Micro Electric Automotive Market by Battery Type (Lead Acid Battery and Lithium Ion Battery), Application (Personal Use, Public Utilities and Commercial Use), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2023 to 2032

  • Publish Date: May, 2023
  • Report ID: 420246
  • Category: Automotive
  • Pages: 236
$4700

The micro electric automotive market is expected to grow from USD 10 billion in 2022 to USD 25.93 billion by 2032, at a CAGR of 10% during the forecast period 2023-2032.

Micro electric automotive, also known as Micro EVs, are small electric vehicles with limited range and smaller sizes. They are getting popular in urban setups where the parking area is limited. The pros of EVs are carried forward here, albeit in a smaller size and limited range. These vehicles are used in intra-city travel and as small public transport. Government subsidies and pollution are driving the growth, while the cost of Micro EVs being more than ICE vehicles is somewhat restraining it. The battery is the most expensive part of the vehicle.

Over the past few decades, the population's increasing disposable income has spurred a growth in automotive demand. As public awareness of climate change has grown over the past few years, so has the desire for electric vehicles. Similarly, government initiatives that encourage the development and utilization of electric vehicles through subsidies and incentives also aid in expanding the industry. National governments worldwide are emphasising green development and providing significant money for developing green technologies like micro electric automobiles. Therefore, the market for micro-electric automobiles will benefit greatly from a global shift towards electric vehicles and technological advancements in the sector, which will reduce their retail costs. The limited range and increasing incidences of batteries catching fire will hamper the market's growth.

This study comprehensively analyses the battery type, application, and region. The battery type segment includes Lead Acid Battery and Lithium Ion Battery. The lithium-ion battery will be the leading battery type segment in 2022. Lithium-ion batteries offer high specific energy and high voltage output, improving their efficiency. Additionally, the advancement and affordability of these products due to the growing number of market participants worldwide will support the segment's future expansion. The Application segment includes Personal Use, Public Utilities and Commercial Use. Commercial use was the leading application segment in 2022. The growing use of micro electric automobiles in warehousing, logistics, and other manufacturing and industrial units drives the segment's growth.

The market has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia Pacific is leading the regional segment. China is the world's largest electric vehicle manufacturer and consumer, accounting for the region's market supremacy. China and India, two of the world's worst polluters, are responsible for halting climate change by cutting carbon emissions. Government programmes that provide subsidies and other incentives to promote the manufacturing and consumer demand for electric vehicles are doing well for the local market.

Some notable players in the micro electric automotive market are Textron, Baoya, Yamaha Golf-Car Company, YOGOMA, Polaris Inc., CLUB CAR, Italcar Industrial, Renault Group etc.

Micro Electric Automotive Market Analysis and Forecast, Battery Type

  • Lead Acid Battery
  • Lithium Ion Battery

Micro Electric Automotive Market Analysis and Forecast, Application

  • Personal Use
  • Public Utilities
  • Commercial Use

Micro Electric Automotive Market Analysis and Forecast, Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Sweden
    • Netherland
    • The U.K.
    • Italy
    • Spain
    • Turkey
    • Switzerland
    • Belgium
    • Rest Of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • South Korea
    • Australia
    • Singapore
    • Malaysia
    • Thailand
    • Indonesia
    • Philippines
    • Rest Of APAC
  • South America
    • Brazil
    • Argentina
    • Peru
    • Colombia
    • Rest Of South America
  • Middle East and Africa
    • UAE
    • Saudi Arabia
    • Egypt
    • Nigeria
    • South Africa
    • Rest Of MEA

Report Description:

  • The base year for the study has been considered 2022,  historic year 2019 to 2021, the forecast period considered is from 2023 to 2032.
  • The study delivers a comprehensive analysis of the global market for all segments and region
  • The report offers an in-depth analysis of driving factors, opportunities, and restraints for gaining the key insight of the market. The report emphasizes all the key trends that play a vital role in the enlargement of the market from 2023 to 2032.
  • Porter's Five Forces model is used to recognize the competitive scenario in the market. This report incorporates the industry analysis, providing an extensive market view.
  • The study also includes an attractiveness analysis of all segments and regions, which are benchmarked based on their market size, growth rate, and attractiveness in terms of present and future opportunities for understanding the market's future growth.
  • The report provides a company profile of the key players operating in the market and a comparative analysis based on their business overviews, product offerings, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, partnerships, SWOT analysis, and key financial information.
  • The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors, which are based on our extensive secondary research, primary research, and in-house databases.

