NEW YORK, Feb. 17, 2023 /PRNewswire/ — According to Technavio, the global micro electric vehicle market size is estimated to grow by 1,542.22 thousand units from 2022 to 2027. The market is expected to grow at a CAGR of 8.02% during the forecast period. Moreover, the growth momentum will accelerate. North America will account for 47% of the market’s growth during the forecast period. The report includes historic market data from 2017 to 2021. In 2017, the micro electric vehicle market was valued at 2,700.02 thousand units. COVID-19 had the most negative impact on the global automotive industry in recent years, resulting in a steep fall in demand and a large-scale disruption of the supply chain. It has exerted intense pressure on an already-stressed global automotive market. Yet, there are high predictions that few countries are bringing manufacturing facilities and production back on track, indicating that the supply side is on a restoration line. For more insights on the market size, request a sample report

Leading trends influencing the market 

• The development of micro electric vehicles for the mass market by leading automakers and urban mobility solution providers is a key trend in the market.
• There are numerous advantages of micro electric vehicles.
• The popularity of such vehicles is compelling automakers to meet the demands of customers globally.
• For instance, Micro Mobility Systems is developing new urban mobility solutions and working on re-launching the electric version of the BMW Isetta.
• Such factors are expected to support the growth of the market during the forecast period.
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Micro electric vehicle market – Five forces
The global micro electric vehicle market is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes

Micro electric vehicle market – Customer landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Micro electric vehicle market – Segmentation assessment

Segment overview
Technavio has segmented the market based on type (golf and micro cars and quadricycle) and application (commercial, personal, and public utilities). 

• The golf and micro cars segment will account for a significant share of the market’s growth during the forecast period. A golf cart carries golfers and their accessories around a golf course. The sales of golf carts have increased over the last few years owing to advances in technology and growing interest in golf. The growth of the golf and micro cars segment is attributed to factors such as high demand for neighborhood electric vehicles and club cars, including golf carts and personal utility vehicles, in countries such as the US and China.

Geography overview
Based on geography, the global micro electric vehicle market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global micro electric vehicle market.

• North America is estimated to account for 47% of the growth of the global market during the forecast period. The US and Canada are the key revenue-generating countries for the market owing to the high demand for quadricycles, electric golf carts, and mobility vehicles. The US government has introduced subsidies and incentives to drive the demand for micro electric vehicles, which is driving the market’s growth in the region.

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Micro electric vehicle market – Market dynamics
Key factor driving market growth

• Technological advances in lithium-ion battery manufacturing and minimal maintenance costs leading to improved reliability are driving the growth of the global micro EV market.
• Li-ion batteries have higher energy density when compared to lead-acid batteries and nickel-metal hydride batteries.
• They are also more compact, lightweight, and safer.
• As Li-ion batteries are being used in various sectors, R&D activities are being undertaken to improve their performance and lifecycle.
• The use of advanced technologies, such as technical advances in cathodes, anodes, and electrolytes, may boost the storage capacities of Li-ion batteries.
• Such factors are expected to fuel the growth of the market during the forecast period.

Major challenges hindering market growth

• Power grids serving as a source of electric vehicles are indirectly polluting the environment, which is challenging the growth of the global micro EV market.
• Energy infrastructure such as power grids is driven by coal, which leads to air pollution.
• These power grids release large amounts of harmful gases, which can cause health issues in humans.
• The production of electric car batteries also pollutes the natural environment.
• Such indirect harmful effects of electric vehicles may hinder the growth of the global micro electric vehicle market during the forecast period.

Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this micro electric vehicle market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the micro electric vehicle market between 2023 and 2027
• Precise estimation of the size of the micro electric vehicle market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the micro electric vehicle market across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of micro electric vehicle market vendors

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Micro Electric Vehicle Market Scope

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (thousand units)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (thousand units)
• Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global micro electric vehicle market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on Global micro electric vehicle market 2017 – 2021 (thousand units)

• 4.2 Type Segment Analysis 2017 – 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 – 2021 (thousand units)

• 4.3 Application Segment Analysis 2017 – 2021
• Exhibit 20: Historic Market Size – Application Segment 2017 – 2021 (thousand units)

• 4.4 Geography Segment Analysis 2017 – 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (thousand units)

• 4.5 Country Segment Analysis 2017 – 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (thousand units)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type – Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Golf and micro cars – Market size and forecast 2022-2027
• Exhibit 34: Chart on Golf and micro cars – Market size and forecast 2022-2027 (thousand units)
• Exhibit 35: Data Table on Golf and micro cars – Market size and forecast 2022-2027 (thousand units)
• Exhibit 36: Chart on Golf and micro cars – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Golf and micro cars – Year-over-year growth 2022-2027 (%)

