Micro Electric Vehicle Market to Reach USD 18.05 Billion by 2030; Growing Focus on Developing V2G Applications and Suitable Charging Infrastructure to Augment Market Expansion

The global micro electric vehicle market size touched USD 7.27 billion in 2022 and is predicted to reach USD 8.10 billion in 2023. The market is anticipated to touch USD 18.05 billion by 2030, recording a CAGR of 12.14% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “Micro Electric Vehicle Market Size, Share & COVID-19 Impact Analysis, By Type (Quadricycle and Golf Carts), By Battery Type (Lead Acid Battery and Lithium-ion Battery), By Application (Commercial Use, Personal Use, and Public Utilities), and Regional Forecast, 2023-2030”.

Micro EVs typically utilize a low-powered drivetrain and give a low power output as they run on a similar yet compact battery system. Growing population pool and large-scale urbanization have increased the vehicle traffic tremendously. This has spurred the demand for compact and sustainable commuting vehicles to navigate through heavy traffic. These factors are expected to boost the micro electric vehicle market growth during the forecast period.

Micro EV Orders to Witness Robust Spike Due to Rise in Cargo Transportation During COVID-19 Pandemic

While the global car sales saw a major decline in 2020 due to imposition of lockdowns and other restrictions during the COVID-19 pandemic, the electric car sales remained relatively stable, albeit witnessing a slight drop. The electric mobility sector exceeded industrial expectations as the demand for electric vehicles skyrocketed during this period. For instance, EV sales in Europe more than doubled in top markets such as Germany, the U.K., and Italy during 2020. This further strengthened the market potential.

Rapid Development of V2G Applications and Reliable Charging Infrastructure May Accelerate Market Progress

Many leading EV companies are increasingly integrating the Vehicle-to-Grid (V2G) technology to promote their adoption among people. This move is expected to transform the approach toward energy utilization in the coming years. This is due to the fact that V2G technology can push back the energy stored in vehicles to a country’s electricity grid whenever there is a peak demand for power supply.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/micro-electric-vehicles-ev-market-10347

Competitive Landscape

Technological Advancements and Demand for Micro Electric Vehicles to Boost Market Growth of Major Players

There are many companies leading the market growth. But Yamaha Golf Cart Company, a Japanese electric vehicle manufacturer, has dominated the market as it deals with the production, research, development, and sale of new energy vehicles. The company’s electric golf carts are known to exhibit great technical performance and have an excellent appearance. The wide range of applications of these vehicles will help the company retain its dominance in the market.

Notable Industry Development:

• August 2022 – Club Car announced that it entered into a strategic partnership with ezLocator, one of the industry leaders in daily pin placement management solutions. The combination of Club Car Connect and ezLocator is predicted to provide utility vehicles and golf cars with the ability to effectively manage pin locations with high speed and precision.

List of the Companies Profiled in the Report:

• Yamaha Golf Cart Company (U.S.)


• Club Car LLC (U.S.)


• Textron Inc. (U.S.)


• Renault Group (France)


• Toyota Motor Corporation (Japan)


• Italcar Industrial S.r.l. (Italy)


• PMV Electric Pvt. Ltd. (India)


• Alke (Italy)


• Polaris (U.S.)


• Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China)

Further Report Findings

• North America is anticipated to hold a leading micro electric vehicle market share during the forecast timeline as the usage of golf carts is growing across the region, due to the rising number of golf courses. The regional market was also valued at USD 2.80 billion in 2022. The expanding EV infrastructure network in this region offers many lucrative benefits and can play a vital role in increasing the adoption of new technological trends in the automotive sector.


• Asia Pacific was the second largest region for the market in 2022. One of the major reasons for this is the low cost of Battery Electric Vehicles (BEVs) in China. General Motors is planning to penetrate the ever-growing Chinese market, as there is a robust demand for the product in the country.


• The golf cart segment is projected to hold a dominant position in the market as the adoption of electric golf carts is growing across the world. This is due to the fact that they offer great sustainability and are highly efficient. These golf carts provide a compact solution to facilitate short-range transportation of cargo and other industrial materials. In addition to this, these carts come with a low-power engine, which can decrease the total cost of the vehicle. These factors are positively influencing the demand for golf carts across the world.


• The lithium-ion battery segment might capture the largest share of the market as the sales of electric vehicles is skyrocketing each year. These batteries also have superior properties. One of them being the longer lifespan offered by these batteries as compared to their counterparts. This feature helps them in improving the lifecycle of the micro electric vehicle batteries as well. A growing number of leading players in the automotive industry are installing lithium-ion batteries in their vehicles to expand the lifecycle of their products. This has positively impacted the demand for these batteries over lead-acid batteries.

Table of Segmentation