The global micro electric vehicles (EV) market size is expected to gain momentum by reaching USD 8951.7 million by 2028 while exhibiting a stellar CAGR of 16.2% between 2021 and 2028. This information is published by Fortune Business Insights™ in its report, titled “Micro Electric Vehicles (EV) Market, 2021-2028.” The report further observes that the market stood at USD 5724.2 million in 2020.
The effect of the global pandemic, COVID-19, has been felt across several
economies that are facing unprecedented loss. Owing to the lockdown announced
by the government agencies, several industries have been on a standstill with
limited operational activities. However, a collective effort from the
government as well as the industries is likely to bring the economy back on
track and aid in resumption of industrial activities.
A List of Renowned Micro EV Companies Operating in the Global Market:
- Ingersoll Rand (Milwaukee, U.S.)
- Textron (Rhode Island, U.S.)
- Polaris Inc. (Minnesota, U.S.)
- Baoya (China)
- Yamaha Golf-Car Company (Georgia, U.S.)
- Italcar Industrial S.r.l. (Turin, Italy)
- Yogomo (Shandong, China)
- Renault (Paris, France)
The market report includes qualitative and quantitative analysis of
several factors such as the key drivers and restraints that will impact growth.
Additionally, the report provides insights into the regional analysis that
covers different regions, which are contributing to the growth of the market.
It includes the competitive landscape that involves the leading companies and
the adoption of strategies by them to announce partnerships, introduce new
products, and collaboration that will further contribute to the growth of the
market between 2021 and 2028. Moreover, the research analyst has adopted
several research methodologies such as SWOT and PESTEL analysis to extract
information about the current trends and industry developments that will drive the
market growth during the forecast period.
DRIVING
FACTORS
Increasing
Concerns over Environmental Pollution to Aid Growth
According to the U.S. Environmental Protection Agency (EPA), in 2019
around 70 million tons of pollution was emitted in the United States. The
increasing pollution due to vehicular emissions is driving the demand for a more
sustainable approach by countries globally. This has led to the increasing
adoption of electric vehicles that are clean and emit zero-emissions. Moreover,
stringent regulations imposed to limit the vehicular emission and the growing
focus on the development of electric charging infrastructure is anticipated to
bode well for the global micro electric vehicles (EV) market growth in the
forthcoming years.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/micro-electric-vehicles-ev-market-103474
REGIONAL
INSIGHTS
Asia-Pacific
– The
region is expected to remain at the forefront during the forecast
period. This is owing to the increasing production of electric vehicles in
countries such as China and Japan. Moreover, supportive government policies to
promote the adoption of EVs is expected to boost the adoption of advanced micro
electric vehicles in the region. Asia Pacific stood at USD 1124.5 million in
2020.
North
America – The
market in the region is expected to gain momentum during the forecast period.
This is owing to the increasing sports and leisure activities that will drive
the sales of innovative micro electric vehicles in the region between 2021 and
2028
COMPETITIVE
LANDSCAPE
Partnership
between Prominent Companies to Brighten Their Market Positions
The market is experiencing a healthy competition between major companies
that are striving to maintain a stronghold. These companies are partnering with
other companies to develop advanced micro electric vehicles (EV) to cater to
the growing consumer demand worldwide. Furthermore, the adoption of inorganic
and organic strategies by other key players to maintain their dominance is
anticipated to favor the market growth in the forthcoming years.
Industry
Development:
- May 2018 - Textron Corporation introduced a new high-speed passenger vehicle operating on its special 72-volt AC power transmission system. The move is expected to strengthen its footprint in the global marketplace.
No comments:
Post a Comment