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Global Micro Electric Vehicle Market Soars Powered by Cutting-edge Technology

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Published on : Nov 29, 2016

ALBANY, NY, Nov 29, 2016: The report finds that the global market for micro electric vehicles would likely expand at an impressive CAGR of 17.26% from 2016 to 2020, on account of new and better models, among other factors.

Micro electric vehicles, which were previously grouped under the category of electric vehicles, are now considered to be a different category of vehicles altogether on account of their surging demand. They are powered by electric battery propulsion with a power rating of 4 KWh to 10 KWh. They are usually two to four-seater vehicles. The global market for micro electric vehicles is segmented into three parts: golf carts, quadricycles, and micro cars.

The report says that a dedicated and focused consortium of leading automakers working on the development and manufacture of micro electric vehicles has propelled its market substantially. The new designs, features, and functionalities brought about by cutting-edge technology have led to their increased off take. Innovations in battery technology, for example, have positively impacted sales. From the nickel-cadmium battery to the most recent Li-ion lightweight battery, electric vehicle technology has seen a sea change.

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Innovations continue till date, with manufacturers these days trying to build longer-lasting and more powerful Li-ion batteries for better performance. Alongside the aforementioned trend, the report delves into many other trends dominating the market for micro electric vehicle, such as lighter construction and growing automation for a better driving experience. It finds that the dearth of charging stations and proper infrastructure in developing economies is hobbling market growth to some extent. 

The report sheds light on the working of micro electric vehicles and the different parameters factored in while buying the products. It also talks about the latest vehicle charging technologies. Geography-wise, the report divides the global market for micro electric vehicles into Asia Pacific, the Americas, and Europe, the Middle East, and Africa. It calculates the market size based on revenue and volume of sales in each of the regions and also tries to predict growth prospects in the upcoming years. The report also makes a special mention of China, which is a crucial market.

To help various players, new and old as well as large and small, to comprehend the current competitive landscape and strategize sagaciously, the report has leveraged Porter’s Five Forces analysis, which is a study of supplier power, buyer power, competitive rivalry, threat of substitution, and threat of new entrants in the market.  

Further, the report discuses some of the crucial players in the market, their product offerings, and market share. Some of the key vendors that find a mention in the report are Polaris Industries, Textron, Smart Automobile Company, Ingersoll Rand, and Yamaha Motors.

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