Pune, India., May 23, 2023 (GLOBE NEWSWIRE) -- The global micro electric vehicle market size is predicted to reach USD 22.11 billion by 2029 and exhibit a CAGR of 12.7% during the projected period. Fortune Business InsightsTM has presented this information in its report titled, “Micro Electric Vehicle Market, 2022-2029”. The market stood at USD 8.32 billion in 2021 and USD 9.57 billion in 2022.
Micro Electric Vehicle Market Report Key Insights:
Micro Electric Vehicle market research report provides you comprehensive and insightful information about Micro Electric Vehicle industry. This report is a valuable tool for businesses, investors, and decision-makers to understand market dynamics, assess opportunities, and make informed strategic decisions.
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This reports provides you overview of the report's key findings, conclusions, and recommendations, presented in a concise and clear manner. Background information about the market or industry analysis, including its size, growth rate, major players, and key trends. Report also provides analysis of the market's current state, including its historical performance, current market size, and projected growth prospects.
Market Segmentation: Identification and analysis of different market segments based on factors such as demographics, consumer behavior, or product/service types.
Competitive Analysis: Assessment of the competitive landscape, including an analysis of key competitors, their market share, strengths, weaknesses, and strategies.
Market Trends: Identification and analysis of significant market trends, emerging technologies, regulatory changes, and other factors that could impact the market's future.
SWOT Analysis: Evaluation of the market's strengths, weaknesses, opportunities, and threats, highlighting key areas of advantage or vulnerability.
Market Forecasts: Future projections and estimations regarding the market's growth potential, including revenue forecasts, market size, and growth rate.
Recommendations: Actionable insights and recommendations for businesses based on the research findings, aimed at maximizing opportunities and mitigating risks.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 12.7% |
| 2029 Value Projection | USD 22.11 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 9.57 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 200 |
Drivers & Restraints-
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.
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.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/micro-electric-vehicles-ev-market-103474
Segments-
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.
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.
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Regional Insights-
Asia Pacific to Dominate the Global Market Share during 2022-2029
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.
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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A list of prominent Electric E Bike manufacturers operating in the global market:
- 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)
Notable Industry Development:
- 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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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Mergers, Acquisitions & Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Key Suppliers of Raw Materials
- Manufacturing Process Analysis of Micro Electric Vehicles
- Micro Electric Vehicle Industrial Chain Analysis
- Distribution Channel
- Micro Electric Vehicle Distributors List
- Impact of COVID-19
- Global Micro Electric Vehicle Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Battery Type
- Lead Acid
- Lithium-Ion
- 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
- North America Micro Electric Vehicle Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis – By Battery Type
- Lead Acid
- Lithium-Ion
- Market Analysis – By Application
- Commercial Use
- Personal Use
- Public Utilities
- Market Analysis – By Country
- U.S.
- Canada
- Europe Micro Electric Vehicle Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis – By Battery Type
- Lead Acid
- Lithium-Ion
- Market Analysis – By Application
- Commercial Use
- Personal Use
- Public Utilities
- Market Analysis – By Country
- U.K.
- Germany
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific Micro Electric Vehicle Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis – By Battery Type
- Lead Acid
- Lithium-Ion
- Market Analysis – By Application
- Commercial Use
- Personal Use
- Public Utilities
- Market Analysis – By Country
- China
- India
- Japan
- South Korea
- Taiwan
- South East Asia
- Rest of Asia Pacific
- Rest of the World Micro Electric Vehicle Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis – By Battery Type
- Lead Acid
- Lithium-Ion
- Market Analysis – By Application
- Commercial Use
- Personal Use
- Public Utilities
- Competitive Analysis
- Key Industry Developments
- Global Market Share Analysis (2021)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- CLUB CAR (Georgia, U.S.)
- Textron Inc. (Rhode Island, U.S.)
- Polaris Inc. (Minnesota, U.S.)
- Shandong Baoya New Energy Vehicles Co.,Ltd. (Shandong, China)
- Yamaha Golf-Car Company (Georgia, U.S.)
- Italcar Industrial S.r.l. (Rivalta di Torino, Italy)
- Yogomo (Shandong, China)
- Renault Group (Boulogne-Billancourt, France)
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