Micro Electric Automotive (Micro EVs) Market Size, Share, Growth, and Industry Analysis, By Type (Lead-acid Battery EVs, Lithium-ion Battery EVs and Others), By Application (Personal Use, Commercial Use, Public Utilities and Others) Regional Forecast to 2027

Updated On: 08 April 2024

REPORT OVERVIEW

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The global micro electric automotive (micro EVs) market size was USD 7655 million in 2020. As per our research, the market is projected to touch USD 11150 million by 2027, exhibiting a CAGR of 5.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

A micro electric automotive (micro EVs) is a one- or two-seater vehicle powered by compact battery pack with electric propulsion power. Micro-EVs are small electric vehicles that can carry one or two persons with their luggage. They address transportation difficulties such as parking and congestion. These are ecologically sustainable solutions that are also socially responsible and far less expensive than all other modes of transportation. The micro electric automotive (Micro EVs) market was a growing and evolving segment within the broader electric vehicle (EV) industry. Micro EVs, often referred to as quadricycles or neighborhood electric vehicles (NEVs), are compact, lightweight electric vehicles designed for short-distance urban commuting and local transportation. They typically have limited speed capabilities and smaller batteries compared to traditional electric cars.

COVID-19 Impact: Government Initiatives Led to Increase in Production and Inflated the Market Share

The COVID-19 pandemic had a significant influence on electric car sales in China in the first half of 2020, reducing demand for tiny electric vehicles (micro EVs). This impeded the regional market's expansion. Nonetheless, as a result of government initiatives, the market share of electric vehicles has increased. For example, in China, the number of new cars allowed on the road is limited in order to reduce pollution. In several major Chinese cities where electric vehicles are already popular, local governments are confining new license plate registrations to electric vehicles and lifting restrictions on the purchase of new electric vehicles.

LATEST TRENDS

"Rise in Environmental Awareness to Drive the Market Share Potentially"

One of the key drivers of the micro electric automotive (micro EVs) market growth is an increase in environmental awareness. As people become more aware of climate change and environmental degradation, many are looking for ways to reduce their carbon footprint. Micro electric vehicles offer a clean and sustainable mode of transportation that produces no pollution and reduces reliance on fossil fuels.

Furthermore, several industrialised and emerging countries have begun plans to phase out petrol and diesel engine powered automobiles over the next 10-30 years. For example, the European Union resolved in March 2023 to phase out new fossil-fuel vehicles by 2035. This means that petrol and diesel automobiles will no longer be available for purchase. Many other countries are also going to stop selling similar automobiles.

SEGMENTATION

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By Type

Based on type the micro electric automotive (micro EVs) market is classified as lead-acid battery EVs, lithium-ion battery EVs and others.

The part lead-acid battery EVs is the leading of the type segment.

By Application

Based on application the micro electric automotive (micro EVs) market is classified as personal use, commercial use, public utilities and others.

The part personal use is the leading type of the application segment.

DRIVING FACTORS

"Economic and Ecological Sustainable Solutions to Boost the Market Growth "

A micro electric automotive (micro EVs) is a one- or two-seater vehicle propelled by an electric propulsion system and powered by a compact battery pack. Micro-EVs are small electric cars that can transport one or two people and their belongings. They solve transportation issues such as parking and traffic congestion. These are environmentally responsible, socially responsible, and significantly less expensive alternatives to all other means of transportation.

They provide a cost-effective, efficient, and ecologically responsible alternative for individuals and organisations seeking an appropriate mode of transportation in congested urban areas. While there are challenges to widespread acceptance of these vehicles, the potential benefits make it a bright prospect for transportation innovation and growth.

"Government Initiatives and Supportive Rules to Multiply the Production and Market Growth"

Government policies and incentives have played a major role in increasing global adoption of micro electric vehicles. To address concerns like as high initial investment and insufficient charging infrastructure, governments throughout the world have implemented a variety of laws and incentives to encourage customers to acquire micro EVs. The increased need for mobility in developing economies presents an opportunity for the mini EV industry.

RESTRAINING FACTORS

"Power Grids Indirectly Polluting the Environment to Restrain the Market"

The automobile industry continues to be concerned about the indirect impacts of electric vehicles on the natural environment and on humans. Despite the fact that battery technology is constantly advancing in terms of both technology and manufacturing process, there are still concerns about the current coal-powered power networks and their detrimental environmental impact. According to scientists, they produce about the same (or more) pollution as gasoline-powered vehicles. As a result, we anticipate that such indirect negative effects of electric vehicles will impede the growth of the worldwide micro electric vehicle market over the forecast period. As a result, the power grid stations indirectly polluting the environment to stifle the micro electric automotive (micro EVs) market growth.

REGIONAL INSIGHTS

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"Asia Pacific Region to Dominate the Market with Major Production and Multiplying Manufacturers"

The Asia Pacific micro electric automotive (micro EVs) market is quickly increasing, with several nations at various phases of development. China is the largest market for micro electric vehicles, with domestic automakers offering a varied range of models backed by government subsidies and programmes. Japan is also a key market, with large firms introducing micro-vehicles and spreading their reach across the country. Micro electric cars are gaining popularity in China due to their compact size, low emissions, and low cost. Micro electric vehicles are ideal for travelling in China's congested cities, where traffic congestion and air pollution are major concerns. The Chinese government has introduced subsidies, tax incentives, and the construction of charging stations to stimulate the use of electric vehicles, particularly micro electric automobiles. Numerous Chinese automobile manufacturers have entered the micro electric vehicle sector, offering a broad range of models with varying features and prices in order to grow the micro electric automotive (micro EVs) market share.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The market is highly competitive and has both international and local participants. The introduction of new and improved products, collaborations, mergers and acquisitions, joint ventures, and other strategies include major actors. The report is a thorough investigation of a list of market participants who support market growth. The information is a synthesis of the most recent trends, mergers and acquisitions in the manufacturing industry, market research, and technological advancements. To comprehend the market share, product growth, revenue growth, and other elements during the anticipated term, further factors like regional and segmental analysis are also taken into consideration.

List of Market Players Profiled

• Yogomo (China)
• Shifeng (China)
• Textron (U.S.)
• Dojo (India)
• Byvin (China)
• Polaris (U.S.)
• Lichi (China)
• Baoya (China)
• Tangjun (China)
• Yamaha (Japan)
• Fulu (China)
• Xinyuzhou (China).

REPORT COVERAGE

This report covers a comprehensive backdrop analysis, an assessment of the parent market, intensive study in the market dynamics. Past historical, current, and projected size of the market from the point of both value and volume. Researching of recent industry developments, deep study on market shares and strategies of major players and the emerging niche segments and regional market areas are covered in the report.