October 28 2020
Micro Electric Vehicles Market will exhibit a CAGR of 1.53% during the forecast period, and reach USD 5814.7 million by 2026, ,and the Market value as per 2018 was USD 4944.8 million.
Fortune Business Insights™ in a new report, titled, “Micro Electric Vehicles (EV) Market Size, Share & COVID-19 Impact Analysis, By Type (Lead Acid Battery, Lithium-Ion Battery), By Application (Commercial Use, Personal Use, Public Utilities), and Regional Forecast, 2019-2026.”
Micro Electric Vehicles Market Drivers and Restraint:
Smaller Size and Limited Top Speed of Micro EVs to Promote Safer Driving
The smaller size of the micro EVs translates to lesser resources required to produce the battery and hence the end-of-life disposal is almost negligible. Also, their compact size ensures minimum road and parking space. Moreover, the top speed of micro electric vehicles is limited owing to their compact size which makes them less dangerous in comparison to other road vehicles and hence exempting them from certain crash testing requirements.
For instance, countries such as China, there is no insurance or license is requirement for their operation, therefore highlighting their ease of use and convenience. Hence, these factors are primarily responsible for driving the growth of the micro electric vehicles market.
Favorable Government Regulations to Increase the Adoption of this Technology will Augment Growth
Government policies aimed at propelling the sale of EVs and micro EVs in terms of financial incentives as well as developing supporting infrastructure such as EV charging stations have been observed across the globe.
Moreover, stringent environmental regulations are being implemented particularly in developing countries to curb the level of pollution especially from conventional vehicles. Micro EVs owing to their compact size and battery ensure minimum pollution as well as low initial and running costs for owners. Hence, the environmental benefits and cost-effectiveness of these vehicles are attributed to help attract significant revenue to the market.
List of Key Players Covered in the Micro Electric Vehicles Market Report:
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/micro-electric-vehicles-ev-market-103474
Some of the key industry developments in the Micro Electric Vehicles Market Include: