The global micro electric vehicle market registered sales of around 2 million units in 2015 and is expected to reach almost 4 million units by 2020, says Technavio.
Technavio has announced its latest market research report on the global micro electric vehicle market for the forecast period, 2016-2020. This market analysis, under the automotive electronics vertical, discusses the major drivers and key emerging trends that will influence the growth of the global micro electric vehicle market during the forecast period. Some of the top vendors listed in this industry analysis include Ingersoll Rand, Polaris Industries, Smart Automobile Company, Textron, and Yamaha Motors.
In terms of geographical analysis, APAC will account for the largest share of the global market and is anticipated to account for sales of around 2 million by 2020. China, Japan, and South Korea will emerge as the key revenue-generators.
“The evolution of battery technology is reshaping the global market for electric vehicles. The new technology as developed by engineers is reported to make use of ultra-capacitors and super capacitors that can store energy in the form of static electricity on the surface of the material. Advances in technology would make use of graphene, a form of carbon that has the capability to store huge amounts of energy,” says Siddarth Jaiswal, a lead analyst at Technavio for research on automotive electronics.
Click here to request a free sample of this report
The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Dedicated consortium for development of micro electric vehicles: All-new designs and vehicle platforms drive demand
The European automotive market is experiencing constant growth in the sales of electric vehicles, especially in sales of plug-in hybrid vehicles. Furthermore, Europe has experienced a surge in sales of mini electric vehicles as they inherently provide better mobility in the city. Looking at the thriving market potential, a consortium has been formed for the development of micro electric vehicles. Funded by the European Commission, the consortium is led by Italy, which aims to set standards in the field of safety, quality, and efficiency. The development and sales of microcars would also reduce the costs consecutively, which has been a major drawback with sedan versions of electric vehicles.
Government subsidies to manufacturers of micro electric vehicles encouraging micro EV designers
China gained the World’s No.1 auto market share, including the passenger car segment as it overtook the US in 2009. Since then, the country has successfully maintained its position with the strong inflow of domestic and foreign automakers and its vivid product portfolios. Despite a few setbacks, China’s passenger car market stabilized with support from the government such as deduction of taxes on the purchase of small cars, which eventually fueled the sales of passenger cars. With the growing sales of vehicles in China, the penetration of electric vehicles is also on the rise.
Technological advances in Li-ion battery and minimum maintenance costs: Leading to more reliability
Li-ion batteries are fast replacing the earlier versions of batteries used in golf carts and utility vehicles. They are compact, lightweight, and safer compared with lead-acid and nickel-metal hydride batteries. Their slim and compact structure makes the installation process simpler. This in turn makes the designing and planning of a vehicle body relatively easier. Li-ion batteries are being used in various sectors and hence, multiple R&D activities are being initiated to improve their performance and lifecycle. The use of advanced technologies such as technical advances in cathodes, anodes, electrolytes, and Li-ion batteries are expected to boost the storage capacities of batteries.
Some of the other prominent vendors identified in this report are Italcar, ParCar, and Rhoades Car.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Micro Electric Vehicle Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Marine Electric Vehicles Market 2016-2020
- Global Hybrid Commercial Vehicle Market 2016-2020
- Global Hybrid Electric Vehicles (HEVs) Market 2015-2019
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
https://www.technavio.com/
