NEW YORK, Feb. 17, 2023 /PRNewswire/ -- According to Technavio, the global micro electric vehicle market size is estimated to grow by 1,542.22 thousand units from 2022 to 2027. The market is expected to grow at a CAGR of 8.02% during the forecast period. Moreover, the growth momentum will accelerate. North America will account for 47% of the market's growth during the forecast period. The report includes historic market data from 2017 to 2021. In 2017, the micro electric vehicle market was valued at 2,700.02 thousand units. COVID-19 had the most negative impact on the global automotive industry in recent years, resulting in a steep fall in demand and a large-scale disruption of the supply chain. It has exerted intense pressure on an already-stressed global automotive market. Yet, there are high predictions that few countries are bringing manufacturing facilities and production back on track, indicating that the supply side is on a restoration line. For more insights on the market size, request a sample report

Leading trends influencing the market 

• The development of micro electric vehicles for the mass market by leading automakers and urban mobility solution providers is a key trend in the market.

• There are numerous advantages of micro electric vehicles.

• The popularity of such vehicles is compelling automakers to meet the demands of customers globally.

• For instance, Micro Mobility Systems is developing new urban mobility solutions and working on re-launching the electric version of the BMW Isetta.

• Such factors are expected to support the growth of the market during the forecast period.

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Micro electric vehicle market - Five forces
The global micro electric vehicle market is fragmented, and the five forces analysis covers–

• Bargaining power of buyers

• The threat of new entrants

• Threat of rivalry

• Bargaining power of suppliers

• Threat of substitutes

Micro electric vehicle market – Customer landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Micro electric vehicle market - Segmentation assessment

Segment overview
Technavio has segmented the market based on type (golf and micro cars and quadricycle) and application (commercial, personal, and public utilities).

• The golf and micro cars segment will account for a significant share of the market's growth during the forecast period. A golf cart carries golfers and their accessories around a golf course. The sales of golf carts have increased over the last few years owing to advances in technology and growing interest in golf. The growth of the golf and micro cars segment is attributed to factors such as high demand for neighborhood electric vehicles and club cars, including golf carts and personal utility vehicles, in countries such as the US and China.

Geography overview
Based on geography, the global micro electric vehicle market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global micro electric vehicle market.

• North America is estimated to account for 47% of the growth of the global market during the forecast period. The US and Canada are the key revenue-generating countries for the market owing to the high demand for quadricycles, electric golf carts, and mobility vehicles. The US government has introduced subsidies and incentives to drive the demand for micro electric vehicles, which is driving the market's growth in the region.

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Micro electric vehicle market – Market dynamics
Key factor driving market growth

• Technological advances in lithium-ion battery manufacturing and minimal maintenance costs leading to improved reliability are driving the growth of the global micro EV market.

• Li-ion batteries have higher energy density when compared to lead-acid batteries and nickel-metal hydride batteries.

• They are also more compact, lightweight, and safer.

• As Li-ion batteries are being used in various sectors, R&D activities are being undertaken to improve their performance and lifecycle.

• The use of advanced technologies, such as technical advances in cathodes, anodes, and electrolytes, may boost the storage capacities of Li-ion batteries.

• Such factors are expected to fuel the growth of the market during the forecast period.

Major challenges hindering market growth

• Power grids serving as a source of electric vehicles are indirectly polluting the environment, which is challenging the growth of the global micro EV market.

• Energy infrastructure such as power grids is driven by coal, which leads to air pollution.

• These power grids release large amounts of harmful gases, which can cause health issues in humans.

• The production of electric car batteries also pollutes the natural environment.

• Such indirect harmful effects of electric vehicles may hinder the growth of the global micro electric vehicle market during the forecast period.

Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this micro electric vehicle market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the micro electric vehicle market between 2023 and 2027

• Precise estimation of the size of the micro electric vehicle market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the micro electric vehicle market across North America, APAC, Europe, South America, and Middle East and Africa

• A thorough analysis of the market's competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of micro electric vehicle market vendors

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Micro Electric Vehicle Market Scope

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Table of contents

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global micro electric vehicle market 2017 - 2021

• 4.2 Type Segment Analysis 2017 - 2021

• 4.3 Application Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

• 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Type

• 6.1 Market segments

• 6.2 Comparison by Type

• 6.3 Golf and micro cars - Market size and forecast 2022-2027

• 6.4 Quadricycle - Market size and forecast 2022-2027

• 6.5 Market opportunity by Type

7 Market Segmentation by Application

• 7.1 Market segments

• 7.2 Comparison by Application

• 7.3 Commercial - Market size and forecast 2022-2027

• 7.4 Personal - Market size and forecast 2022-2027

• 7.5 Public utilities - Market size and forecast 2022-2027

• 7.6 Market opportunity by Application

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027

• 9.4 APAC - Market size and forecast 2022-2027

• 9.5 Europe - Market size and forecast 2022-2027

• 9.6 South America - Market size and forecast 2022-2027

• 9.7 Middle East and Africa - Market size and forecast 2022-2027

• 9.8 US - Market size and forecast 2022-2027

• 9.9 Japan - Market size and forecast 2022-2027

• 9.10 Canada - Market size and forecast 2022-2027

• 9.11 UK - Market size and forecast 2022-2027

• 9.12 Germany - Market size and forecast 2022-2027

• 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 AYRO Inc.

• 12.4 Bayerische Motoren Werke AG

• 12.5 Bintelli Electric Vehicles

• 12.6 BYD Electronic Co. Ltd.

• 12.7 Electrameccanica Vehicles Corp.

• 12.8 Elio Motors Inc.

• 12.9 Italcar Industrial Srl

• 12.10 Mercedes Benz Group AG

• 12.11 Microlino AG

• 12.12 PMV Electric Pvt. Ltd.

• 12.13 Polaris Inc.

• 12.14 Renault SAS

• 12.15 Shandong Baoya

• 12.16 Textron Inc.

• 12.17 Yamaha Motor Co. Ltd.

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

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