"Market Intelligence for High-Geared Performance"

Micro Electric Vehicles (EV) Market Size, Share & COVID-19 Impact Analysis, By Type (Lead Acid Battery, Lithium-Ion Battery), By Application (Commercial Use, Personal Use, Public Utilities), and Regional Forecast, 2019-2026

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



Play Audio Listen to Audio Version

The global micro EV market size was valued at USD 4944.8 million in 2018 and is projected to reach USD 5814.7 million by 2026, by exhibiting a CAGR of 1.53% during the forecast period.

COVID-19 Cover

This report covers COVID-19 impact analysis on Micro Electric Vehicles (EV) Market

Request Sample

Micro EVs are a subset of micro-mobility and electric cars aims at providing long term solutions to the current as well as future urban transport problems. This technology consists of a small electric car with one or two seats and operates in a similar, yet smaller battery system unlike its large parent vehicle. Additionally, they are made of carbon fiber with bio-composite bodies, and therefore, the majority of these vehicles are compact. Hence, micro EVs are lighter and smaller than their standard counterparts that makes them ideal for driving in the city. This factor is likely to increase the popularity of this technology.

Impact of COVID-19 Pandemic on Micro EVs Market

The spread of the novel COVID-19 pandemic has disrupted several supply chains and the rising economic uncertainty have necessitated a measured approach from automotive companies to reopen business. Automakers with global distribution networks are likely to see tier two and especially tier three networks affected greatly by the disruption. Leading players in the micro EV market operate assembly plants in North America. However, a large number of these manufacturers are dependent on auto parts sourced from China, particularly the components for the electric battery.

For instance, the epicenter of the pandemic, the Hubei province in China is one of the key automotive production centers in the country. Hence, production by manufacturers sourcing auto parts from this region are likely to be heavily impacted due to the imposition of lockdown as a result of the COVID pandemic. Furthermore, in 2019, the Chinese government proposed a plan to substantially reduce subsidies for electric vehicles as a way for domestic manufacturers to increase innovation on their own rather than rely on government support.

However, the COVID outbreak has led to a considerable downturn in the adoption of electric vehicle, and with the rollback of certain subsidies, the market in China is expected to be impacted severely over the next few years. Additionally, reduced investment in the development of charging infrastructure and the withdrawal of some manufacturers from unprofitable regions such as India is expected to restrain the growth of the market. Hence, reduced expenditure on R&D by manufacturers and slow market penetration in emerging economies are expected over the forecast period.


Request a Free sample to learn more about this report.

Streamlining the EV Value Chain likely to propel the market growth

 Strategies to develop micro EVs are not always adequately reinforced in the e-mobility ecosystem by all players. A recent example involves the shortage of battery cell production that Lead to an extensive waiting period for some electric vehicles in Europe. An integrated approach by regulatory associations and industries involved is being observed to avert such issues.

Moreover, greater clarity on emission control and regulations over the forecast period can help manufacturers to proliferate localized battery-cell production as well as plan necessary investments for raw materials. Volume planning is likely to improve owing to the aforementioned factors that allow manufacturers to meet greater demand. Hence, streamlining the electric vehicle value chain and greater collaboration between key players and regulatory authorities is expected to be a positive trend for the growth prospects of the market.


Smaller Size and Limited Top Speed of Micro EVs to Promote Safer Driving

The smaller size of the micro EVs translates to lesser resources required to produce the battery and hence the end-of-life disposal is almost negligible. Also, their compact size ensures minimum road and parking space. Moreover, the top speed of micro electric vehicles is limited owing to their compact size which makes them less dangerous in comparison to other road vehicles and hence exempting them from certain crash testing requirements.

For instance, countries such as China, there is no insurance or license is requirement for their operation, therefore highlighting their ease of use and convenience. Hence, these factors are primarily responsible for driving the growth of the micro electric vehicles market.

Favorable Government Regulations to Increase the Adoption of this Technology will Augment Growth

Government policies aimed at propelling the sale of EVs and micro EVs in terms of financial incentives as well as developing supporting infrastructure such as EV charging stations have been observed across the globe.

Moreover, stringent environmental regulations are being implemented particularly in developing countries to curb the level of pollution especially from conventional vehicles. Micro EVs owing to their compact size and battery ensure minimum pollution as well as low initial and running costs for owners. Hence, the environmental benefits and cost-effectiveness of these vehicles are attributed to help attract significant revenue to the market.


Lack of Electric Charging Stations to Hamper Growth Rate

Increasing the number of electric charging stations is a necessity as micro EVs are not capable of traveling large distances owing to their smaller battery size. Installation of commercial charging stations is more complicated than in residential places owing to permits required, design guidelines, zoning requirements among other factors. Hence lack of charging stations particularly in developing countries is expected to reduce the adoption of these vehicles among general consumers, which restrains the growth of the market.                                               


By Type Analysis

Lithium-ion Battery EVs dominated the market in 2018

On the basis of market segmentation by type, the market is segmented into the lithium-ion battery and lead-acid battery EVs. The lithium-ion segment is expected to retain its leading position during the forecast period. Lithium-ion batteries take less than 10 times the volume than lead-acid batteries in vehicles and are also lighter. Moreover, lithium-ion batteries allow more space for passengers and their higher density means the end-user doesn't need to charge the battery as often. These factors are likely to help lithium-ion battery segment hold the dominant share in this market.

