The global micro electric vehicle market is experiencing growth due to several factors such as, supportive government policies and incentives, growing environmental awareness, urbanization and traffic congestion, and shifting consumer preferences
PORTLAND, Ore., May 11, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Micro Electric Vehicle Market by Battery Type (Lead Acid and Lithium-Ion), Application (Commercial, Personal, and Public Utilities), and Type (Microcar; and Golfcarts, Utility, and Neighborhood Electric Vehicles): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global micro electric vehicle industry generated $8.9 billion in 2021, and is anticipated to generate $24.3 billion by 2031, witnessing a CAGR of 10.8% from 2022 to 2031.
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Prime determinants of growth
The global micro electric vehicle market is experiencing growth due to several factors such as, supportive government policies and incentives, growing environmental awareness, urbanization and traffic congestion, and shifting consumer preferences. However, limited range, high battery replacement cost, and limited infrastructure in developing countries limit the expansion of the market. On the other hand, rise in demand in developing markets, expansion in micro mobility services, and integration of smart cities are expected to create lucrative opportunities in the industry.
Micro EV Market Report coverage & details:
|
Forecast Period |
2022–2031 |
|
Base Year |
2021 |
|
Market Size in 2021 |
$8.9 billion |
|
Market Size in 2031 |
$24.3 billion |
|
CAGR |
10.8 % |
|
No. of Pages in Report |
257 |
|
Segments Covered |
Battery Type, Application, Type, and Region |
|
Drivers |
Supportive government policies and incentives Growing environmental awareness Urbanization and traffic congestion Shifting consumer preferences |
|
Restraints |
Limited range and high battery replacement cost Limited infrastructure in developing countries |
|
Opportunities |
Rise in demand in developing markets Micro mobility service expansion Smart cities integration |
COVID-19 Scenario
It had a huge impact on the micro electric vehicle market. The pandemic also reduced demand for micro electric vehicles due to financial instability and people staying at home, resulting in a decline in sales.
However, post-pandemic, there has been a resurgence in demand for micro electric cars, particularly for urban mobility, as people seek alternatives to public transportation.
Therefore, while the COVID-19 pandemic originally had a detrimental influence on the micro electric vehicle market, there has been a revival in demand and growth in the research and design of micro electric automobiles post-pandemic.
The micro cars segment to maintain its leadership status during the forecast period
Based on type, the micro cars segment held the highest market share in 2021, accounting for more than two-thirds of the global micro electric vehicle market revenue and is estimated to maintain its leadership status during the forecast period. The growth is attributed to increase in consumer demand for compact and practical cars. However, the golfcarts, utility, and neighborhood electric vehicles segment is projected to manifest the highest CAGR of 13.6% from 2022 to 2031. This is due to a rise in need for eco-friendly and efficient modes of transportation, and the expanding popularity of golf as a recreational activity.
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The personal segment to maintain its leadership status during the forecast period
Based on application, the personal segment held the highest market share in 2021, accounting for more than half of the global micro electric vehicle market revenue. The electric microcars offer affordability, a long battery range, and government incentives that make them lucrative for personal usage. However, the commercial segment is estimated to dominate the market in terms of revenue and is projected to manifest the highest CAGR of 12.2% from 2022 to 2031, as micro electric vehicles play an increasingly crucial role in numerous industries as corporations continue to seek sustainable and effective transportation solutions.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly three-fifths of the global micro electric vehicle market revenue and is estimated to maintain its leadership status throughout the forecast period. This is because, China is the largest market for micro electric vehicles, with domestic automakers offering a diverse range of models backed by government subsidies and programs. However, the Europe region is expected to witness the fastest CAGR of 12.5% from 2022 to 2031. European region is home to many key market players such as Renault Group, Italcar Industrial S.r.l., and Micro Mobility Systems AG which operate in the micro electric vehicle domain.
The report provides a detailed analysis of these key players of the global micro electric vehicle market which include Toyota Motor Corporation, Yamaha Golf-Car Company, Italcar Industrial S.r.l., Renault Group, Textron Inc., Polaris Inc., Club Car, LLC, PMV Electric Private Ltd., Shandong Shifeng (Group) Co., Ltd., and Mahindra Electric Mobility Limited. These players have adopted strategies such as new product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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