The latest report on Micro Electric Vehicle Market by Infinium Global Research gives complete coverage of the Micro Electric Vehicle Market by Type (golf carts and micro cars, and quadricycles), application (commercial, residential, and other applications) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and application trends in the regional markets of Micro Electric Vehicle such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Contributing to The Growth of The Micro Electric Vehicle Market Is the Technological Advancements
Small vehicles or micro vehicles are generally powered by electric energy. These vehicles require less energy owing to their small size. Small vehicles such as golf carts, micro cars and Quadricycles are considered as micro electric vehicles. The micro electric vehicle market is fragmented in nature as the number of players exists in the market, competing with each other. The key players in the market including Italcar Industrial S.r.l., Ingersoll-Rand Inc., Yogomo Vehicle Co., Ltd., Textron Inc., Polaris Industries, Smart Automobile Company, and others are investing highly in research activities to develop better batteries that have large energy storing capacity and get charged in less time.
The major factor contributing to the growth of the micro electric vehicle market is the technological advancements in Li-ion batteries. The micro electric vehicles require less energy for propulsion. Hence, they incorporate Li-ion batteries in them for energy storage purposes. Development in Li-ion batteries is expected to increase the storage capacity, battery life and reduce the charging time of the batteries. This, in turn, contributes to the demand for the micro electric vehicle.
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Increase the Demand for Micro Electric Vehicles in Industry
Moreover, the reduced maintenance costs of the vehicles are likely to increase the demand for micro electric vehicles. The micro electric vehicle is small in size and comprises lesser components, which makes it easy and cost-efficient to maintain. However, the longer time for charging the batteries is projected to be a key restraining factor for the micro electric vehicle market. Nevertheless, the increase in R&D investments to develop Li-ion batteries is projected to offer lucrative opportunities to the market players.
In terms of region, Asia Pacific held the highest market share, dominating the global micro electric vehicle market. The dominance of the Asia Pacific market attributed to the increase in sales of sub-compact electric vehicles and the implementation of favorable government policies that provide incentives and subsidies to electric vehicle manufacturers. Moreover, the presence of the number of market players in the Asia Pacific is expected to boost the growth of the micro electric vehicle market in this region.
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Reasons to Buy this Report:
Comprehensive analysis of global as well as regional markets of the Micro Electric Vehicle.
Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2025.
Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.