Micro EVs could be $282b business in 20 years

Micro EVs (electric two- and three-wheelers and microcars) are set to surge during the next 20 years.

That’s according to an IDTechEx report which puts global demand at US$180 billion (NZ$282b) by 2043.

These include electric scooters and motorcycles, electric cargo and passenger three-wheelers, and microcars, in China, India, Southeast Asia, Europe, USA, and the rest of the world.

Micro EVs area generally described small electric vehicles that can seamlessly navigate highly populated urban areas, designed for short trips of only a few kilometres and travelling at low speeds (usually under 80km/h).

Local mobility culture is important to look at because it indicates how people will choose to get around the city, the report says.

“Obvious examples include the USA with its car-centric focus, compared to India with a two-wheeler-centric atmosphere.

“When it comes to bringing micro EVs to cities, understanding what the mobility culture looks like can bridge the gap between consumers’ needs and wants, and what the new mobility segment can offer.”

 The latest IDTechEx report covers the key global regions for micro EV adoption, with the culture identified and popular micro EV models benchmarked based on specifications like motor power, battery capacities, and price.

Market shares of leading players are also included for each region, along with sales and battery demand (GWh), and policies supporting micro EV uptake.