According to Allied Market Research, the micro-electric vehicle market will reach $24.3 billion by 2031 with a CAGR of 10.8%.
The global market for micro electric vehicles is experiencing growth owing to a number of factors, including supportive government policies and incentives, increasing environmental awareness, urbanization and traffic congestion, and consumer preferences.
Allied Market Research published a report titled “Microelectric Vehicle Market by Battery Type (Lead Acid and Lithium-Ion), Application (Commercial, Personal, and Public Services), and Type (Microcar; Golf Cart, Utility Vehicle, and Electric Vehicle).” Did. The Neighborhood): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global micro electric vehicle industry generated $8.9 billion in 2021 and is estimated to generate $24.3 billion by 2031, 2022 and 2031 with a CAGR of 10.8%.
Main determinants of development of Global market for electric micro vehicles
The global market for micro electric vehicles is experiencing growth owing to a number of factors, including supportive government policies and incentives, increasing environmental awareness, urbanization and traffic congestion, and consumer preferences. However, limited range, high cost of battery replacement, and limited infrastructure in developing countries limit the expansion of the market. On the other hand, increasing demand in developing markets, expansion of micromobility services and integration of smart cities are expected to create lucrative opportunities in the industry.
|Electric microvehicles will reach $24.3 billion by 203|
This had a huge impact on the micro electric vehicle market. The pandemic has also reduced the demand for micro electric vehicles due to financial instability and people staying at home, resulting in lower sales.
However, post-pandemic, there has been a resurgence in demand for electric microcars, especially for urban mobility, as people are looking for alternatives to public transport.
Thus, while the COVID-19 pandemic originally had a detrimental effect on the electric microcar market, there has been a resurgence in demand and growth in electric microcar research and design post-pandemic.
Microcar segment to maintain its leadership position during the forecast period
Based on type, the microcar segment accounted for the largest market share in 2021, accounting for more than two-thirds of the global electric microvehicle market revenue and is estimated to maintain its leading position during the forecast period. The growth is attributed to the growing consumer demand for compact and practical cars. However, the golf cart, utility and neighborhood electric vehicle segment is projected to reveal the highest CAGR of 13.6% between 2022 and 2031. This is due to the increase in the need for efficient and green means of transport and the growing popularity of golf. as a fun activity.
Individual segments to maintain your leadership position during the forecast period
According to App, the personal segment accounted for the highest market share in 2021 and accounted for more than half of the global micro electric vehicle market revenue. Electric microcars offer affordable prices, long battery life and government incentives that make them attractive for personal use. However, the commercial segment is anticipated to dominate the market in terms of revenue and is projected to post the highest CAGR of 12.2% between 2022 and 2031, as micro electric vehicles play an increasingly important role in several industries as corporations look for sustainable continue to search. and sustainable solutions. Cost effective transportation solution.
Asia-Pacific to maintain its dominance till 2031
Based on region, Asia-Pacific was expected to hold the highest market share in terms of revenue in 2021, accounting for nearly three-fifths of the global micro electric vehicle market revenue and is estimated to hold its leadership position during the review period will be maintained. That’s because China is the biggest market for micro electric vehicles, with domestic carmakers offering a wide range of models supported by government subsidies and programs. However, the Europe region is expected to witness the fastest CAGR of 12.5% between 2022 and 2031. The Europe region is home to several major market players such as Renault Group, Italcar Industrial SRL and Micro Mobility Systems AG, which operate in it. Electric micro vehicle. workspace.
The report provides a detailed analysis of these key players of the global Micro Electric Vehicle market which include Toyota Motor Corporation, Yamaha Golf-Car Company, Italcar Industrial S.R.L., Renault Group, Textron Inc., Polaris Inc., Club Car, LLC, PMV, and more. Electric Pvt. Ltd., Shandong Shifeng (Group) Co., Ltd. and Mahindra Electric Mobility Ltd. These players have adopted strategies such as new product launches to increase their market share and retain dominant shares in various segments. The report is valuable in highlighting business performance, operating segments, product portfolios and strategic moves of market players to show the competitive landscape.
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Therefore According to Allied Market Research, the micro-electric vehicle market will reach $24.3 billion by 2031 with a CAGR of 10.8%.