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:

• Ingersoll Rand (Milwaukee, U.S.)
• Textron (Rhode Island, U.S.)
• Polaris Inc. (Minnesota, U.S.)
• Yamaha Golf-Car Company (Georgia, U.S.)
• Italcar Industrial S.r.l. (Turin, Italy)
• Yogomo (Shandong, China)
• Renault (Paris, France)

 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:

• August 2019 – Polaris Government and Defense and Polaris Commercial divisions of Polaris Inc. have launched free grant assistance program for funding assistance for consumers requiring Polaris passenger and utility vehicles. This assistance funding will play important role in helping consumers to receive unlimited free grant from industry professionals.

• May 2018 – Textron Specialized Vehicles developed a new line of its Cushman Shuttle personal vehicle powered by the company’s special 72-volt AC electric drive train. These vehicles under its E-Z GO golf cart brand deliver increased range and improved energy efficiency.

• October 2019 – Renault started to export the Twizzy electric car produced at its sole plant in Busan, South Korea across the globe with the first batch to be shipped to Europe. The move is expected to revive reduced sales from its Korean production plant and improve profitability.