Micro Electric Vehicle Market Size Worth USD 18.5 Billion, Globally, by 2030 at a CAGR of 12.14%
The global market for small electric vehicles is projected to reach a value of $18.05 billion by the year 2030. This growth is anticipated due to beneficial regulations and subsidies provided by governments, which will help propel the market forward.
Pune, India., Aug. 07, 2023 (GLOBE NEWSWIRE) -- The worldwide market for tiny electric vehicles grew from $7.27 billion in 2022 to an estimated $8.10 billion in 2023. Analysts predict that by 2030, the market will reach a value of $18.05 billion, showing a compound annual growth rate of 12.14% throughout the forecast period.
Compact Electric Vehicles (EVs) are compact, small electric vehicles that typically have a driving range of around 200 km and can reach speeds of 60-100 km/h. These EVs are constructed with carbon materials and have bodies made of biologically sophisticated composite materials. These characteristics make them lighter and more compact compared to regular electric vehicles, which makes them well-suited for city environments. This aspect, combined with the ongoing urbanization and significant population growth, is projected to drive the growth of the micro electric vehicle market. Fortune Business Insights™ presents these findings in their report titled "Global Micro Electric Vehicle Market, 2023-2030."
Government policies that provide support and subsidies to enhance and foster market growth.
In numerous areas, governments and public organizations are implementing helpful measures and financial aid to boost the sales of electric and small electric vehicles. They are also dedicated to establishing charging stations for electric vehicles, formulating favorable regulations, and providing enough monetary assistance, all of which will further promote the development of the market. Nevertheless, drivers' concerns about limited driving range and the expensive batteries could hinder the expansion of the market.
Get a Free Sample of the Research Report:
Projected growth rate from 2023 to 2030
The projected scale of the market in the year 2023
Advancements in technology, increasing desire for compact electric vehicles, and implementing tactical pricing strategies to strengthen market standing of major contenders.
The market's competitive environment is quite large as there are many established and up-and-coming companies. However, Yamaha Golf Cart Company has been the top player in the market recently. This Japanese manufacturer of electric vehicles focuses on producing, researching, developing, and selling new energy vehicles, specifically electric golf carts. Yamaha's electric golf carts demonstrate strong technical capabilities and have an impressive design. The versatile uses of these vehicles will contribute to the company maintaining its leading position in the market.
If you want to learn more about how COVID-19 has affected this market in both the short and long term, check out this link: https://www.fortunebusinessinsights.com/micro-electric-vehicles-ev-market-103474
Rapidly Increasing Desire for Electric Golf Carts to Stimulate Market Expansion
Categorized by category, the market is divided into quadricycles and golf carts. It is anticipated that the golf cart section will have a significant market share in the micro electric vehicle industry in the coming years. This is attributed to the increasing inclination towards electric golf carts, which are environmentally friendly and highly efficient.
Increasing EV Manufacturing to Drive Demand for Lithium-ion Batteries
When it comes to the type of battery, the industry is split between lead acid and lithium-ion batteries. The lithium-ion battery category is anticipated to dominate the market, thanks to the exponential growth in the production of electric vehicles (EVs) each year. Additionally, these batteries are renowned for their extended longevity, contributing to a longer lifespan for the vehicle battery too.
Increasing Need for Transporting Cargo and Industrial Goods to Enhance their Utilization in Commercial Settings
In terms of usage, the market includes business, individual, and public service sectors. The largest market share is expected to be held by the business sector in the estimated period. This is because there is a growing trend of utilizing small electric vehicles for transporting industrial products and other goods. In terms of location, the market spans across North America, Europe, Asia Pacific, and other regions worldwide.
Obtain your Personalized Research Document:
Growing Number of Golf Carts and Courses to Accelerate the Expansion of the North American Market
It is anticipated that North America will have a strong hold on the global micro electric vehicle market in the upcoming years. This can be accredited to an increased number of golf courses and a growing trend in the use of golf carts. Moreover, the network of electric vehicle infrastructure is expanding throughout the region, which will further boost the market growth in this area.