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Battery Type
          4.3.2. Market Attractiveness Analysis By Application
          4.3.3. Market Attractiveness Analysis By Region
    4.4. Industry Trends
5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The increasing demand for eco-friendly automobiles
    5.3. Restraints
          5.3.1. The limited range of a micro electric automotive
    5.4. Opportunities
          5.4.1. The favourable government initiatives
    5.5. Challenges
          5.5.1. The increasing incidence of battery fires
6. Global Micro Electric Automotive Market Analysis and Forecast, By Battery Type
    6.1. Segment Overview
    6.2. Lead Acid Battery
    6.3. Lithium Ion Battery
7. Global Micro Electric Automotive Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Personal Use
    7.3. Public Utilities
    7.4. Commercial Use
8. Global Micro Electric Automotive Market Analysis and Forecast, By Regional Analysis
    8.1. Segment Overview
    8.2. North America
          8.2.1. U.S.
          8.2.2. Canada
          8.2.3. Mexico
    8.3. Europe
          8.3.1. Germany
          8.3.2. France
          8.3.3. U.K.
          8.3.4. Italy
          8.3.5. Spain
    8.4. Asia-Pacific
          8.4.1. Japan
          8.4.2. China
          8.4.3. India
    8.5. South America
          8.5.1. Brazil
    8.6. Middle East and Africa
          8.6.1. UAE
          8.6.2. South Africa
9. Global Micro Electric Automotive Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in the Micro Electric Automotive Market
          9.2.1. Global Company Market Share
          9.2.2. North America Company Market Share
          9.2.3. Europe Company Market Share
          9.2.4. APAC Company Market Share
    9.3. Competitive Situations and Trends
          9.3.1. Product Launches and Developments
          9.3.2. Partnerships, Collaborations, and Agreements
          9.3.3. Mergers & Acquisitions
          9.3.4. Expansions
10. Company Profiles
    10.1. Textron
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Product Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. Baoya
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Product Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. Yamaha Golf-Car Company
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Product Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. YOGOMA
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Product Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. Polaris Inc.
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Product Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. CLUB CAR
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Product Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. Italcar Industrial
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Product Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. Renault Group
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Product Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. Aptiv
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Product Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis
    10.10. Volvo
          10.10.1. Business Overview
          10.10.2. Company Snapshot
          10.10.3. Company Market Share Analysis
          10.10.4. Company Component Portfolio
          10.10.5. Recent Developments
          10.10.6. SWOT Analysis

List of Table

1. Global Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

2. Global Lead Acid Battery Micro Electric Automotive Market, By Region, 2019-2032 (USD Billion) 

3. Global Lithium Ion Battery Micro Electric Automotive Market, By Region, 2019-2032 (USD Billion) 

4. Global Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

5. Global Personal Use Micro Electric Automotive Market, By Region, 2019-2032 (USD Billion) 

6. Global Public Utilities Micro Electric Automotive Market, By Region, 2019-2032 (USD Billion) 

7. Global Commercial Use Micro Electric Automotive Market, By Region, 2019-2032 (USD Billion) 

8. Global Micro Electric Automotive Market, By Region, 2019-2032 (USD Billion) 

9. North America Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

10. North America Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

11. U.S. Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

12. U.S. Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

13. Canada Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

14. Canada Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

15. Mexico Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

16. Mexico Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

17. Europe Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

18. Europe Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

19. Germany Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

20. Germany Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

21. France Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

22. France Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

23. U.K. Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

24. U.K. Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

25. Italy Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

26. Italy Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

27. Spain Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

28. Spain Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

29. Asia Pacific Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

30. Asia Pacific Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

31. Japan Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

32. Japan Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

33. China Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

34. China Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

35. India Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

36. India Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

37. South America Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

38. South America Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

39. Brazil Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

40. Brazil Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

41. Middle East and Africa Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

42. Middle East and Africa Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

43. UAE Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

44. UAE Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

45. South Africa Micro Electric Automotive Market, By Battery Type, 2019-2032 (USD Billion) 

46. South Africa Micro Electric Automotive Market, By Application, 2019-2032 (USD Billion) 

List of Figures 

1. Global Micro Electric Automotive Market Segmentation

2. Micro Electric Automotive Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Micro Electric Automotive Market Attractiveness Analysis By Battery Type

9. Global Micro Electric Automotive Market Attractiveness Analysis By Application

10. Global Micro Electric Automotive Market Attractiveness Analysis By Region

11. Global Micro Electric Automotive Market: Dynamics

12. Global Micro Electric Automotive Market Share by Battery Type (2022 & 2032)

13. Global Micro Electric Automotive Market Share by Application (2022 & 2032)

14. Global Micro Electric Automotive Market Share by Regions (2022 & 2032)

15. Global Micro Electric Automotive Market Share by Company (2022)

Research Methodology

Market research is a method of gathering, assessing and deducing data & information about a particular market. Market research is very crucial in these days. The techniques analyze about how a product/service can be offered to the market to its end-customers, observe the impact of that product/service based on the past customer experiences, and cater their needs and demands. Owing to the successful business ventures, accurate, relevant and thorough information is the base for all the organizations because market research report/study offers specific market related data & information about the industry growth prospects, perspective of the existing customers, and the overall market scenario prevailed in past, ongoing present and developing future. It allows the stakeholders and investors to determine the probability of a business before committing substantial resources to the venture. Market research helps in solving the marketing issues challenges that a business will most likely face.

