Micro Electric Vehicles Market Report by Technology, Industry Share and Size Expansion to 2027 | Fortune Business Insights™
MicroElectric Vehicles Market will exhibit a CAGR of 1.53% during the forecastperiod, andreach USD 5814.7 million by 2026, ,andthe Market value as per 2018 was USD 4944.8 million.
FortuneBusiness Insights™ in a new report, titled, “Micro ElectricVehicles (EV) Market Size, Share & COVID-19 Impact Analysis, ByType (Lead Acid Battery, Lithium-Ion Battery), By Application (Commercial Use,Personal Use, Public Utilities), and Regional Forecast, 2019-2026.”
Micro Electric Vehicles Market Drivers and Restraint:
Smaller Size and Limited Top Speed of Micro EVs to Promote SaferDriving
Thesmaller size of the micro EVs translates to lesser resources required toproduce the battery and hence the end-of-life disposal is almost negligible.Also, their compact size ensures minimum road and parking space. Moreover, thetop speed of micro electric vehicles is limited owing to their compact sizewhich makes them less dangerous in comparison to other road vehicles and henceexempting them from certain crash testing requirements.
Forinstance, countries such as China, there is no insurance or license isrequirement for their operation, therefore highlighting their ease of use andconvenience. Hence, these factors are primarily responsible for driving thegrowth of the micro electric vehicles market.
Favorable Government Regulations to Increase the Adoption of thisTechnology will Augment Growth
Governmentpolicies aimed at propelling the sale of EVs and micro EVs in terms offinancial incentives as well as developing supporting infrastructure such as EVcharging stations have been observed across the globe.
Moreover,stringent environmental regulations are being implemented particularly indeveloping countries to curb the level of pollution especially fromconventional vehicles. Micro EVs owing to their compact size and battery ensureminimum pollution as well as low initial and running costs for owners. Hence,the environmental benefits and cost-effectiveness of these vehicles areattributed to help attract significant revenue to the market.
List of Key Players Covered in the Micro Electric VehiclesMarket Report:
- Ingersoll Rand (Milwaukee, U.S.)
- Textron (Rhode Island, U.S.)
- Polaris Inc. (Minnesota, U.S.)
- Yamaha Golf-Car Company (Georgia, U.S.)
- Italcar Industrial S.r.l. (Turin, Italy)
- Yogomo (Shandong, China)
- Renault (Paris, France)
To gain more insights into the market with a detailed tableof content and figures, Click Here: https://www.fortunebusinessinsights.com/micro-electric-vehicles-ev-market-103474
Some of the key industry developments in the MicroElectric Vehicles Market Include:
- August 2019 – Polaris Government and Defense and Polaris Commercial divisions of Polaris Inc. have launched free grant assistance program for funding assistance for consumers requiring Polaris passenger and utility vehicles. This assistance funding will play important role in helping consumers to receive unlimited free grant from industry professionals.
- May 2018 – Textron Specialized Vehicles developed a new line of its Cushman Shuttle personal vehicle powered by the company’s special 72-volt AC electric drive train. These vehicles under its E-Z GO golf cart brand deliver increased range and improved energy efficiency.
- October 2019 – Renault started to export the Twizzy electric car produced at its sole plant in Busan, South Korea across the globe with the first batch to be shipped to Europe. The move is expected to revive reduced sales from its Korean production plant and improve profitability.