In 2022, the Asia Pacific region emerged as the second biggest consumer of micro electric vehicles. A significant contributing factor to this trend is the comparatively affordable prices of Battery Electric Vehicles (BEVs) in China.
The market analysis report presents a comprehensive examination of the market and emphasizes important aspects such as the most popular types of products, top-performing companies, and significant applications of these products. Furthermore, the report includes valuable information on current market trends and encompasses major advancements within the industry. Moreover, apart from the aforementioned elements, the report incorporates various factors that have played a role in the market's expansion over the past few years.
Get Your Hands on the Micro Electric Vehicle Market Research Report
Here is a compilation of notable manufacturers producing Micro Electric Vehicles in the worldwide market:
Yamaha Golf Cart Enterprise (United States)
Club Car LLC (United States)
Toyota Motor Corporation is a multinational automobile manufacturer based in Japan.
Italcar Industrial S.r.l. from Italy
is an Indian-based company that specializes in electric vehicle manufacturing and distribution. With a focus on sustainable and eco-friendly transportation solutions, PMV Electric Pvt. Ltd. aims to revolutionize the way we commute. By harnessing the power of electricity, they provide efficient and clean alternatives to traditional fossil fuel-powered vehicles. Operating in the heart of India, PMV Electric Pvt. Ltd. is committed to promoting a greener future for all.
Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, situated in China, is a reputable company known for its production of electric vehicles.
The market is expected to experience an increase in the number of orders for micro electric vehicles (EVs) because of the expansion of cargo transportation.
The COVID-19 pandemic in 2020 led to lockdown measures and a decrease in manufacturing capabilities, which greatly impacted the worldwide car sales. However, the electric mobility industry managed to surpass expectations during this time. According to the International Energy Agency (IEA), more than 3 million electric vehicles were sold in 2020. This demonstrates that even without substantial support from governments, the desire for electric vehicles stayed strong.
In January 2023, Polaris revealed its plans to enhance its impressive collection of vehicles by reintroducing the beloved RANGER CREW XP 1000 Texas Edition and introducing the RANGER SP 570 NorthStar and RANGER CREW SP 570 NorthStar Edition, targeting ranchers, farmers, and landowners. The company proudly asserts that it has upgraded the performance and durability aspects of these models to provide superior features.
Contact Our Analyst: Our capable analyst is available to speak with you.
Notable Changes in the Industry – Consolidations, Purchases, and Collaborations
Porters Five Forces Analysis is a framework that allows businesses to assess their competitive position in the market. It helps companies understand the external factors that can affect their profitability and sustainability. This analysis involves examining five key forces: the threat of new entrants, the bargaining power of suppliers, the bargaining power of buyers, the threat of substitute products or services, and the intensity of competitive rivalry. By evaluating these forces, companies can identify potential opportunities and threats, and develop strategies to mitigate risks and gain a competitive advantage.
Primary Sources of Raw Materials
Analysis of the Manufacturing Process of Small Electric Vehicles (Micro EVs) The evaluation of the production procedures employed in the creation of Micro Electric Automotive, commonly known as Micro EVs, is of utmost importance. Understanding how these vehicles are manufactured allows for an in-depth study of the various steps involved in their production. Examining the manufacturing process of Micro EVs involves a comprehensive analysis of the techniques and methods implemented throughout their assembly. This includes identifying the materials used, examining the equipment required, and studying the sequential steps involved in their production. By delving into the manufacturing process, we gain insights into the intricacies of the creation of Micro EVs. This analysis aids in understanding the labor and equipment requirements, as well as the time and effort invested in the production of these vehicles. Furthermore, evaluating the manufacturing process enables us to identify areas for improvement and optimize the production procedures. Through this analysis, it becomes possible to enhance the efficiency and effectiveness of manufacturing Micro EVs, resulting in improved quality and reduced costs. In conclusion, the analysis of the manufacturing process of Micro EVs proves to be crucial in gaining a comprehensive understanding of the steps and techniques employed in their production. It allows for potential improvements and optimizations, ultimately leading to enhanced outcomes in terms of efficiency, quality, and cost-effectiveness.
