Micro Electric Vehicles Market Key Players Studied in this Report Ingersoll Rand (Milwaukee, US), Textron (Rhode Island, US), Polaris Inc. (Minnesota, US), Baoya (China), Yamaha Golf-Car Company (Georgia, US), Italcar Industrial s.r.l (Turin, Italy), Yogomo (Shandong, China), Renault (Paris, France).
According to the report, the Micro Electric Vehicles market size is projected to reach $8951.7 Million by 2028. Micro Electric Vehicles Market was worth $3451.7 million in 2019 and will exhibit a CAGR of 16.2% during the forecast period. The effect of the global pandemic, Covid-19, has been felt across several economies that are facing unprecedented loss.
Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in resumption of industrial activities.
Based on type, the market is bifurcated into the lead acid battery and lithium-ion battery.
On the basis of type, the lithium-ion battery segment held a global Micro Electric Vehicles Market share of about 68.6% in 2020 and is expected to dominate in the forthcoming years. The dominance is attributable to the increasing demand for lithium-ion batteries owing to their several benefits such as lightweight, durability, and temperature resistance.
Based on the application, the market is trifurcated into commercial use, personal use, and public utilities. Lastly, on the basis of region, the market is segmented into North America, Asia-Pacific, Europe and Rest of the World.
Increasing Concerns over Environmental Pollution to Aid Growth
According to the US Environmental Protection Agency (EPA), in 2019 around 70 million tons of pollution was emitted in the United States. The increasing pollution due to vehicular emissions is driving the demand for a more sustainable approach by countries globally.
This has led to the increasing adoption of electric vehicles that are clean and emit zero emissions. Moreover, stringent regulations imposed to limit vehicular emission and the growing focus on the development of electric charging infrastructure is anticipated to bode well for the global Micro Electric Vehicles Market growth in the forthcoming years.
The partnership between Prominent Companies to Brighten Their Market Positions
The market is experiencing healthy competition between major companies that are striving to maintain a stronghold. These companies are partnering with other companies to develop advanced micro electric vehicles (EV) to cater to the growing consumer demand worldwide.
Furthermore, the adoption of inorganic and organic strategies by other key players to maintain their dominance is anticipated to favor the market growth in the forthcoming years.
Asia-Pacific – The region is expected to remain at the forefront during the forecast period. This is owing to the increasing production of electric vehicles in countries such as China and Japan.
Moreover, supportive government policies to promote the adoption of EVs is expected to boost the adoption of advanced micro electric vehicles in the region. Asia Pacific stood at USD 1124.5 million in 2020.
North America – The market in the region is expected to gain momentum during the forecast period. This is owing to the increasing sports and leisure activities that will drive the sales of innovative micro EVs in the region between 2021 and 2028.