The Infinium Global Research analyzes the Micro Electric Vehicle Market over the period of 2019 to 2025. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global micro electric vehicle market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of micro electric vehicle. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the micro electric vehicle market during the period. The global micro electric vehicle market is projected to grow at a CAGR of 16.94% over the forecast period of 2019-2025.
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Increase in R&D Investments to Develop Li-ion Batteries is Projected to Offer Lucrative Opportunities to the Market Players
The major factor contributing to the growth of the micro electric vehicle market is the technological advancements in Li-ion batteries. Moreover, the reduced maintenance costs of the vehicles are likely to increase the demand for micro electric vehicles. However, the longer time for charging the batteries is projected to be a key restraining factor for the micro electric vehicle market. Nevertheless, the increase in R&D investments to develop Li-ion batteries is projected to offer lucrative opportunities to the market players.
The Asia Pacific Held the Highest Market Share, Dominating the Global Micro Electric Vehicle Market
Regionally, Asia Pacific held the highest market share, dominating the global micro electric vehicle market. The dominance of the Asia Pacific market is attributed to the increase in sales of sub-compact electric vehicles and the implementation of favorable government policies that provide incentives and subsidies to electric vehicle manufacturers. Moreover, the presence of a number of market players in the Asia Pacific is expected to boost the growth of the micro electric vehicle market in this region.
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Micro Electric Vehicle Market: Segmentation
The micro electric vehicle market is segmented by type and application. The type of micro-electric vehicle includes golf carts & microcars and quadricycles. Based on type, the golf carts and micro cars segment accounted for the highest share in the market owing to the increased sale of club cars, such as golf carts and personal utility vehicles, in developed regions such as North America and Europe. The application of micro-electric vehicle includes commercial, residential and other applications. The commercial segment among the application held the major share in the market owing to the high demand for the golf carts and other club cars in developed countries such as the U.S. and U.K.
Micro Electric Vehicle Market: Competitive Analysis
The micro electric vehicle market is fragmented in nature as a number of players exists in the market, competing with each other. The key players in the market including Italcar Industrial S.r.l., Ingersoll-Rand Inc., Yogomo Vehicle Co., Ltd., Textron Inc., Polaris Industries, Smart Automobile Company, and others are investing highly in research activities to develop better batteries that have large energy storing capacity and get charged in less time.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the micro electric vehicle.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
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