Micro Electric Vehicles Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights™
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.
Segmentation:
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.
Regional Analysis:
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.
Competitive Landscape:
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.)
- Others
Industry Developments:
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:
https://www.fortunebusinessinsights.com/micro-electric-vehicles-ev-market-103474
Detailed Table of Content:
- Introduction
- 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
- Europe
- Asia pacific
- Rest of the World
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Read Press Release:
https://www.fortunebusinessinsights.com/press-release/global-micro-electric-vehicles-ev-market-10169
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