Selbyville, Delaware, Nov. 21, 2024 (GLOBE NEWSWIRE) --
The micro electric vehicle market valuation is predicted to reach USD 25 billion by 2032, reported in a research analysis by Global Market Insights Inc.
This growth is primarily fueled by the increasing emphasis on sustainable urban mobility and the rising demand for compact, energy-efficient vehicles suitable for short-distance travel.
A significant factor driving the expansion of the micro electric vehicle market is the rapid advancement of electric vehicle (EV) charging infrastructure. With both governmental and private investments on the rise, the number of publicly accessible EV charging stations has markedly increased. This expansion is crucial for micro electric vehicles, which are tailored for short urban commutes and depend heavily on the availability of convenient charging options.
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The micro electric vehicle market from the lithium-ion battery segment alone was valued at over USD 4.5 billion in 2023. The demand for more efficient and durable battery solutions in micro electric vehicles has been steadily increasing, primarily due to the superior performance characteristics of lithium-ion batteries. These batteries offer higher energy density, faster charging times, and longer lifespans, which significantly enhance the performance of micro electric vehicles. Manufacturers are actively working to advance battery technology, focusing on cost reduction, extended driving range, and improved charging efficiency.
From an end-user perspective, the market is divided into personal, commercial, and utility use categories. The personal use segment is expected to see a CAGR of over 10% through 2032, driven by the growing need for cost-effective and environmentally friendly transportation options in urban settings. Micro electric vehicles are ideally suited for short commutes, providing a compact and convenient means to navigate crowded city streets. Consumers increasingly prioritize transportation solutions that lower costs, reduce environmental footprints, and simplify daily travel.
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North America emerged as the dominant player in the micro electric vehicle market, accounting for over 35% share in 2023. The U.S. market is experiencing substantial growth, largely due to governmental initiatives promoting clean energy and efforts to minimize carbon emissions. Incentives such as tax credits and rebates for electric vehicle adoption have motivated consumers to consider micro electric vehicles. Furthermore, advancements in battery technology and charging infrastructure are making these vehicles more practical and appealing. The focus on sustainability and urban mobility solutions drives innovation in the sector, leading to the development of new models that meet diverse consumer needs.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates & calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market scope & definition
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2032
Chapter 3 Micro Electric Vehicle Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Manufacturers
3.2.2 Infrastructure providers
3.2.3 Technology providers
3.2.4 Service providers
3.2.5 End-users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Number of publicly available charging stations, by major countries
3.6.1 U.S.
3.6.2 UK
3.6.3 Germany
3.6.4 France
3.6.5 China
3.6.6 Netherlands
3.6.7 Norway
3.7 Pricing analysis
3.8 Key news & initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Increasing urbanization and need for sustainable mobility
3.10.1.2 Government incentives and emission regulations
3.10.1.3 Advancements in battery technology
3.10.1.4 Rising fuel prices and environmental awareness
3.10.2 Industry pitfalls & challenges
3.10.2.1 Limited driving range compared to conventional vehicles
3.10.2.2 Lack of charging infrastructure
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
