Micro Electric Vehicles Market Report by Technology, Industry Share and Size Expansion to 2027 | Fortune Business Insights™
Micro
Electric Vehicles Market will exhibit a CAGR of 1.53% during the forecast
period, and
reach USD 5814.7 million by 2026, ,and
the Market value as per 2018 was USD 4944.8 million.
Fortune
Business Insights™ in a new report, titled, “Micro Electric
Vehicles (EV) Market Size, Share & COVID-19 Impact Analysis, By
Type (Lead Acid Battery, Lithium-Ion Battery), By Application (Commercial Use,
Personal Use, Public Utilities), and Regional Forecast, 2019-2026.”
Micro Electric Vehicles Market Drivers and Restraint:
Smaller Size and Limited Top Speed of Micro EVs to Promote Safer
Driving
The
smaller size of the micro EVs translates to lesser resources required to
produce the battery and hence the end-of-life disposal is almost negligible.
Also, their compact size ensures minimum road and parking space. Moreover, the
top speed of micro electric vehicles is limited owing to their compact size
which makes them less dangerous in comparison to other road vehicles and hence
exempting them from certain crash testing requirements.
For
instance, countries such as China, there is no insurance or license is
requirement for their operation, therefore highlighting their ease of use and
convenience. Hence, these factors are primarily responsible for driving the
growth of the micro electric vehicles market.
Favorable Government Regulations to Increase the Adoption of this
Technology will Augment Growth
Government
policies aimed at propelling the sale of EVs and micro EVs in terms of
financial incentives as well as developing supporting infrastructure such as EV
charging stations have been observed across the globe.
Moreover,
stringent environmental regulations are being implemented particularly in
developing countries to curb the level of pollution especially from
conventional vehicles. Micro EVs owing to their compact size and battery ensure
minimum pollution as well as low initial and running costs for owners. Hence,
the environmental benefits and cost-effectiveness of these vehicles are
attributed to help attract significant revenue to the market.
List of Key Players Covered in the Micro Electric Vehicles
Market Report:
- Ingersoll Rand
(Milwaukee, U.S.)
- Textron (Rhode
Island, U.S.)
- Polaris
Inc. (Minnesota, U.S.)
- Yamaha Golf-Car
Company (Georgia, U.S.)
- Italcar
Industrial S.r.l. (Turin, Italy)
- Yogomo
(Shandong, China)
- Renault (Paris,
France)
To gain more insights into the market with a detailed table
of content and figures, Click Here: https://www.fortunebusinessinsights.com/micro-electric-vehicles-ev-market-103474
Some of the key industry developments in the Micro
Electric Vehicles Market Include:
- August 2019 – Polaris
Government and Defense and Polaris Commercial divisions of Polaris Inc.
have launched free grant assistance program for funding assistance for
consumers requiring Polaris passenger and utility vehicles. This
assistance funding will play important role in helping consumers to receive
unlimited free grant from industry professionals.
- May 2018 – Textron
Specialized Vehicles developed a new line of its Cushman Shuttle personal
vehicle powered by the company’s special 72-volt AC electric drive train.
These vehicles under its E-Z GO golf cart brand deliver increased range
and improved energy efficiency.
- October 2019 – Renault
started to export the Twizzy electric car produced at its sole plant in
Busan, South Korea across the globe with the first batch to be shipped to
Europe. The move is expected to revive reduced sales from its Korean
production plant and improve profitability.
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