Pune, India, Nov. 17, 2021 (GLOBE NEWSWIRE) -- The global Micro Electric Vehicles Market size is expected to gain momentum by reaching USD 8951.7 million by 2028 while exhibiting a stellar CAGR of 16.2% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Micro Electric Vehicles Market, 2021-2028.” The report further observes that the market stood at USD 3451.7 million in 2020.
The effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in resumption of industrial activities.
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Market Segmentation:
Based on type, the market is bifurcated into the lead acid battery and lithium-ion battery.
- On the basis of type, the lithium-ion battery segment held a global Micro Electric Vehicles Market share of about 68.6% in 2020 and is expected to dominate in the forthcoming years. The dominance is attributable to the increasing demand for lithium-ion batteries owing to their several benefits such as lightweight, durability, and temperature resistance.
Based on the application, the market is trifurcated into commercial use, personal use, and public utilities. Lastly, on the basis of region, the market is segmented into North America, Asia-Pacific, Europe and Rest of the World.
Increasing Concerns over Environmental Pollution to Aid 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. 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 Market growth in the forthcoming years.
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Partnership between Prominent Companies to Brighten Their 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 (EV) to cater to the growing consumer demand worldwide. Furthermore, the adoption of inorganic and organic strategies by other key players to maintain their dominance is anticipated to favor the market growth in the forthcoming years.
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.
List of the Companies Profiled in the Global Market for Micro EVs:
- Ingersoll Rand
- Textron
- Polaris Inc.
- Baoya
- Yamaha Golf-Car Company
- Italcar Industrial s.r.l
- Yogomo
- Renault
Major Table Table of Micro Electric Vehicles Market:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Micro Electric Vehicles Market - By Vehicle Type (in Value)
- Impact of COVID-19
- Global Micro Electric Vehicles Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Lead Acid Battery
- Lithium-Ion Battery
- 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 Vehicles Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Lead Acid Battery
- Lithium-Ion Battery
- Market Analysis, Insights and Forecast – By Application
- Commercial Use
- Personal Use
- Public Utilities
- Market Analysis, Insights and Forecast – By Region
- United States
- Canada
TOC Continued…
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