Micro Electric Vehicles Market size is projected to gain momentum owing to the increasing popularity of micro-mobility services. This, coupled with the rise in environmental concerns that promotes the use of eco-friendly products, commodities, and services.
According to a recent report by Fortune Business Insights titled, “Micro Electric Vehicles (EV) Market Size, Share & COVID-19 Impact Analysis, By Type (LED Acid Battery, Lithium-Ion Battery), By Application (Commercial Use, Personal Use, Public Utilities), and Regional Forecast, 2019-2026,” the value of this market was USD 4944.8 million in 2018 and is expected to rise at a CAGR of 1.53% and reach USD 5814.7 million by 2026. The forecast period is set from 2019 to 2026.
The impact of the coronavirus pandemic is devastating as there are no vaccinations or cure for the virus. The healthcare sector is facing a hard time coping to the medical needs of the increasing number of coronavirus positive patients due to the lack of proper hospital beds and medical professionals. The governments of various nations have imposed lockdown and this has resulted in temporary halt for most businesses. While some others are trying to operate from homes but are barely able to manage meagre revenue.
Fortune Business Insights is offering impact analysis on various markets affected by the COVID-19 pandemic. These reports will provide a comprehensive overview of the market and the future prospects. Such vital information will help financers and interested candidates accordingly strategize and generate revenue in the coming years.
The report answers the following questions:
- What is the nature of the market for micro electric vehicles?
- Who are the key players of this market and what are their strategies to gain significance in the market competition?
- Which is the leading segment of the market?
- What are the major industry developments and current trends of Micro EVs market?
Drivers & Restraints:
Cost-efficiency and Eco-friendly Nature of Micro EVs to Aid in Expansion of Market
Micro electric vehicles are compact, cost-efficient, and have better clarity over emission regulations. The aforementioned facts are the key contributors of the global micro electric vehicles market growth. In addition to this, these vehicles are built from bio-composite bodies and carbon fiber, and are therefore light and small in size, making it apt for driving in the city. The features listed above of micro EVs will help augment the growth of the market in the coming years.
On the contrary, the lack of proper electric charging stations in most of the emerging nations may restrict the growth of the market during the forecast period. Nevertheless, active government participation in the form of laws to curb carbon emission and minimize pollution levels are likely to create lucrative growth opportunities for the market in the coming years.
Commercial Use Segment Accounted for the Highest Share Owing to Compact Size and Minimum Road Capacity
Among all segments in type, the commercial use segment held the highest share owing to the compact size of electric microcars and their ability to minimize the road traffic. These vehicles can reduce on-road congestion and are good for use on airport terminals. On the other side, the personal use segment is expected to rise at a significant CAGR owing to the increasing popularity of electric vehicles among the younger population owing to its cost efficiency and high maneuverability.
Increasing Popularity of Low-speed EVs will help Asia Pacific Exhibit Dominance
Among all regions, Asia Pacific dominated the global market with a revenue of USD 1703.4 million in 2018. This is owing to the increasing efforts to use plug-in electric vehicles as a long term solution to solve all environmental and social problems such as energy security, congestion, and pollution caused by rapid motorization. Countries such as China are emphasizing on the use of electric vehicles and are providing national incentives to increase its popularity among people, thereby aiding the expansion of the market in the forthcoming years.
On the other side, the market in North America will generate significant revenue in the coming years on account of the higher use of low speed electric vehicles (LSEVs) for commercial applications such as in airport terminals, golf courses, and others. Furthermore, micro EVs are more popular in European countries such as Spain, Italy, and France for use in the agricultural sector and for delivering goods and packages, therefore drawing notable revenues for the regional market.
Renault and Textron Holding Highest Shares Owing to Diverse Portfolio
Some of the prominent players of the global micro electric vehicle market include Polaris Inc., Textron, Yogomo, and Renault. The key objective of these players is to focus on innovation in battery technology for reducing the burden of cost on consumers and enhancing their vehicle range. The other players are investing heavily in extensive research and development activities to gain a significant position in the market competition.
List of the Leading Companies Profiled in the Micro Electric Vehicles Market Report are:
- Yamaha Golf-Car Company (Georgia, U.S.)
- Ingersoll Rand (Milwaukee, U.S.)
- Renault (Paris, France)
- Yogomo (Shandong, China)
- Textron (Rhode Island, U.S.)
- Italcar Industrial S.r.l. (Turin, Italy)
- Polaris Inc. (Minnesota, U.S.)
May 2018 – A new line of Cushman Shuttle personal vehicles under E-Z GO golf cart was developed by Textron Specialized Vehicles with the special 72-volt AC electric drive train by the company. This new micro EV will help deliver better range and improved energy efficiency.
Browse Detailed Insights of this Research Report with TOC:
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Micro Electric Vehicles (EV) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Lead Acid Battery
- Lithium-Ion Battery
- Market Analysis, Insights and Forecast – By Application
- Commercial Use
- Personal Use
- Public Utilities
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- Rest of the World
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