Pune, India, Feb. 10, 2022 (GLOBE NEWSWIRE) -- Global Micro Electric Vehicles Market size is predicted to reach USD 8951.7 million by 2028 while exhibiting a stunning CAGR of 16.2% during 2021 to 2028.
Growth Reasons:
- Owing to Increasing Sports Activities in North America
- Stringent Government Regulations to Reduce Vehicular Emission
- Favorable Government Regulations and Subsidies to Boost Market Growth
- High Cost and Range Anxiety May Pose Challenges over Market Growth
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Industry Development:
- May 2018 - Textron Corporation introduced a new high-speed passenger vehicle operating on its special 72-volt AC power transmission system. The move is expected to strengthen its footprint in the global marketplace.
According to the U.S. 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 the vehicular emission and the growing focus on the development of electric charging infrastructure is anticipated to bode well for the global micro electric vehicles (EV) market growth in the forthcoming years.
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REGIONAL INSIGHTS
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.
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.
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Market Segmentation:
Increasing Concerns over Environmental Pollution to Aid Micro Electric Vehicles Market Growth
According to the U.S. 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.
By Type
- Lead Acid Battery
- Lithium-Ion Battery
By Application
- Commercial Use
- Personal Use
- Public Utilities
By Geography
- North America
- Europe
- Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia- Pacific)
- Rest of the World
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COMPETITIVE LANDSCAPE
Partnership between Prominent Companies to Brighten Their Micro Electric Vehicles Market Positions
The market is experiencing a 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 to cater to the growing consumer demand worldwide.
Key Companies Profiled in the Global Market for Micro EVs:
- Ingersoll Rand (Milwaukee, U.S.)
- Textron (Rhode Island, U.S.)
- Polaris Inc. (Minnesota, U.S.)
- Baoya (China)
- Yamaha Golf-Car Company (Georgia, U.S.)
- Italcar Industrial s.r.l (Turin, Italy)
- Yogomo (Shandong, China)
- Renault (Paris, France)
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