Published on : Nov 23, 2016
A while back, micro-electric vehicles were considered a part of the electric vehicles. On account of their soaring demand and rapid market growth, they are now considered a separate category of vehicles. Usually one or two-seater, the micro-electric vehicles are powered by a battery, with an electric power propulsion between 4 KWh to 10 KWh. They aren’t meant for long road trips or excursions, but for short ones within a certain radius. They are mostly used by delivery people, or are used in airports, public parks, and zoos, and in golf courses.
Functionality-wise, the micro-electric vehicles are sustainable and safe. They are expensive too. Notwithstanding the cost, however, the market for micro-electric vehicles is slated to grow at an impressive CAGR of 17.26% from 2016 to 2020.
Sophisticated Versions of Lithium Ion Battery Propel the Market
The tremendous advancement so far in the global market for micro-electric vehicles has been primarily on account of more sophisticated versions of the lithium ion battery. Vendors these days are devoting a lot of their energies into finding methods for further extending the life of Li-ion batteries and making them sturdier. Already, they have come a long way in this direction. For example, the batteries manufactured nowadays deliver almost three times more power than they did a couple of decades back. Further, they have become way more affordable too.
One of the primary challenges faced by the micro-electric vehicles pertains to the battery and charging time.
Highly Polluted China Powers the Leading Asia Pacific Market
The market for micro electric vehicles can be segmented into golf carts and micro cars, and quadricycles. Asia Pacific has been dominating the market on account of China, where the government has mandated all car manufacturers to provide a sustainable or green model in their product line in order to curb pollution. The easiest way out was to introduce micro EVs on the roads. Governments in China, Japan, and South Korea are all making serious efforts to offer incentives for the manufacture and use of electric vehicles in lessen carbon emissions.