The electric vehicle (EV) market appears to be facing a lull, but a recent study from AutoPacific indicates that a significant opportunity remains, particularly in the segment of three-row electric SUVs. According to the firm’s 2024 Future Vehicle Planner, nearly half of three-row SUV and crossover shoppers would consider a full EV, showcasing the potential for growth in this segment.
AutoPacific surveyed over 14,000 vehicle shoppers and found that approximately 8% of potential buyers expressed intentions to purchase a full EV three-row crossover. While this number is notable given the limited availability of such models, only seven three-row electric SUVs are currently on the market, including models like the Volvo EX90, Tesla Model X, and Kia EV9. However, only a few of these are considered accessible or practical for most buyers, with models like the Mercedes-Benz EQB featuring a small third row and others being priced out of reach for the average consumer. The upcoming Cadillac Escalade IQ, Lucid Gravity, and Hyundai Ioniq 9 are expected to add to the options next year, further fueling interest.
The study highlights that many consumers, especially those looking for affordability, are eager for lower-cost three-row electric SUVs. AutoPacific’s data shows that 59% of buyers intend to spend less than $50,000, a price point that only the Kia EV9 and Mercedes-Benz EQB approach. The healthy sales of the Kia EV9 suggest that there is indeed a growing demand for more budget-friendly options in this category.
AutoPacific forecasts significant growth in the three-row electric SUV market, with sales expected to rise from 100,000 units in 2024 to nearly 400,000 by 2029. “All-electric three-row SUVs and crossovers are set to become one of the most important growth segments in the EV space,” said Ed Kim, AutoPacific’s president and chief analyst. This highlights the untapped potential in the market, which may be a missed opportunity for manufacturers like Ford, who decided against producing a three-row EV crossover.
The ideal customer for these vehicles is a single female, living in a single-family home, who drives less than 30 miles a day and values the convenience, technology, and environmental benefits that modern EVs offer. However, they are unwilling to make significant compromises on features, making them a challenging yet highly promising target for automakers.