• 6.4 Quadricycle – Market size and forecast 2022-2027
• Exhibit 38: Chart on Quadricycle – Market size and forecast 2022-2027 (thousand units)
• Exhibit 39: Data Table on Quadricycle – Market size and forecast 2022-2027 (thousand units)
• Exhibit 40: Chart on Quadricycle – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Quadricycle – Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type (thousand units)

7 Market Segmentation by Application

• 7.1 Market segments 
• Exhibit 43: Chart on Application – Market share 2022-2027 (%)
• Exhibit 44: Data Table on Application – Market share 2022-2027 (%)

• 7.2 Comparison by Application 
• Exhibit 45: Chart on Comparison by Application
• Exhibit 46: Data Table on Comparison by Application

• 7.3 Commercial – Market size and forecast 2022-2027
• Exhibit 47: Chart on Commercial – Market size and forecast 2022-2027 (thousand units)
• Exhibit 48: Data Table on Commercial – Market size and forecast 2022-2027 (thousand units)
• Exhibit 49: Chart on Commercial – Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Commercial – Year-over-year growth 2022-2027 (%)

• 7.4 Personal – Market size and forecast 2022-2027
• Exhibit 51: Chart on Personal – Market size and forecast 2022-2027 (thousand units)
• Exhibit 52: Data Table on Personal – Market size and forecast 2022-2027 (thousand units)
• Exhibit 53: Chart on Personal – Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Personal – Year-over-year growth 2022-2027 (%)

• 7.5 Public utilities – Market size and forecast 2022-2027
• Exhibit 55: Chart on Public utilities – Market size and forecast 2022-2027 (thousand units)
• Exhibit 56: Data Table on Public utilities – Market size and forecast 2022-2027 (thousand units)
• Exhibit 57: Chart on Public utilities – Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Public utilities – Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Application 
• Exhibit 59: Market opportunity by Application (thousand units)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 61: Chart on Market share by geography 2022-2027 (%)
• Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 63: Chart on Geographic comparison
• Exhibit 64: Data Table on Geographic comparison

• 9.3 North America – Market size and forecast 2022-2027
• Exhibit 65: Chart on North America – Market size and forecast 2022-2027 (thousand units)
• Exhibit 66: Data Table on North America – Market size and forecast 2022-2027 (thousand units)
• Exhibit 67: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.4 APAC – Market size and forecast 2022-2027
• Exhibit 69: Chart on APAC – Market size and forecast 2022-2027 (thousand units)
• Exhibit 70: Data Table on APAC – Market size and forecast 2022-2027 (thousand units)
• Exhibit 71: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.5 Europe – Market size and forecast 2022-2027
• Exhibit 73: Chart on Europe – Market size and forecast 2022-2027 (thousand units)
• Exhibit 74: Data Table on Europe – Market size and forecast 2022-2027 (thousand units)
• Exhibit 75: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027
• Exhibit 77: Chart on South America – Market size and forecast 2022-2027 (thousand units)
• Exhibit 78: Data Table on South America – Market size and forecast 2022-2027 (thousand units)
• Exhibit 79: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 81: Chart on Middle East and Africa – Market size and forecast 2022-2027 (thousand units)
• Exhibit 82: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (thousand units)
• Exhibit 83: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 US – Market size and forecast 2022-2027
• Exhibit 85: Chart on US – Market size and forecast 2022-2027 (thousand units)
• Exhibit 86: Data Table on US – Market size and forecast 2022-2027 (thousand units)
• Exhibit 87: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.9 Japan – Market size and forecast 2022-2027
• Exhibit 89: Chart on Japan – Market size and forecast 2022-2027 (thousand units)
• Exhibit 90: Data Table on Japan – Market size and forecast 2022-2027 (thousand units)
• Exhibit 91: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.10 Canada – Market size and forecast 2022-2027
• Exhibit 93: Chart on Canada – Market size and forecast 2022-2027 (thousand units)
• Exhibit 94: Data Table on Canada – Market size and forecast 2022-2027 (thousand units)
• Exhibit 95: Chart on Canada – Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Canada – Year-over-year growth 2022-2027 (%)

• 9.11 UK – Market size and forecast 2022-2027
• Exhibit 97: Chart on UK – Market size and forecast 2022-2027 (thousand units)
• Exhibit 98: Data Table on UK – Market size and forecast 2022-2027 (thousand units)
• Exhibit 99: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.12 Germany – Market size and forecast 2022-2027
• Exhibit 101: Chart on Germany – Market size and forecast 2022-2027 (thousand units)
• Exhibit 102: Data Table on Germany – Market size and forecast 2022-2027 (thousand units)
• Exhibit 103: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 105: Market opportunity by geography (thousand units)

10 Drivers, Challenges, and Trends

• 10.3 Impact of drivers and challenges 
• Exhibit 106: Impact of drivers and challenges in 2022 and 2027

