Small Electric Vehicle Market Scope
Small electric vehicle, a substitute for internal combustion engine, is self-propelling transportation systems for passengers and goods utilizing the power stored in batteries through electric motors as well. It is considered to be the next generation vehicle. According to International Energy Agency, in 2017 witnessed the sale of over 1 million of electric cars, and surpassed 3 million worldwide and estimated to reach 125 million units by 2030
Attributes | Details |
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Study Period | 2020-2030 |
Base Year | 2024 |
Unit | Value (USD Million) |
Key Companies Profiled | Tesla (United States), Nissan (Japan), BMW (Germany), Toyota (Japan), Kia Motors (South Korea), Ford (United States), Volkswagen (Germany), Zhengzhou Yutong Bus (China), Audi (Germany) and BYD (China) |
CAGR | % |
Research Analyst at AMA estimates that German, Japanese, Korean Vendors will contribute to the maximum growth of Global Small Electric Vehicle market throughout the predicted period.
Tesla (United States), Nissan (Japan), BMW (Germany), Toyota (Japan), Kia Motors (South Korea), Ford (United States), Volkswagen (Germany), Zhengzhou Yutong Bus (China), Audi (Germany) and BYD (China) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Renault (France), Mahindra (India) and Hyundai (South Korea).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Small Electric Vehicle market by Type and Region with country level break-up.
On the basis of geography, the market of Small Electric Vehicle has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2024.
According to the Norwegian Road Federation, a public road infrastructure administration in Norway, pure electric cars and hybrid cars in Norway accounted for 52% of all new car sales in 2017 as against 40% in 2016.
"Emissions standards are managed by the Environmental Protection Agency (EPA). Under federal law, the state of California is allowed to promulgate more stringent vehicle emissions standards, and other states may choose to follow either the national or California standards."
Influencing Trend:
Growing concern about environmental pollution across the globe and Electric Vehicle Charging stations powered by solar panels
Market Growth Drivers:
Favorable government policies and subsidies, Heavy Investments from automakers in EVs and Increased vehicle range per charge
Challenges:
High cost of EVs in comparison with ICE vehicles, Lack of proper charging infrastructure in emerging economies and Small distance covered by EVs
Restraints:
Lack of Standardization and High-Cost Investment in the Small Electric Vehicle
Opportunities:
Use of vehicle-to-grid (V2G) EV charging stations for electric vehicles, The continuous development of new enhanced battery recycling processes and Electric Vehicle Charging stations powered by solar panels
Key Target Audience
Small Electric Vehicle Manufacturers, Small Electric Vehicle Dealers and Traders, Industry Associations and Organizations, Government Bodies, Potential Investors, Regulatory Bodies and Others