The electric sports utility vehicle (e-SUV) market size is expected to grow by USD 83,748.62 million during 2022-2027, progressing at a CAGR of 25.19% as per the latest Technavio market research report.
In the projected period, the APAC region is anticipated to account for 33% of global market growth. Technavio analysts have outlined regional trends and drivers shaping the market. Government initiatives promoting sustainability, stringent carbon emission regulations, and incentives for e-SUV adoption in polluted urban centers like China and India drive market expansion.
Increased EV charging infrastructure and active involvement of foreign and local OEMs to enhance EV technology further fuel market growth. Improved economic conditions in China and Japan have bolstered discretionary income, leading to a surge in automobile sales, particularly in the EV segment.
Despite setbacks from COVID-19, the region’s recovery is evident with lifted lockdowns and resumed business operations. Developing nations like India, Indonesia, and Bangladesh present lucrative opportunities for e-SUV manufacturers, supported by government initiatives, environmental concerns, and rising fuel costs driving market growth.