Middle East and Africa Electric Sports Utility Vehicle Market Overview
The global electric sports utilty vehicle market 2023 is slated to grow exponentially over the review period, securing a substantial market valuation and a healthy CAGR over the review period.
Electric Sports Utility Vehicle (e-SUV) Market is projected to be worth USD 261.53 Billion by 2030, registering a CAGR of 32.48%
Drivers and Restraints
Automobiles operating on non-renewable fuel supplies emit large quantities of carbon, which is a primary polluting agent. Governments are also encouraging environmentally friendly vehicles which are supposed to curb carbon emissions. Rising levels of stringency in terms of environmental legislation and increasing knowledge among the masses about environmental degradation are expected to play key roles in this market's growth over the forecast period. In addition, competitive rewards by regulatory bodies such as free parking and charging batteries, along with discounts, have had a major effect on business growth. Monetary programs include incentives to purchase alternative fuel cars, and exemptions for car owners from road tax exemptions.
This is expected to boost the market for electric sports utility vehicles (SUVs) over the forecast era. Increasing worldwide demand for SUVs due to the recent flock of electric SUV models has also driven buyers to opt for SUVs over traditional sedans and hatchbacks. Electric SUVs deliver numerous advantages such as low emissions, ease of maintenance, versatile interior space, improved performance, enhanced esthetic appearance, comfort and a higher ride position.
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This is projected in the near future to raise the electric SUV market. Rising fuel costs are expected to propel the electric SUV market during the forecast period, complemented by low recharging costs of electric SUVs. Larger and less aerodynamic electric vehicles, however, require heavier, larger, and more expensive batteries to power it. This is likely to hamper the demand for hybrid SUVs over the projected period.
Competitive Analysis
The key market players operating in the global market as acknowledged by MRFR are Honda Motor Company, Ltd. (Japan), Utility Vehicle (E-SUV) Market include Tesla, Inc. (U.S.), Toyota Motor Corporation (Japan), Jaguar Land Rover (UK), BMW Group (Germany), Porsche AG (Germany), Volvo Car (Sweden), Audi AG (Germany), The Hyundai Motor Company (South Korea), and Nissan Motor Co., Ltd. (Japan).
Segmental Analysis
· The global Middle East and Africa Electric Sports Utility Vehicle Market is analyzed on the basis of the drive train, and seater type.
· On the basis of the drive train, the market is segmented into Rear Wheel Drive (RWD), Front Wheel Drive (FWD), and All-Wheel Drive (AWD).
By seater type, the market is bifurcated into 5-seater and 7-seater.
Regional Analysis
The geographical overview of the global market has been analyzed in four major regions, including North America, the Asia Pacific, Europe, and the rest of the world. The area was dominated by the U.S. followed by Canada. In the last few years, this area has witnessed rising demand for SUVs and recreational vehicles. Nonetheless, demand for e-SUVs is also expected to increase over the next five years due to strict environmental regulations.
In the Global Middle East and Africa Electric Sports Utility Vehicle Market the Asia Pacific region is projected to rise at the fastest CAGR. China dominates this area, which is regarded as one of the fastest-growing countries in the global automotive sector. Technologically advanced countries like Japan, Indonesia and South Korea also have played a key role in market growth in this area. In addition, developing countries such as India, Taiwan and Malaysia provide a tremendous opportunity for further growth of these markets. These markets are untapped, encouraging e-SUV OEMs to invest and establish themselves as strong players in the local market.
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