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The global micro-electric vehicle market was valued at USD 8.32 billion in 2021 and it is predicted to reach USD 22.11 Billion by 2030, rising at a compound annual growth rate (CAGR) of 12.7 % from 2022 to 2030.
Majority of the transport available today is contributing to the global warming through its carbon emission, increase in global temperature has created awareness about sustainable and environment friendly alternatives for transport, one of those alternatives are the electric vehicles. The micro electric vehicle market is growing because of the factors like increasing price of fossil fuels, cost effectiveness with respect to the range/mileage of electric vehicles. The growing demand for sustainable and ecofriendly alternatives, rising prices of fossil fuels, and awareness about carbon emissions through petrol/diesel fueled vehicles will drive the micro electric vehicle market over the forecast period.
Recently the world is showing concerns over the increasing effect of global warming, by pledging to reduce carbon emissions. Electric vehicles are known for less carbon emissions and more environment friendly, with advancements in the technology such as increase in its range with less charging time, the consumers will prefer electric vehicles over the fossil fuel driven vehicles as it is also cost effective.
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Get market information, tables, and figures extent in-depth TOC on Micro Electric Vehicle Market By Type (Hybrid, Pure Electric), By Product Type (Micro Cars, Quadricycles, Golf carts), By Battery Type( Lead-acid Battery, Lithium-ion battery), By Application ( Organizational utility, Personal Transport, Commercial transport), and Regional Analysis, 2022-2030
The hybrid electric vehicles currently dominate the market in 2021, the larger market share indicates that the consumers do not want to be completely dependent on the electric charging and want an alternative fuel option as well. More technological innovations which can shorten the charging time and increase the range of electric vehicle will likely increase the share of pure electric vehicles over the forecast period.
The golf cart and micro cars segment currently holds the larger market share of micro electric vehicle market. As Quadricycles are not preferred by the non-commercial consumers for their daily commute, majorly micro electric cars are being purchased for personal use.
The lithium-ion battery holds the larger market share in 2021, the larger share is linked with the factors like it can be charged faster, it is compact and provides greater range with low maintenance. The lithium ion battery share is likely to grow with a steady CAGR and it is going to dominate the market over the forecast period, unless some innovation in lead-acid battery outperforms the lithium ion battery.
The commercial use currently has a larger market share in 2021, the factors linked to its larger market share are the cost effectiveness in the operation, as it takes less money for operation than the fossil fueled vehicles. Moreover, with technological advancements in the battery of micro electric vehicles, the confidence of consumers will increase in the electric vehicles and it is likely to grow at a higher CAGR over the forecast period.
The Asia Pacific region is expected to hold the larger market share of global micro electric vehicles over the forecast period, as the growing use of smaller capacity electric vehicles in China and the price for such vehicles is also coming down. The demand for micro electric vehicles is also growing in developing economies of Asia Pacific with the increase in fossil fuel prices.
North America and Europe are now responding to the concerns of climate change with the increase in demand for electric vehicles. Europe is the 2nd largest market for micro electric vehicles with respect to volume.
By Key Competitors and Market Share Analysis
As a result, leading firms are focused on maintaining long-term operations and developing manufacturing, R&D and distribution capabilities to increase their market position.
The following are some of the major market players operating across the globe:
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Global Micro Electric Vehicle Market: By Type Outlook (Revenue, USD Million, 2021 – 2030)
Global Micro Electric Vehicle Market: By Battery Type Outlook (Revenue, USD Million, 2021 – 2030)
Global Micro Electric Vehicle Market: By Application Outlook (Revenue, USD Million, 2021 – 2030)
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