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Micro Electric Vehicle Market Size, Share & COVID-19 Impact Analysis, By Battery Type (Lead Acid Battery and Lithium-Ion Battery), By Application (Commercial Use, Personal Use, and Public Utilities), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI103474

 

KEY MARKET INSIGHTS

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The global micro electric vehicle (EV) market size was valued at USD 8.32 billion in 2021. The market is projected to grow from USD 9.57 billion in 2022 to USD 22.11 billion in 2029, exhibiting a CAGR of 12.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with micro electric vehicle experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market had exhibited a rise of 17.3% in 2020 as compared to 2019.


Micro EVs are a subset of micro-vehicles. These vehicles are designed to provide long-term resolutions to current and future urban traffic problems. This innovation comprises a small electric car with one or two seats, and unlike a large car, it runs on a similar but compact battery system. Besides, they are carbon products with biologically complex composite material bodies, so most of these vehicles are small in structure. Therefore, these vehicles are smaller and lighter than standard electric vehicles, making them best for cities. This factor is probably going to build the ubiquity of this innovation.


COVID-19 IMPACT  


Market Witnesses an Increase in Micro EV Orders Owing to the Surge in Online Demand for Food & Grocery amid Lockdown


The spread of the new COVID-19 pandemic has disrupted multiple supply chains. Due to economic uncertainty, car companies must take a cautious approach to reopen. Automobile manufacturers with worldwide distribution networks may see second tiers, especially the tertiary network, greatly affected by interference. The leader in micro electric vehicles operates an assembly plant in the North American market. However, many electric vehicle manufacturers rely on auto parts purchased from China, especially for the battery.


Still, the COVID flare-up has prompted a significant slump in adopting electric vehicles. With the rollback of specific endowments such as government subsidies, the market in China is required to be seriously affected throughout the following few years. Also, diminished interest in the advancement of charging networks and the withdrawal of certain producers from unbeneficial nations like India limit the market's development.


However, the demand in North America & Europe witnessed a substantial recovery in Q3 in 2020, as the micro electric vehicle fleet is increased for food & grocery delivery. For instance, Austin, a Texas-based EV manufacturer, received orders worth more than USD 584,000 for mobile food delivery vehicles. Micro EVs are expected to play a vital role as an essential vehicle in the upcoming few years.


LATEST TRENDS


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Development Of Ultra-Capacitors for Superfast Charging to Aid Growth


One of the main trends in this market is the development of ultra-capacitors for superfast charging. The time required for charging the batteries is expected to be the key factor challenging the market's growth. Innovations and technological advancements in batteries are most likely to boost the integration of super capacitors and ultra-capacitors, which can store energy in the form of static electricity. Moreover, to store large amounts of energy, these capacitors have advantages such as resistance to shock and vibration and reduced costs of applications. This factor is likely to boost the growth rate of global micro electric vehicle market during the forecast period.


DRIVING FACTORS


Favorable Government Regulations and Subsidies to Boost Market Growth


Governments and public institutions in various regions are implementing several subsidies and policies to promote the sales of electric vehicles and micro electric vehicles. Still, they are also committed to formulating favorable regulatory plans, electric vehicle charging infrastructure, and other financial support.


The rise of zero-emission vehicles and government policy support have led to a decline in the prices of micro electric vehicles and electric vehicles. Additionally, factors such as the improvement of charging stations and the increasing focus on improving the range of vehicles have driven the global demand for micro electric vehicles and electric vehicles.


Increasing Environment Pollution Concerns to Promote Market Growth


The increase in pollution rate caused by the emissions of conventional vehicles has led to a high threat of global warming and other environmental problems. Due to increasing environmental concerns, the automotive industry has shifted its inclination towards sustainable energy in vehicles. However, electric vehicles are the most suitable alternative to traditional fuel vehicles, creating huge growth opportunities for these vehicles and electric vehicles.


The government's strict emission regulation is driving automakers to develop new and advanced electric vehicles. The rapid growth in electric vehicles highlights the need for new rules and regulations to achieve a smooth transition. This is expected to favor the growth of the global micro electric vehicle market growth during the forecast period.


RESTRAINING FACTORS


High Cost and Range Anxiety May Pose Challenges over Market Growth


The costs associated with technology and infrastructure in implementing electric vehicles are high. Electric cars are more expensive than gasoline-powered cars. The battery is considered the most important part of an electric vehicle as it powers the vehicle.  An electric car's battery needs to be changed frequently, which requires other equipment such as a charger. Therefore, the cost of batteries, chargers, and installation will increase the cost of micro EVs. All these factors make these vehicles more expensive than traditional internal combustion engine (ICE) cars. These may impact the growth of the market during the forecast period.


SEGMENTATION 


By Battery Type Analysis


Lead Acid Battery to Foster Growth


Based on type, the market is segmented into lead acid and lithium-ion batteries.


The lithium-ion battery segment is expected to dominate the market due to its growing electric vehicle adoption due to its superior properties.


The lead-acid battery market segment is likely to experience significant growth due to the ease of availability across the globe.


