Pune, India, April 28, 2022 (GLOBE NEWSWIRE) -- Micro Electric Vehicles market size is projected to reach USD 22.11 Billion in 2029, at a CAGR of 12.7%. The global Micro Electric Vehicles market size was USD 8.32 billion in 2021. Asia Pacific to Dominate the Global Market Share during 2022-2029. Fortune Business Insights has presented this information in its report titled, Micro Electric Vehicle Market, 2022-2029.
Increasing Environmental Pollution likely to Promote Market Growth
The government's strict emission regulations are pushing automakers to create new and advanced electric vehicles. The rapid growth of electric vehicles emphasizes the importance of new rules and regulations to ensure a smooth transition. During the forecast period, this is expected to favor the global micro electric vehicle market growth. The costs of implementing electric vehicles are high due to the high costs of technology and infrastructure.
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| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2021 to 2028 CAGR | 12.7% |
| 2029 Value Projection | USD 22.11 billion |
| Base Year | 2019 |
| Market Size in 2022 | USD 9.57 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 200 |
| Segments covered | Lead Acid Battery and Lithium-Ion Battery |
| Growth Drivers | Increasing Environmental Pollution likely to Promote Market Growth |
| Asia Pacific to Dominate the Global Market Share during 2022-2029 |
COVID-19 Impact-
Multiple supply chains have been disrupted including the Micro Electric Vehicle industry as a result of the spread of the new COVID-19 pandemic. Because of the economic uncertainty, car companies must proceed with caution when reopening. Interference may have a significant impact on second tiers, particularly the tertiary network, of automobile manufacturers with global distribution networks.
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Segmentation-
- On the basis of battery type, the micro electric vehicle industry is bifurcated into a lithium-ion battery and lead-acid battery.
- On the basis of application, the market is classified into personal use, commercial use, and public use.
- Geographically, the market is classified into Europe, North America, Asia Pacific, Europe, and the Rest of the World.
Report Coverage-
The report on the micro electric vehicle market provides a detailed analysis of the market, focusing on key aspects such as leading companies, product types, and leading product applications. Apart from that, the report provides insights into market trends and highlights key industry developments. In addition to the factors mentioned above, the report includes a number of other factors that have contributed to the market's growth in recent years.
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Regional Insights-
During the forecast period, Asia Pacific is expected to dominate the global micro electric vehicle market share, which is expected to be worth USD 4.5 billion in 2021. This is due to the fact that micro EVs are less expensive in countries such as China.
Europe is expected to grow significantly due to the region's growing popularity and adoption of micro EVs. North America is expected to grow significantly as a result of increased sports, leisure, and fun activities in the region.
The Rest of the World will most likely be an emerging market for micro EVs. However, a lack of appropriate infrastructure and government policies significantly impedes the market growth.
Competitive Landscape:
Shandong Baoya to Lead the Chinese Market
Shandong Baoya New Energy Automobile Co., Ltd. is a leading Chinese electric vehicle manufacturer in the competitive landscape. The company's primary focus is on producing, researching, developing, and selling new energy vehicles, including micro electric cars, electric minivans, electric bicycles, and electric motorcycles.
Industry Developments:
June 2021 – Club Car has announced the launch of the Club Car Current, an electric vehicle in partnership with AYRO, Inc. Current is a compact, all-electric light-duty truck with automotive features.
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List of Key Market Players:
- Textron (Rhode Island, U.S.)
- Polaris Inc. (Minnesota, U.S.)
- Baoya (Shandong, China)
- CLUB CAR (Georgia, U.S.)
- Yamaha Golf-Car Company (Georgia, U.S.)
- Italcar Industrial S.r.l. (Turin, Italy)
- Yogomo (Shandong, China)
- Renault Group (Paris, France)
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
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
- Impact of COVID-19 on Electric Bus Market
- Global Electric Bus Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
Continued…
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