By Application Analysis

To know how our report can help streamline your business, Speak to Analyst

Commercial Use Segment to hold the largest share Owing to Compact Size

Based on application, the market is segmented into commercial use, personal use, and public utilities. The commercial use segment held the largest market share in 2018 owing to the compact size of electric microcars that enables minimum road occupancy, particularly beneficial for use at airport terminals. These vehicles can reduce the on-road congestion while eliminating emission concerns. These factors are responsible for the high share of this segment in the market.

The personal use segment is also expected to grow at a significant CAGR owing to its rising popularity among young drivers who prefer such compact eco-friendly vehicles as a means of daily commute. Additionally, benefits such as high maneuverability and low running costs of these vehicles also increase adoption among consumers. Hence, the personal use segment is projected to show considerable growth opportunities in this market.


Asia Pacific Micro EVs Market Size, 2018 (USD Million)

To get more information on the regional analysis of this market, Request a Free sample

The market in Asia Pacific is particularly driven by China where plug-in electric vehicles are viewed as a long term solution by the government to the environmental and social problems such as pollution, congestion, and energy security caused by rapid motorization. Electric vehicle related regional and national incentives, coupled with the increasing popularity of low-speed electric vehicles (LSEVs) are responsible for the increased adoption of micro EVs in China. Hence, the market is expected to show significant growth in Asia Pacific over the forecast period.

The market in North America is characterized by greater use of LSEVs for commercial use such as in golf courses and airport terminals as they are banned from road use, particularly in many states of the U.S.  In Europe, the adoption of this technology is particularly higher in France, Italy, and Spain. In Italy and Spain, there is an established commercial micro EV market for deliveries and the agricultural sector. While in France, the market is driven by urban users and young drivers as no driving license is required for running these vehicles. Hence, Europe is expected to show a notable growth in the forecast period.


Renault and Textron Emerge as Leading Players in the Market.

Leading manufacturers in the market include Renault, Yogomo, Polaris Inc., and Textron among others. The key area of focus for a majority of these companies is innovation in battery technology aimed at enhancing vehicle range and significantly reducing the cost burden on consumers. Reducing battery load is also aimed at increasing the payload capacity on vehicles, which is a key demand among the end-users.

Furthermore, the diversification of product portfolio by manufacturers is likely to increase the demand for cost-effective micro EVs. Additionally, other players are emphasizing on making entry into the emerging markets such as India and Brazil over the next few years. Hence, extensive R&D investment to increase the commercial viability of these vehicles as well as the entry of new players owing to increasing demand for micro EVs over the forecast period.


  • Ingersoll Rand (Milwaukee, U.S.)

  • Textron (Rhode Island, U.S.)

  • Polaris Inc. (Minnesota, U.S.)

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

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

  • Yogomo (Shandong, China)

  • Renault (Paris, France)


  • August 2019 – Polaris Government and Defense and Polaris Commercial divisions of Polaris Inc. have launched free grant assistance program for funding assistance for consumers requiring Polaris passenger and utility vehicles. This assistance funding will play important role in helping consumers to receive unlimited free grant from industry professionals.

  • May 2018 – Textron Specialized Vehicles developed a new line of its Cushman Shuttle personal vehicle powered by the company’s special 72-volt AC electric drive train. These vehicles under its E-Z GO golf cart brand deliver increased range and improved energy efficiency.

  • October 2019 – Renault started to export the Twizzy electric car produced at its sole plant in Busan, South Korea across the globe with the first batch to be shipped to Europe. The move is expected to revive reduced sales from its Korean production plant and improve profitability.


To gain extensive insights into the market, Request for Customization

The market research report provides a detailed micro EVs market analysis and focuses on key aspects such as leading companies, product types, and leading application segments of the product. Besides this, the report offers insights into the market, current industry trends, swot analysis, and highlights the key micro EVs industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

An Infographic Representation of Micro Electric Vehicles (EV) Market

To get information on various segments, share your queries with us

Report Scope & Segmentation



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD Million) & Volume (Thousand Units)


By Type

  • Lead-acid Battery EVs

  • Lithium-ion Battery EVs

By Application

  • Commercial Use

  • Personal Use

  • Public Utilities

By Geography

  • North America (the U.S., and Canada)

  • Europe (U.K., Germany, France, Italy, Russia, and the Rest of Europe)

  • Asia-Pacific (China, Japan, South Korea, Taiwan, Southeast Asia, India, Australia)

  • Rest of the World

Frequently Asked Questions

Fortune Business Insights says that the global micro electric vehicle (EV) market size was USD 4944.8 million in 2018 and is projected to reach USD 5814.7 million by 2026.

In 2018, the Asia Pacific market value stood at USD 1638.9 million.

Growing at a CAGR of 1.53%, the market will exhibit good growth in the forecast period (2019-2026).

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

Compact size and a limited top speed that promotes safe driving are the key factors driving the growth of the market.

Ingersoll Rand, Textron, Polaris Inc., Renault are the major players of the global market.

Asia Pacific held the largest share in the market in 2018.

Favorable government regulations that incentivize the development and sale of micro EVs at a national and regional level are factors propelling the adoption of this technology during the forecast period.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
Micro Electric Vehicles (EV) Market Size, Share and Global Industry Trend Forecast till 2026
  • Aug, 2020
  • 2019
  • 2016-2018
  • 200


  • 4850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Automotive & Transportation Clients


Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info.