By Application Analysis


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Commercial Use Segment holds the Largest Market Share


The market is segmented into commercial use, personal use, and public utilities based on the application.


The commercial use segment is expected to hold the largest market share during the forecast period due to its massive micro electric vehicle applications in commercial golf courts and fun theme parks. The demand for micro electric commercial vehicle’s is growing especially for cargo transportation & industrial goods transportation.


The personal use segment is expected to showcase exponential growth due to its growing popularity.


The Public utility segment is anticipated to experience significant growth due to its increasing adoption in private companies for employee transportation.


REGIONAL INSIGHTS


Asia Pacific Micro Electric Vehicles (EV) Market Size, 2021 (USD Billion)

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Asia Pacific is expected to dominate the global micro electric vehicle market share during the forecast period and is estimated at USD 4.51 billion in 2021. This is due to the battery electric vehicles being cheaper in countries such as China in the region. General Motors is targeting the Chinese market considering high demand in the country. The company has partnered with SAIC Motor Corp, and Guangxi Automobile Group to sell micro EVs in China. Together, these companies sold more than 16,000 vehicles in August 2020.


Europe & North America is anticipated to show significant growth due to the growing popularity and adoption of micro EVs in the region. Europe is the second-largest market for micro electric vehicles in terms of volume. United States is estimated to showcase considerable growth owing to increasing sports, leisure, and fun activities in the country.


The Rest of the World is likely to be an emerging market for Micro EVs. However, the lack of appropriate infrastructure and government policies hinders the market growth significantly. The micro EVs are very good vehicle alternatives for countries with low-income individuals; these are environment friendly as well. Therefore, governments of such countries should consider offering subsidies/reducing taxes on such vehicles for improving adoption.


KEY INDUSTRY PLAYERS 


Technological Advancements and Strategic Pricing are boosting the Market Share for Baoya


Shandong Baoya New Energy Automobile Co., Ltd. is a Chinese electric vehicle manufacturer and a leading player in the competitive landscape. The company focuses on producing, researching, developing, and selling new energy vehicles, with various new energy vehicles such as micro electric cars, electric minivans, electric bicycles, and electric motorcycles. Their product provides an excellent advanced appearance and technical performance, which can be used in many applications.


Polaris Inc. is another company focused on all-electric vehicles that ensure zero emissions and contribute to a small carbon footprint, which can meet the needs of various applications. Polaris Inc. is also a member of the non-profit association AASHE, promoting sustainable development plans for colleges and universities.


LIST OF KEY COMPANIES PROFILED:



  • Textron (Rhode Island, U.S.)

  • Polaris Inc. (Minnesota, U.S.)

  • Baoya (Shandong, China)

  • CLUB CAR (Georgia, U.S.)

  • Yamaha Golf-Car Company (Georgia, U.S.)

  • Italcar Industrial S.r.l. (Turin, Italy)

  • Yogomo (Shandong, China)

  • Renault Group (Paris, France)


KEY INDUSTRY DEVELOPMENTS:


June 2021 – Club Car announced the launch of an all-new electric vehicle, the Club Car Current, in partnership with AYRO, Inc. Current is a compact, fully electric light-duty truck equipped with automotive features and comforts.


August 2021 – Club Car announced the strategic partnership with ezLocator, the industry leader in daily pin placement management. The integration of Club Car Connect with ezLocator will offer golf cars and utility vehicles the ability to manage pin locations with speed and precision.


REPORT COVERAGE


An Infographic Representation of Micro Electric Vehicles (EV) Market

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The global market report provides a detailed micro electric vehicle industry analysis and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market's growth over recent years.


Report Scope & Segmentation












































 ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion) & Volume (Thousand Units)



Segmentation



By Battery Type



  • Lead Acid Battery

  • Lithium-Ion Battery



By Application



  • Commercial Use

  • Personal Use

  • Public Utilities



By Geography



  • North America (By Battery Type, By Application Type)

    • U.S.

    • Canada



  • Europe (By Battery Type, By Application Type)

    • U.K.

    • Germany

    • France

    • Italy

    • Russia

    • Rest of Europe



  • Asia Pacific (By Battery Type, By Application Type)

    • Japan

    • China

    • India

    • South Korea

    • Taiwan

    • South East Asia

    • Rest of Asia Pacific



  • Rest of the World (By Battery Type, By Application Type)



 


 


Frequently Asked Questions

Fortune Business Insights says that the global micro electric vehicle market size was USD 8.32 billion in 2021 and is projected to reach USD 22.11 billion by 2029.

In 2021, the Asia Pacific micro electric vehicle market stood at USD 4.51 billion.

The micro electric vehicle market is projected to grow at a CAGR of 12.7% and will exhibit steady growth during the forecast period (2022-2029).

The commercial use segment is expected to be the leading segment during the forecast period.

Favorable government regulations and subsidies are driving the market growth

Textron, Polar, and Renault is the leading players in the global market.

Asia Pacific dominated the market share in 2021.

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