Global Micro Electric Vehicle Market Seen Soaring 11.47% Growth to Reach USD 21.52 billion by 2030, Projects Univdatos Market Insights
- Vikas Kumar
- November 28, 2023
- AUTOMOTIVE, NEWS
- Micro Electric Vehicle, Micro Electric Vehicle Market, Micro Electric Vehicle Market analysis, Micro Electric Vehicle Market forecast, Micro Electric Vehicle Market growth, Micro Electric Vehicle Market share, Micro Electric Vehicle Market trends
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According to a new report by Univdatos Market Insights, the Micro Electric Vehicle Market Globally is expected to reach USD 21.52 Million in 2030 by growing at a CAGR of 11.47%.
In the last couple of years, global attention on sustainability and decreasing carbon emissions has caused a massive rise in the reputation of micro-electric vehicles. As the world grapples with the challenges posed by climate change, individuals and organizations are actively seeking greener transportation options. In addition to these micro-electric vehicles, there are also several other green transportation options that are becoming increasingly popular. Car-sharing services, such as Zipcar, are becoming increasingly popular, as they allow individuals to rent cars for short trips without having to own their own vehicle. Public transportation is also becoming increasingly popular, as it is an efficient and cost-effective way to get around.
The urge for opportunity for micro-electric vehicles has been progressively growing, driven by advancements in battery technology, government incentives, and growing environmental consciousness among consumers. Going forward, traffic congestion is one of the major problems noticed in the last few years, and micro-electric vehicles are the most suitable option. They take less space, avoid congestion, and have fewer parking spaces in cities making it a viable option. Additionally, this surge in sales can be attributed to the expanding charging infrastructure, longer battery range, and the introduction of new models with the aid of essential automobile manufacturers.
Moreover, the advantages of micro-electric vehicles extend beyond environmental issues. These automobiles offer lower operating costs, decreased dependence on fossil fuels, and a quieter and smoother driving experience. Furthermore, government initiatives, such as tax incentives and rebates, make owning and operating these cars more financially attractive for consumers.
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The automotive industry is undergoing a transformative shift closer to sustainable mobility, with predominant players investing heavily in research and development of opportunity fuel and hybrid technology. Major companies like Yamaha, Clubcar, and PMV Electric Pvt Lyd., have made significant strides in this area, introducing innovative models that integrate performance, style, and sustainability.
Going forward, major players operating in the market are looking to launch new models worldwide for consumers to hold a position in the market and make them more affordable to a wider range of people.
- In April 2023, MG Motor announced the launch of its upcoming compact EV, the ‘Comet’, in India. It will be the smallest four-wheeler on sale in India, measuring just 2.9m long. It will be powered by a battery of around 20-25kWh capacity, giving it a driving range of up to 300km.
- In November 2022, PMV Electric launched the EaS-E, the most affordable electric vehicle in India, at an introductory price of ₹4.79 lakh (ex-showroom). It is the smallest electric car one can buy in the country and offers a range of up to 200 km on a single charge. It features a digital infotainment system, a USB charging port, air conditioning, remote keyless entry and remote park assist, cruise control, airbags for occupants as well as seat belts.
- In December 2022, Squad Mobility announced the U.S. expansion of its electric quadricycle product line. Featuring a solar panel located on its roof, the quadricycle can store energy and remain operational.
Conclusion
The Micro-Electric Vehicle Market is growing rapidly, with technological advancements and policy changes driving the transition from traditional fuel-powered vehicles. The biggest obstacle to widespread adoption is cost-related, as gasoline and the vehicles that run on it are still more convenient and less expensive. As the market expands, players such as Yamaha, PMV Electric, and others are launching new models worldwide to cater to consumer needs. Recent developments by companies like PMV Electric, Morris Garage, and others focus on enhancing consumer enjoyment and expanding the range of these vehicles. Overall, the micro-electric vehicle industry is poised for further increase and innovation in the coming years so the demand for greener transportation boost in due time.
