Micro Electric Vehicles Market Scope
A microelectric vehicle (micro-EV) is a compact, one- or two-passenger vehicle equipped with a small battery pack and electric propulsion. These diminutive electric vehicles are designed for the efficient transport of individuals, typically accommodating one or two passengers along with their personal belongings. It offers solutions to common urban transportation challenges, including issues related to parking and traffic congestion. Increasing urbanization is driving the demand for efficient and sustainable urban transportation solutions. Micro-EVs are well-suited for navigating congested city streets and addressing last-mile connectivity challenges
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Textron Inc. (U.S.), Alke (Italy), Yamaha Golf Cart Company (U.S.), Club Car LLC (U.S.), Polaris (U.S.), Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China), Renault Group (France), Toyota Motor Corporation (Japan), Italcar Industrial S.r.l. (Italy) and PMV Electric Pvt. Ltd. (India) |
CAGR | % |
The competitive landscape of microelectric vehicles (micro-EVs) is evolving as these compact electric vehicles gain traction in urban and short-distance transportation markets. The landscape comprises a mix of established automakers, startups, technology companies, and manufacturers of electric bicycles (e-bikes) and electric scooters.
Textron Inc. (U.S.), Alke (Italy), Yamaha Golf Cart Company (U.S.), Club Car LLC (U.S.), Polaris (U.S.), Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China), Renault Group (France), Toyota Motor Corporation (Japan), Italcar Industrial S.r.l. (Italy) and PMV Electric Pvt. Ltd. (India) are some of the key players that are part of study coverage.
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 Micro Electric Vehicles market by Type , by Application (Commercial, Personal, Public Utilities and Others) and Region with country level break-up.
On the basis of geography, the market of Micro Electric Vehicles 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 2022.
Market Leaders and their expansionary development strategies
Club Car, a prominent manufacturer known globally for its production of golf, consumer, and utility vehicles, has successfully finalized its acquisition of Garia A/S, a company based in Denmark specializing in the manufacture of electric, street-legal, low-speed vehicles designed for utility, consumer, and golf applications.
In December 2022, Squad Mobility revealed the extension of its electric quadricycle product range into the U.S. market. These vehicles incorporate a solar panel on the roof, which harnesses and stores energy, enabling the vehicle to operate.
Influencing Trend:
Electric bicycles (e-bikes) and electric scooters have gained popularity as micro-EVs for short-distance commuting
Market Growth Drivers:
Micro-EVs can help alleviate congestion by offering a compact and agile means of transportation, reducing the number of cars on the road
Challenges:
Micro-EVs typically have limited range compared to larger electric vehicles
Restraints:
The availability of limited charger station presence is a restraint
Opportunities:
The growth of shared mobility services, including electric scooters, e-bikes, and compact electric cars, presents a significant opportunity.