is encouraging automotive OEMs to launch new product offerings in their EV portfolio. Most of the automotive OEMs were launching EVs in the car or sedan segment. However, in the last couple of years, the automotive OEMs have increased their focus and attention on all-electric SUVs.
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In this report, Technavio analysts highlight the increase in volume sales of SUVs as a prominent factor contributing to the growth of the global electric sports utility vehicle market:
Increase in volume sales of SUVs
The global automotive sales have been on the rise in the last couple of years, wherein most of the developed and developing economies witnessed growing volume sales of automobiles. In 2016, the global automotive market observed volume sales of more than 84.2 million units. The figure includes passenger vehicles and light commercial vehicles. The growing demand for SUVs year-over-year was a major growth driver in 2016. The major players in the global SUV market have witnessed significant growth in their SUV segment.
According to a senior analyst at Technavio for automotive manufacturing, “Jeep experienced one of the best years in terms of volume sales in economies such as the US, Brazil, and Europe. The US has been the major market driver for the global SUV market. In the US, SUVs accounted for more than 60% of the total automobile sales in 2016. Similarly, in China, the sales of utility vehicles crossed 9 million units in 2016. China is one of the fastest growing markets for SUVs. Hence, the growing global SUV market is driving the global e-SUV market.”
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Global electric sports utility vehicle market segmentation
This market research report segments the global electric sports utility vehicle market by vehicle size (small and medium size and large size) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
APAC led the global electric sports utility vehicle market in 2017, accounting for a market share of approximately 43%. This region will dominate the global market throughout the forecast period and post an increase in market share of around 7%.
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