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The Global Micro Electric Vehicle (EV) Market is estimated to grow at a CAGR of 8.02% between 2022 and 2027. The size of the market is forecast to increase by 1,542.22 thousand units. The growth of the market depends on several factors, including the dedicated consortium for the development of micro-electric vehicles: All-new designs and vehicle platforms drive demand, the government subsidies to manufacturers of micro-electric vehicles are encouraging micro EV designers, and the technological advances in manufacturing Li-ion battery and minimum maintenance costs: Leading to more reliability
This micro electric vehicle (EV) market report extensively covers market segmentation by type (golf and micro cars and quadricycle), application (commercial, personal, and public utilities), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global micro-electric vehicle (EV) market as a part of the global automotive market under the global automobiles and components industry. The parent market, the global automotive market, covers companies engaged in the production of vehicles such as passenger cars, commercial vehicles, and all-terrain vehicles. It does not include manufacturers of motorcycles, scooters, e-bikes, trikes, and three-wheelers. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The technological advances in manufacturing Li-ion batteries and minimum maintenance costs which lead to more reliability are notably driving the market growth, although factors such as the power grids serving as a source to electric vehicles are indirectly polluting the environment and may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Technological advances in lithium-ion battery manufacturing and minimal maintenance costs leading to improved reliability are key factors driving the growth of the global micro electric vehicle (EV) market. The Li-ion battery is a type of rechargeable battery mainly used in consumer electronics. These batteries have been used in military, electric vehicles, and aerospace applications. The energy density of Li-ion batteries is higher compared with lead-acid batteries and nickel-metal hydride batteries. Li-ion batteries have replaced the earlier versions of batteries used in golf carts and utility vehicles. They are compact, lightweight, and safer compared with lead-acid and nickel-metal hydride batteries.
As these batteries are slim and compact, the installation process is much simpler, which also makes the designing and planning of a vehicle body an easier process. Li-ion batteries are being used in various sectors, and so multiple R & D activities have been initiated to improve their performance and lifecycle. The use of advanced technologies, such as technical advances in cathodes, anodes, and electrolytes in Li-ion batteries, may boost the storage capacities of these batteries. Such factors are expected to propel the growth of the market in focus during the forecast period.
The leading automakers and urban mobility solution providers working on the development of micro electric vehicles for the mass market is the primary trend in the global micro electric vehicle (EV) market industry. The numerous advantages of micro electric vehicles have seen major automakers entering the arena with their developments. The popularity of such vehicles is pushing automakers to meet the demand of customers in different geographic regions. Moreover, micro Mobility Systems, a Switzerland-based company, is dedicated to developing new urban mobility solutions and is working to re-launch the electric version of one of the most famous automotive creations of the 1950s, the BMW Isetta. The company is working on the prototype electric version of the small car, which would be called Microlino, in the market.
According to industry experts, it would be classified as an L7e motorized quadricycle that would be similar to Renault Twizy. The electric version of Isetta has already gained popularity among interested customers, and the company is expecting more reservations each passing day. It is reportedly stated that the car would have a top speed of more than 60 miles an hour with a driving range of more than 65 miles per charge. Such factors are expected to propel the growth of the market focus during the forecast period.
Power grids serving as a source of electric vehicles are indirectly polluting the environment is a major challenge to the growth of the global micro EV market. The automotive industry is still concerned about the indirect effects of electric vehicles on the natural environment and on human beings. According to some automotive experts and scientists, electric vehicles do not pollute the environment directly. However, energy infrastructure such as power grids driven by coal leads to air pollution. The power grids powered by coal as a source of energy release large amounts of harmful gases, leading to low quality of air and health-related problems in human beings. It has also been found that the production of electric car batteries pollutes the natural environment.
In addition, though battery technology is continuously evolving both in terms of technology and the production process, concerns remain for the current power grids powered by coal and their negative impact on the environment. According to scientists, they cause almost equal levels of pollution (or more) compared with those generated by gasoline-powered vehicles. Hence, we expect such indirect harmful effects of electric vehicles to hinder the growth of the global micro electric vehicle market during the forecast period.