Analysis of the Industrial Chain of Micro Electric Vehicles (Micro EVs)
List of Distributors for Small Electric Vehicles (Micro EVs)
Effect of COVID-19 on the Worldwide Micro Electric Vehicle Industry
Analysis and Prediction of the Worldwide Market for Small Electric Cars, from 2019 to 2030.
Analysis and evaluation of the market, providing valuable information and predictions – Categorized by kind
Analysis of the market, observations, and predictions - Based on the type of battery
Analysis of the market, observations, and predictions - Based on the usage or purpose
Examining the Market, Gaining Knowledge and Predicting the Future – Based on Geographic Location
The remaining parts of the globe
Analysis and Forecast of the North American Market for Micro Electric Vehicles from 2019 to 2030.
Analysis of the market, observations, and predictions – By Category
Analysis of the Market, Observations, and Prediction – Based on Battery Type
Analysis of the market, observations, and predictions - Based on different uses
In-depth examination, observations, and prediction- Based on each specific nation.
Analysis of the market, observations, and prediction of future trends - Based on category
Analysis of the market, observations and predictions – Based on the category
Analysis of the market, observations, and prediction – Based on category
Analysis of the Micro Electric Vehicle Market in Europe, with Insights and Predictions for the Years 2019 to 2030.
Industry Examination, Observations and Prediction – According to Category
Battery Type Market Analysis, Observations and Prediction
Analysis of the market, perceptions, and prediction - Based on usage
Country-specific Analysis, Observations and Predictions on the Market
Analysis of the Market, Observations, and Prediction – Based on Type
Analysis of the Market, Observations, and Prediction – By Category
Analysis of the market, observations and predictions - categorized by type.
Other European countries Europe excluding the mentioned countries The remaining European nations The rest of Europe outside of those specified
Battery type market analysis, observations and projected predictions
Analysis of the Market for Micro Electric Vehicles in the Asia Pacific Region, with Insights and Forecast for the Period of 2019 to 2030.
Analysis of the market, understanding and prediction - By category.
Analysis of the market, observations, and prediction – Based on the type of battery
Examining the Market, Understanding and Predicting Future Trends – Based on Usage
Analysis of the market, valuable information, and prediction - Based on each specific country.
Analysis of the Market, Observations and Prediction – Based on Category
Analysis of the Market, Knowledge and Prediction – According to Category
Analysis of the market, understanding and predictions – based on different categories.
Analysis of the market, observations, and predictions - categorized by type
Other parts of the Asia Pacific region
Analysis of the market, observations, and prediction - Based on the category
Discover the Latest Analytics of the Automotive Industry: Delve into our captivating articles on the evolving automotive market:
Market Size, market Share, market Growth report, till 2025, for the Automotive Chassis industry.
Market Size, Share, and Growth Report for the Original Equipment Manufacturer (OEM) Market of Automotive Tires in 2025.
Market Overview: The size, share, and growth of the automotive exhaust system market will be discussed in this report, which is expected to cover the period up to 2026.
Report on the Growth, Share, and Size of the Automotive Aftermarket by 2028
Report on the Expansion of the Automotive Start-Stop System Market by 2026, including its Size and Share.
The Market for Utility Trucks: An Analysis of Size, Share and Growth Projections till 2026
Fortune Business Insights™ provides precise information and groundbreaking corporate examination, aiding companies of all magnitudes in making suitable choices. We create unique remedies for our customers, supporting them in tackling different obstacles unique to their enterprises. Our objective is to equip them with comprehensive market knowledge, giving them a detailed understanding of the industry they operate in.
Fortuitous Enterprise Insights™ Pvt. Ltd.
United States: +1 424 253 0390
Contact us through our U.K. phone number: +44 2071 939123.
Asia-Pacific: +91 744 740 1245
