London, Aug. 17, 2023 (GLOBE NEWSWIRE) -- In the electric vehicles (EVs) realm, a new trend is emerging that promises to reshape urban transportation – the micro EV market. The global micro EV market is poised for remarkable growth, projected to surge at a significant CAGR of 12.9% during the assessment period of 2023 – 2030. By the end of projection period, it is estimated that the market value of micro EVs will reach an impressive valuation of US$20.8 Bn. The market is expected to gain from the escalating awareness of environmentally friendly transportation solutions, and the global push towards electric vehicles have given the micro EV market a substantial boost.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Estimated Market Size in 2030 | US$20.8 Bn | |
| CAGR | 12.9% | |
| Key Players | Polaris Inc., Club Car, Italcar Industrial S.r.l., Micro Mobility Systems Ltd., Zhejiang Geely Holding Group Co., Ltd., SAIC-GM-Wuling, Toyota Motor Corporation, Stellantis N.V., Eli Electric Vehicles | |
“These compact, one- or two-seater mini-electric vehicles are making waves as a sustainable and efficient mode of travel, and market analysis indicates a remarkable journey ahead. Governments around the world are playing a pivotal role in this transformation, using favourable regulations and tax incentives to accelerate the uptake of micro EVs. Recognizing challenges such as high initial investment and limited charging infrastructure, governments are implementing strategic measures to incentivize consumer adoption,” states the company analyst.
The Future Outlook
The global micro EV market is on the brink of a transformative journey, driven by a combination of factors that hold the promise to reshape urban transportation in the years to come. As dramatically increasing environmental awareness, and a host of government incentives continue to shape consumer preferences, the market for micro EVs is poised for remarkable expansion.
While challenges remain in form of indirect environmental impact, ongoing advancements in battery technology and a growing commitment to sustainable transportation solutions hold the potential to mitigate these concerns.
Key Research Insights
- Lithium-ion batteries will lead the charge in micro EV market through 2030-end.
- Commercial applications will pave the way for paced adoption of micro EVs.
- Asia Pacific remains at the forefront of micro EV revolution, led by China.
Insights into Segmentation Analysis
The report indicates strong potential of lithium-ion battery. The micro EV industry continues to drive opportunities for lithium-ion battery technology, underscoring the crucial role these batteries play in the growth of this sector. In the dynamic EV landscape, the lithium-ion battery category has emerged as a standout star that captures a clearly dominant position. The unprecedented success of this segment is attributed to the surging demand for battery-powered cars.
The commercial application segment dominates in the micro EV market and recorded the largest share of micro EV market revenue in 2022. As urban centres grapple with pollution and strive for enhanced public health, the micro EVs have stepped in the game as a solution for civil applications like passenger transportation, law enforcement, and firefighting. The adoption of micro EVs in various commercial application areas from passenger transportation to law enforcement suggests their practicality and advantages in urban environments.
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Key Report Highlights
- Explosive revenue expansion is projected. The micro EV market is expected to witness an astonishing expansion in revenue between 2023 and 2030 as the worldwide demand for electric vehicles, and heightened environmental consciousness.
- While the micro EV market shows immense promise, challenges do exist, particularly in the realm of environmental impact. The indirect environmental effects caused by power lines providing electricity for EVs can pose a significant hurdle.
- The production of EV batteries and energy infrastructure concerns, especially in regions reliant on coal-based power grids, raises valid concerns about air quality and pollution.
Insights into Regional Analysis
Regional analysis of the global micro EV market shows Asia Pacific leads the way and will maintain dominance throughout the period of examination. The micro EV market growth trajectory is led by the region, with China taking the centre stage owing to strong government emission standards, and a burgeoning population.
The Asia Pacific region will remain the epicentre of the meteoric rise of micro EVs, especially in China. With robust growth in car sales, and stringent emission standards, China will be the ultimate powerhouse in the hybrid automobile market. On the other hand, North America also represents an equally lucrative micro EV market.
Key Market Players
“As the industry moves forward, some of the key players like Polaris Inc., Club Car, and SAIC-GM-Wuling are expected to play a pivotal role in shaping the competition landscape of micro EVs, contributing to a future where efficient and eco-friendly urban mobility becomes the new norm”.
Global Micro EV Market is Segmented as Below:
By Battery Type
- Lead Acid Battery
- Lithium-ion Battery
By Application
- Commercial Use
- Personal Use
- Public Utilities
By Geographic Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Leading Companies
- Micro Mobility Systems Ltd.
- Zhejiang Geely Holding Group Co., Ltd.
- SAIC-GM-Wuling
- Toyota Motor Corporation
- Stellantis N.V.
- Italcar Industrial S.r.l.
- Eli Electric Vehicles
- Polaris Inc.
- PMV Electric
- Wink Motors Inc.
- Waev Inc.
- Club Car
- Cenntro Electric Group Limited
- CEVO Mobility Corp.
- Siticars
Browse Global Micro EV Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Battery Type, By Application, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/micro-ev-market
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