A recent report published by Infinium Global Research on micro electric vehicle market provides an in-depth analysis of segments and sub-segments in the global as well as regional micro electric vehicle market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional micro electric vehicle market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global micro electric vehicle market. According to the report, the global micro electric vehicle market is projected to grow at a CAGR of 16.94% over the forecast period of 2019-2025.
Small vehicles or micro vehicles are generally powered by electric energy. These vehicles require less energy owing to their small size. Small vehicles such as golf carts, micro cars and Quadricycles are considered as micro electric vehicles. The micro electric vehicle market is fragmented in nature as the number of players exists in the market, competing with each other. The key players in the market including Italcar Industrial S.r.l., Ingersoll-Rand Inc., Yogomo Vehicle Co., Ltd., Textron Inc., Polaris Industries, Smart Automobile Company, and others are investing highly in research activities to develop better batteries that have large energy storing capacity and get charged in less time.
The major factor contributing to the growth of the micro electric vehicle market is the technological advancements in Li-ion batteries. The micro electric vehicles require less energy for propulsion. Hence, they incorporate Li-ion batteries in them for energy storage purpose. Development in Li-ion batteries is expected to increase the storage capacity, battery life and reduce the charging time of the batteries. This, in turn, contributes to the demand for the micro electric vehicle. Moreover, the reduced maintenance costs of the vehicles are likely to increase the demand for micro electric vehicles. The micro electric vehicle is small in size and comprises lesser components, which makes them easy and cost-efficient to maintain. However, the longer time for charging the batteries is projected to be a key restraining factor for the micro electric vehicle market. Nevertheless, the increase in R&D investments to develop Li-ion batteries is projected to offer lucrative opportunities to the market players.
In terms of region, Asia Pacific held the highest market share, dominating the global micro electric vehicle market. The dominance of the Asia Pacific market attributed to the increase in sales of sub-compact electric vehicles and implementation of favorable government policies that provide incentives and subsidies to the electric vehicle manufacturers. Moreover, the presence of the number of market players in the Asia Pacific is expected to boost the growth of the micro electric vehicle market in this region.
The report on global micro electric vehicle market covers segments such as type, and application. On the basis of type, the sub-markets include golf carts and micro cars, and quadricycles. On the basis of application, the sub-markets include commercial, residential, and other applications.
The report provides profiles of the companies in the market such as Italcar Industrial S.r.l., Ingersoll-Rand Inc., Yogomo Vehicle Co., Ltd., Textron Inc., Polaris Industries, Smart Automobile Company, Yamaha Motor Co., Ltd., Rhoades Car, Baoya New Energy Vehicle Company Ltd., Parcar Limited, and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of micro electric vehicle market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.