Pune, India., Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global micro electric vehicle market size was valued at USD 7.27 billion in 2022 and is expected to be worth USD 8.10 billion in 2023. The market is projected to be valued at USD 18.05 billion by 2030, recording a CAGR of 12.14% during the forecast period.
Micro Electric Vehicles (EVs) are space-efficient, mini-electric vehicles that generally run on a range of approximately 200 km, with their top speed touching 60-100 km/h. These EVs are made from carbon products and have biologically complex composite material bodies. These features make them lighter and smaller than standard electric vehicles and highly suitable for urban locations. This factor, along with urbanization and strong growth in population, is expected to propel the micro electric vehicle market growth. Fortune Business Insights™ displays this information in a report titled, "Global Micro Electric Vehicle Market, 2023-2030."
Drivers & Restraints-
Supportive Government Policies and Subsidies to Augment Market Growth
Governments and public institutions in many regions are introducing supportive policies and subsidies to increase the sales of electric and micro-electric vehicles. They are also committed to setting up electric vehicle charging infrastructure, making favourable regulatory plans, and offering adequate financial support, further enhancing the market development. However, range anxiety among drivers and high battery costs may hamper the market growth.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 12.14% |
| 2030 Value Projection | USD 18.05 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 8.10 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
Competitive Landscape-
Technological Advancements, Demand for Micro Electric Vehicles, and Strategic Pricing to Enhance Market Position of Key Players
The market’s competitive landscape is quite vast as there is a notable presence of several well-known as well as emerging companies. However, Yamaha Golf Cart Company has dominated the market in recent years. The Japanese electric vehicle manufacturer produces, researches, develops, and sells new energy vehicles, such as electric golf carts. Yamaha’s electric golf carts display robust technical performance and have an excellent appearance. The extensive applications of these vehicles will help the company retain its dominance in the market.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/micro-electric-vehicles-ev-market-103474
Segments-
High Demand for Electric Golf Carts to Foster Market Growth
Based on type, the market is segmented into quadricycle and golf carts. The golf cart segment is predicted to hold a dominant micro electric vehicle market share during the forecast period due to the rising preference for electric golf carts as they are sustainable and possess high efficiency.
Growing EV Production to Boost Demand for Lithium-ion Batteries
In terms of battery type, the market is divided into lead acid battery and lithium-ion battery. The lithium-ion battery segment is expected to capture the largest market share as the production of EVs is growing rapidly every year. These batteries are also known for their longer lifespan, which helps the vehicle battery last longer as well.
High Demand for Cargo & Industrial Goods Transportation to Improve Product Use in Commercial Applications
Based on application, the market covers commercial use, personal use, and public utilities. The commercial use segment is anticipated to hold the biggest market share during the forecast timeframe. This is due to the fact that micro electric commercial vehicles are being increasingly used to transport industrial goods and other cargo. Geographically, the market cover North America, Europe, Asia Pacific, and Rest of the World.
| Segmentation | By Type
|
By Battery Type
| |
By Application
|
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Regional Insights-
Rising Number of Golf Carts and Courses to Boost the North America Market Expansion
North America is predicted to dominate the global micro electric vehicle market during the forecast timeframe. This growth can be attributed to the growing number of golf courses and rising usage of golf carts. The EV infrastructure network is also growing across the region, further accelerating the regional market growth.
Asia Pacific was the second largest market for micro electric vehicles in 2022. One of the major reasons for this is the lower cost of Battery Electric Vehicles (BEVs) in China.
Report Coverage:
The market report offers an in-depth market analysis and highlights key areas such as top product types, leading companies, and key product applications. The report also provides insights into the latest market trends and covers key industry developments. In addition to the abovementioned factors, the report covers several factors that have contributed to the market's growth in recent years.
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A list of prominent Micro Electric Vehicle manufacturers operating in the global market:
- Yamaha Golf Cart Company (U.S.)
- Club Car LLC (U.S.)
- Textron Inc. (U.S.)
- Renault Group (France)
- Toyota Motor Corporation (Japan)
- Italcar Industrial S.r.l. (Italy)
- PMV Electric Pvt. Ltd. (India)
- Alke (Italy)
- Polaris (U.S.)
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China)
COVID-19 Impact:
Market to Witness Rise in Micro EV Orders Due to Growth in Cargo Transportation
Lockdowns imposed during the COVID-19 pandemic in early 2020 and reduced production capacity caused a major drop in global car sales. However, the electric mobility sector outperformed during this period. For example, electric car sales exceeded 3 million units in 2020, as per the International Energy Agency (IEA). This factor showed that although governments could not offer the required support for producing EVs during the pandemic, the demand for EVs remained resilient.
Notable Industry Development:
- January 2023 - Polaris announced the expansion of its class-leading vehicle range with the return of its popular RANGER CREW XP 1000 Texas Edition and RANGER SP 570 NorthStar & RANGER CREW SP 570 NorthStar Edition designed for ranchers, farmers, and landowners. The company claims to have improved the performance and durability features of this product line-up to offer better features.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- SWOT Analysis
- Latest Technological Developments
- Key Suppliers of Raw Materials
- Manufacturing Process Analysis of Micro Electric Automotive (Micro EVs)
- Micro Electric Automotive (Micro EVs) Industrial Chain Analysis
- Distribution Channel
- Micro Electric Automotive (Micro EVs) Distributors List
- Impact of COVID-19 on Global Micro Electric Vehicle Market
- Global Micro Electric Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings/Definition
- Market Analysis, Insights and Forecast – By Type
- Golf carts
- Quadricycle
- Market Analysis, Insights and Forecast – By Battery Type
- Lead Acid
- Lithium-ion
- 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 Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings/Definition
- Market Analysis, Insights and Forecast – By Type
- Golf carts
- Quadricycle
- Market Analysis, Insights and Forecast – By Battery Type
- Lead Acid
- Lithium-ion
- Market Analysis, Insights and Forecast – By Application
- Commercial Use
- Personal Use
- Public Utilities
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Market Analysis, Insights and Forecast – By Type
- Canada
- Market Analysis, Insights and Forecast – By Type
- Mexico
- Market Analysis, Insights and Forecast – By Type
- U.S.
- Europe Micro Electric Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings/Definition
- Market Analysis, Insights and Forecast – By Type
- Golf carts
- Quadricycle
- Market Analysis, Insights and Forecast – By Battery Type
- Lead Acid
- Lithium-ion
- Market Analysis, Insights and Forecast – By Application
- Commercial Use
- Personal Use
- Public Utilities
- Market Analysis, Insights and Forecast – By Country
- U.K.
- Market Analysis, Insights and Forecast – By Type
- Germany
- Market Analysis, Insights and Forecast – By Type
- France
- Market Analysis, Insights and Forecast – By Type
- Rest of the Europe
- Market Analysis, Insights and Forecast – By Battery Type
- U.K.
- Asia Pacific Micro Electric Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings/Definition
- Market Analysis, Insights and Forecast – By Type
- Golf carts
- Quadricycle
- Market Analysis, Insights and Forecast – By Battery Type
- Lead Acid
- Lithium-ion
- Market Analysis, Insights and Forecast – By Application
- Commercial Use
- Personal Use
- Public Utilities
- Market Analysis, Insights and Forecast – By Country
- China
- Market Analysis, Insights and Forecast – By Type
- India
- Market Analysis, Insights and Forecast – By Type
- Japan
- Market Analysis, Insights and Forecast – By Type
- South Korea
- Market Analysis, Insights and Forecast – By Type
- Rest of the Asia Pacific
- Market Analysis, Insights and Forecast – By Type
- China
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