11 Vendor Landscape

• 11.2 Vendor landscape 
• Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 108: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 109: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 110: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 111: Matrix on vendor position and classification

• 12.3 AYRO Inc. 
• Exhibit 112: AYRO Inc. – Overview
• Exhibit 113: AYRO Inc. – Product / Service
• Exhibit 114: AYRO Inc. – Key offerings

• 12.4 Bayerische Motoren Werke AG 
• Exhibit 115: Bayerische Motoren Werke AG – Overview
• Exhibit 116: Bayerische Motoren Werke AG – Business segments
• Exhibit 117: Bayerische Motoren Werke AG – Key news
• Exhibit 118: Bayerische Motoren Werke AG – Key offerings
• Exhibit 119: Bayerische Motoren Werke AG – Segment focus

• 12.5 Bintelli Electric Vehicles 
• Exhibit 120: Bintelli Electric Vehicles – Overview
• Exhibit 121: Bintelli Electric Vehicles – Product / Service
• Exhibit 122: Bintelli Electric Vehicles – Key offerings

• 12.6 BYD Electronic Co. Ltd. 
• Exhibit 123: BYD Electronic Co. Ltd. – Overview
• Exhibit 124: BYD Electronic Co. Ltd. – Business segments
• Exhibit 125: BYD Electronic Co. Ltd. – Key news
• Exhibit 126: BYD Electronic Co. Ltd. – Key offerings
• Exhibit 127: BYD Electronic Co. Ltd. – Segment focus

• 12.7 Electrameccanica Vehicles Corp. 
• Exhibit 128: Electrameccanica Vehicles Corp. – Overview
• Exhibit 129: Electrameccanica Vehicles Corp. – Business segments
• Exhibit 130: Electrameccanica Vehicles Corp. – Key offerings
• Exhibit 131: Electrameccanica Vehicles Corp. – Segment focus

• 12.8 Elio Motors Inc. 
• Exhibit 132: Elio Motors Inc. – Overview
• Exhibit 133: Elio Motors Inc. – Product / Service
• Exhibit 134: Elio Motors Inc. – Key offerings

• 12.9 Italcar Industrial Srl 
• Exhibit 135: Italcar Industrial Srl – Overview
• Exhibit 136: Italcar Industrial Srl – Product / Service
• Exhibit 137: Italcar Industrial Srl – Key offerings

• 12.10 Mercedes Benz Group AG 
• Exhibit 138: Mercedes Benz Group AG – Overview
• Exhibit 139: Mercedes Benz Group AG – Product / Service
• Exhibit 140: Mercedes Benz Group AG – Key offerings

• 12.11 Microlino AG 
• Exhibit 141: Microlino AG – Overview
• Exhibit 142: Microlino AG – Product / Service
• Exhibit 143: Microlino AG – Key offerings

• 12.12 PMV Electric Pvt. Ltd. 
• Exhibit 144: PMV Electric Pvt. Ltd. – Overview
• Exhibit 145: PMV Electric Pvt. Ltd. – Product / Service
• Exhibit 146: PMV Electric Pvt. Ltd. – Key offerings

• 12.13 Polaris Inc. 
• Exhibit 147: Polaris Inc. – Overview
• Exhibit 148: Polaris Inc. – Business segments
• Exhibit 149: Polaris Inc. – Key offerings
• Exhibit 150: Polaris Inc. – Segment focus

• 12.14 Renault SAS 
• Exhibit 151: Renault SAS – Overview
• Exhibit 152: Renault SAS – Product / Service
• Exhibit 153: Renault SAS – Key news
• Exhibit 154: Renault SAS – Key offerings

• 12.15 Shandong Baoya 
• Exhibit 155: Shandong Baoya – Overview
• Exhibit 156: Shandong Baoya – Product / Service
• Exhibit 157: Shandong Baoya – Key offerings

• 12.16 Textron Inc. 
• Exhibit 158: Textron Inc. – Overview
• Exhibit 159: Textron Inc. – Business segments
• Exhibit 160: Textron Inc. – Key news
• Exhibit 161: Textron Inc. – Key offerings
• Exhibit 162: Textron Inc. – Segment focus

• 12.17 Yamaha Motor Co. Ltd. 
• Exhibit 163: Yamaha Motor Co. Ltd. – Overview
• Exhibit 164: Yamaha Motor Co. Ltd. – Business segments
• Exhibit 165: Yamaha Motor Co. Ltd. – Key offerings
• Exhibit 166: Yamaha Motor Co. Ltd. – Segment focus

13 Appendix

• 13.2 Inclusions and exclusions checklist 
• Exhibit 167: Inclusions checklist
• Exhibit 168: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 169: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 170: Research methodology
• Exhibit 171: Validation techniques employed for market sizing
• Exhibit 172: Information sources

• 13.5 List of abbreviations 
• Exhibit 173: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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