The electric vehicle (EV) revolution may be experiencing a temporary slowdown, but a recent study by AutoPacific suggests that the future of EVs may lie in three-row crossovers. The study found that nearly half of all three-row SUV and crossover buyers would consider purchasing an electric version, with 8% expressing a clear intention to buy a full EV.
Currently, the market for three-row EVs is limited, with only a handful of models available, including the Volvo EX90, VinFast VF9, Tesla Model X, Rivian R1S, Mercedes-Benz EQS SUV, Mercedes-Benz EQB SUV, and Kia EV9. However, new models like the Cadillac Escalade IQ, Lucid Gravity, and Hyundai Ioniq 9 are set to enter the market soon.
The study also revealed that there is a growing demand for affordable three-row EVs, with 59% of buyers looking to spend less than $50,000. The Kia EV9 is currently one of the few models in this price range, and its sales success indicates a potential market opportunity for more affordable three-row EVs.
AutoPacific predicts that the three-row EV segment will see significant growth in the coming years, with sales expected to reach nearly 400,000 units by 2029, up from 100,000 units in 2024. This growth is driven by a shift towards more environmentally-friendly vehicles and the increasing availability of EV charging infrastructure.
The study also identified the ideal buyer for a three-row EV SUV as a single female who lives in a single-family house and drives less than 30 miles a day. This demographic values the convenience of a three-row vehicle, as well as the advanced technology and eco-friendly nature of EVs.
In conclusion, the three-row EV segment is poised for substantial growth in the coming years, offering manufacturers an opportunity to meet the evolving needs and preferences of consumers. As more affordable and practical three-row EV models enter the market, the demand for electric vehicles in this segment is expected to increase significantly.
Contact the author: kevin.williams@insideevs.com