Key Micro Electric Vehicle Market Customer Landscape
The micro electric vehicle (EV) market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Micro Electric Vehicle Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the micro electric vehicle (EV) market.
AYRO Inc: The company offers micro electric vehicles such as AYRO Vanish. Also, the company offers micro electric vehicles such as AYRO Vanish.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The micro electric vehicle (EV) market share growth by the golf and micro cars segment will be significant during the forecast period. A golf cart is a small vehicle designed to carry golfers and their accessories around the golf course. Golf courses are expansive parcels of land, and some golfers get tired walking a whole course. Such vehicles are designed to reduce the fatigue caused by walking. Advances in technology and growing interest in golf have boosted sales of golf carts over the past few years. In addition, different types of golf carts are available, powered by gasoline and electric technologies, which will drive segment growth during the forecast period.
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The golf and micro cars segment was valued at 2,127.62 thousand units in 2017 and continue to grow by 2021. The golf carts and micro cars segments dominate the global micro electric vehicles market, contributing 80% of the total market. This is because of the increased sales of club cars, such as golf carts and personal utility vehicles, in North America and Europe, along with micro cars having a maximum power rating of up to 15 kWh. Moreover, the golf and micro cars segment of the market is anticipated to grow at a CAGR of 6.98%, during the forecast period. This is because of the high demand for neighborhood electric vehicles and club cars, including golf carts and personal utility vehicles in developed regions like the US, Europe, and China, among others. In addition, the demand for golf carts is growing consistently with the growing popularity of golf worldwide, which is visible with the increasing volume of sales of golf carts. Such factors will increase the market growth during the forecast period
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North America is estimated to contribute 47% to the growth of the global micro electric vehicle (EV) market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America accounts for the majority of the micro-electric vehicle market in the region as it has a strong market presence. The market in North America receives the majority of its revenue from countries like the US and Canada, where there is strong demand for quadricycles, electric golf carts, and mobility vehicles for people with disabilities. In some states of the US, micro electric vehicles were formerly known as neighborhood electric vehicles. The US government has the major task of reducing greenhouse gas emissions and the country's carbon footprint. To that end, it has introduced multiple subsidies and incentives to drive the market demand for micro electric vehicles. In addition, the US government is undertaking many initiatives to support the automotive industry. The statistics indicate that more than 50% of intercity drive lasts for less than 15 minutes, which represents volumes about the driving dynamics in the region. Micro electric vehicles (such as neighborhood electric vehicles) represent a suitable mode of transportation for such driving environments. These factors are contributing to a rise in demand for micro electric vehicles in the region.
The market in North America witnessed a temporary decline owing to the COVID-19 pandemic in 2020 and early 2021. However, in 2021, the resumption of vehicle production in top vehicle-manufacturing countries in the region, such as the US and Canada, from August 2020 resulted in an uptick in the regional micro-electric vehicle market. Also, with vaccination drives and the easing of lockdowns, operations return to normalcy in 2021 and are expected to improve further during the forecast period. Thus, the market in the region will witness a V-shaped recovery during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Micro Electric Vehicle Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.02% |
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Market growth 2023-2027 |
1,542.22 thousand units |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.76 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 47% |
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Key countries |
US, Canada, Japan, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alta Zero Emissions Solutions Inc., AYRO Inc., Bayerische Motoren Werke AG, Bintelli Electric Vehicles, BYD Electronic Co. Ltd., Electrameccanica Vehicles Corp., Elio Motors Inc., G H Varley Pty Ltd., Hyundai Motor Co., Italcar Industrial Srl, Mahindra and Mahindra Ltd., Mercedes Benz Group AG, Microlino AG, PMV Electric Pvt. Ltd., Polaris Inc., Renault SAS, Shandong Baoya, Shifeng Group Co. Ltd., Textron Inc., and Yamaha Motor Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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