Micro Electric Vehicle Market to Reach $24.3 billion by 2031 at 10.8% CAGR
By battery type, the lithium-ion battery segment is anticipated to exhibit significant growth in the future.
The global micro electric vehicle market is experiencing growth due to several factors such as, supportive government policies and incentives, growing environmental awarenessโ
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 28, 2024 /EINPresswire.com/ -- The global ๐๐ข๐๐ซ๐จ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ is experiencing growth due to several factors such as, supportive government policies and incentives, growing environmental awareness, urbanization and traffic congestion, and shifting consumer preferences. However, limited range, high battery replacement cost, and limited infrastructure in developing countries limit the expansion of the market. On the other hand, rise in demand in developing markets, expansion in micro mobility services, and integration of smart cities are expected to create lucrative opportunities in the industry. The global micro electric vehicle market size was valued at $8.9 billion in 2021, and is projected to reach $24.3 billion by 2031, growing at a CAGR of 10.8% from 2022 to 2031.โ Allied Market Research
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ (๐๐๐ญ ๐ ๐ฎ๐ฅ๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ข๐ง ๐๐๐ - 257 ๐๐๐ ๐๐ฌ) ๐๐ญ: https://www.alliedmarketresearch.com/request-sample/A53576
The growing demand for micro electric vehicles in developing nations represents a huge opportunity for the micro electric vehicle market. High population densities, limited transportation infrastructure, and air pollution are common in developing countries, making micro electric vehicles an appealing alternative to standard gas-powered automobiles. Many international car manufacturers are considering launching microcars in the developing countries. For instance, in March 2023, the Comet EV, a Chinese-owned British car, was launched for the Indian market by MG. The MG Comet EV is a rebadged version of the Wuling Air EV, which is also owned by MG's Chinese owners, SAIC.
The adoption of lithium-ion batteries technology by numerous micro-EV producers for micro electric vehicles (EVs) has increased significantly in recent years. Lithium-ion batteries are a kind of rechargeable batteries which are becoming widely attractive for micro electric vehicles owing to their high energy density, long lifespan, and fast charging periods. They are composed of lithium and other elements such as cobalt, nickel, and manganese, and they function by letting lithium ions travel between the positive and negative electrodes throughout charge and discharge cycles.
๐๐ก๐ ๐ค๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ฉ๐ซ๐จ๐๐ข๐ฅ๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐
๐๐๐ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐ฏ๐ญ. ๐๐ญ๐., ๐๐ญ๐๐ฅ๐๐๐ซ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ ๐.๐ซ.๐ฅ., ๐๐๐ง๐๐ฎ๐ฅ๐ญ ๐.๐., ๐๐๐ฆ๐๐ก๐ ๐๐จ๐ฅ๐-๐๐๐ซ ๐๐จ๐ฆ๐ฉ๐๐ง๐ฒ, ๐๐ก๐๐ง๐๐จ๐ง๐ ๐๐ก๐ข๐๐๐ง๐ (๐๐ซ๐จ๐ฎ๐ฉ) ๐๐จ., ๐๐ญ๐., ๐๐๐ก๐ข๐ง๐๐ซ๐ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐จ๐๐ข๐ฅ๐ข๐ญ๐ฒ ๐๐ข๐ฆ๐ข๐ญ๐๐, ๐๐๐ฑ๐ญ๐ซ๐จ๐ง ๐๐ง๐., ๐๐๐๐๐๐ ๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐, ๐๐ฅ๐ฎ๐ ๐๐๐ซ, ๐๐๐, ๐๐จ๐ฅ๐๐ซ๐ข๐ฌ ๐๐ง๐.
๐๐ฎ๐ฒ ๐๐จ๐ฐ & ๐๐๐ญ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ ๐จ๐ง ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ : https://www.alliedmarketresearch.com/checkout-final/e0619db4c009f00ecdb1af399e087600
Significant impacting factors in growth of the global micro electric vehicle market include supportive government policies and incentives, growing environmental awareness, urbanization & traffic congestion, and shifting consumer preferences. However, limited range and high battery replacement cost as well as limited infrastructure in developing countries hamper the growth of the market. Furthermore, rise in demand for micro electric vehicles from developing countries, expansion of micromobility services, and adoption of smart cities are factors expected to offer growth opportunities during the forecast period.
Based on application, the personal segment held the highest market share in 2021, accounting for more than half of the global micro electric vehicle market revenue. The electric microcars offer affordability, a long battery range, and government incentives that make them lucrative for personal usage. However, the commercial segment is estimated to dominate the market in terms of revenue and is projected to manifest the highest CAGR of 12.2% from 2022 to 2031, as micro electric vehicles play an increasingly crucial role in numerous industries as corporations continue to seek sustainable and effective transportation solutions.
๐๐๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ฒ๐จ๐ฎโ๐ซ๐ ๐๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ: https://www.alliedmarketresearch.com/request-for-customization/A53576
Germany is known for its automotive industry and engineering expertise, and in recent years, it has led the way in the electric vehicle (EV) revolution. Micro electric cars gained popularity in Germany as they provided an eco-friendly and affordable alternative for city driving. According to the German Institute for Economic Research (DIW), Germany has reached one million solely electric automobiles, with 104,325 new electric cars registered in December 2022. When compared to the previous two years, the growth in electric car numbers is substantial, with 618,460 electric automobiles in Germany as of January 1, 2022, and 309,083 electric vehicles on German roads as of January 1, 2021.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/A53576
Based on region, Asia-Pacific held 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 maintain its leadership status throughout the forecast period. This is because, China is the largest market for micro electric vehicles, with domestic automakers offering a diverse range of models backed by government subsidies and programs. However, the Europe region is expected to witness the fastest CAGR of 12.5% from 2022 to 2031. European region is home to many key market players such as Renault Group, Italcar Industrial S.r.l., and Micro Mobility Systems AG which operate in the micro electric vehicle domain.
๐๐ญ๐ก๐๐ซ ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ:
Electronic Toll Collection Market - https://www.alliedmarketresearch.com/electronic-toll-collection-system-market
Electric Vehicle Battery Thermal Management System Market - https://www.alliedmarketresearch.com/electric-vehicle-battery-thermal-management-system-market-A16399
Solar Charging Station Market - https://www.alliedmarketresearch.com/solar-charging-station-market-A47399
Electric Vehicle Battery Recycling Market - https://www.alliedmarketresearch.com/electric-vehicle-battery-recycling-market
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
