Global micro EV market nearly US$10b in five years

The global micro electric vehicle market is expected to grow from US$7305.67 million in 2019 to US$9988.23m by the end of 2025 at a compound annual growth rate (CAGR) of 5.35%.

So says a newly released report Micro Electric Vehicle Market Research Report by Type, by Application – Global Forecast to 2025.

It forecasts revenues and analyses trends in various sub-markets, including hybrid micro EVs – projected to see the highest growth in that time – and pure micro EVS which dominated the micro EV market in 2019.

The market is also studied across the commercial and residential sectors, the former expected to have the highest growth within the five years.

The report suggests the Asia-Pacific region is projected to witness the highest global growth during the forecast period, even though the Americas commanded the largest size in the market in 2019.

Recent significant developments by the leading vendors and innovation profiles including Ingersoll-Rand Inc, Italcar Industrial S.r.l., Polaris Industries, Textron Inc, and Yogomo Vehicle Co are also covered.

A ‘Competitive Strategic Window’ analyses the competitive landscape in terms of markets, applications, and geographies, helping the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects.

The report provides insights on market penetration, market development, market diversification, competitive assessment and intelligence, and product development and innovation.

Questions around the market size and forecast, inhibiting factors and their impacts, technology trends and regulatory frameworks and more are answered in the report.