Market research is valuable because of the following reasons:

  • Market research helps businesses strengthen a company’s position
  • Market research helps in minimizing the investment risks associated with the businesses in any industry vertical
  • Market research helps in identifying the potential threats and opportunities associated with the business industry
  • Market research aids in spotting the emerging trends and facilitates strategic planning in order to stay ahead in the competition

Our research report features both the aspects; qualitative and quantitative. Qualitative part provides insights about the market driving forces, potential opportunities, customer’s demands and requirement which in turn help the companies to come up with new strategies in order to survive in the long run competition. The quantitative segment offers the most credible information related to the industry. Based on the data gathering, we use to derive the market size and estimate their future growth prospects on the basis of global, region and country.

Our market research process involves with the four specific stages.

  • Data Collection
  • Data Synthesis
  • Market Deduction & Formulation
  • Data Screening & Validation

Data Collection: This stage of the market research process involves with the gathering and collecting of the market/industry related data from the sources. There are basically two types of research methods:

  • Primary Research: By conducting primary research, it involves with the two types of data gathering; exploratory and specific. Exploratory data is open-ended and helps us to define a particular problem involving surveys, and pilot study to the specific consumer group, knowing their needs and wants catering to the industry related product/service offering. Explanatory data gathering follows with the bit of unstructured way. Our analyst group leads the study by focusing on the key crowd, in this manner picking up bits of knowledge from them. In light of the points of view of the clients, this data is used to plan advertise techniques. In addition, showcase overviews causes us to comprehend the current scenario of the business. Specific data gathering on the hand, involves with the more structured and formal way. The primary research usually includes in telephonic conversations, E-mail collaborations and up close and personal meetings/interviews with the raw material suppliers, industrial wholesalers, and independent consultants/specialists. The interviews that we conduct offers important information on showcase size and industry development patterns. Our company likewise conducts interviews with the different business specialists so as to increase generally bits of knowledge of the business/showcase.
  • Secondary Research: The secondary research incorporates with the data gathering from the non-profit associations and organizations, for example, World bank, WHO, investor relations and their presentations, statistical databases, yearly(annual reports) reports, national government records, factual databases, websites, articles, white papers, press releases, blogs and others. From the annual report, we deduce an organization's income/revenue generation to comprehend the key product segment related to the market. We examine the organization sites and implement product mapping strategy which is significant for determining the segment revenue. In the product mapping technique, we choose and categorize the products offered by the companies catering to the industry specific market, derive the segment revenue for each of the organizations to get the market estimation. We also gather data & Information based on the supply and demand side of the value chain involved with the domain specific market. The supply side denotes the distributors, wholesalers, suppliers and the demand side denotes the end-consumers/customers of the value chain. The supply side of the market is analyzed by examining the product growth across industry in each of the region followed by its pricing analysis. The demand side is analyzed by the evaluating the penetration level and adoption rates of the product by referring to the historical/past data, examine the present usage and forecasting the future trends. 
  • Purchased Database: Our purchased data provides insights about the key market players/companies along with their financial analysis. Additionally, our data base also includes market related information. 
    • We also have the agreements with various reputed data providers, consultants and third party vendors who provide information which are not limited to:
      • Export & Import Data
      • Business Information related to trade and its statistics
      • Penetration level of a particular product/service based on geography mainly focusing on the unmet prerequisites of the customers.
  • In-house Library: Apart from these third-party sources, we have our in-house library of quantitative and qualitative data & information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, internal audit reports, historic databases, archives and journal publications. Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those particular cases, we utilize our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopts a robust research technique in order to deduce the market size and its estimates:
  • Examining demographic along with psychographic segmentation for market evaluation
  • Analyzing the macro and micro-economic indicators for each demography
  • Evaluating the current industry trends popular in the market.

Data Synthesis: This stage includes the evaluation and assessment of all the data acquired from the primary and secondary research. It likewise includes in evaluating the information for any disparity watched while information gathering identified with the market. The data & information is gathered with consideration to the heterogeneity of sources. Scientific and statistical methods are implemented for synthesizing dissimilar information sets and provide the relevant data which is fundamental for formulating strategies. Our organization has broad involvement with information amalgamation where the information goes through different stages:

  • Information Screening: Information screening is the way toward examining information/data gathered from the sources for errors/mistakes and amending it before data integration process. The screening includes in looking at raw information, identifying and distinguishing mistakes and managing missing information. The reason for the information screening is to ensure information is effectively entered or not. Our organization utilizes objective and precise information screening grades through repetitive quality checks.
  • Data Integration: The data integration method involves with the incorporation of numerous information streams. The data streams is important so as to deliver investigate examines that give overall market scenario to the investors. These information streams originate from different research contemplates and our in house database. After the screening of the information, our analysts conduct efficient integration of the data streams, optimizing connections between integrated surveys and syndicated data sources. There are two research approaches that we follow so as to coordinate our information; top down methodology and bottom up methodology. 
    • Top-down analysis generally refers to using broad factors as a basis for decision making. The top-down approach helps in identifying the overall market scenario along with the external and internal factors effecting the market growth.
    • The bottom-up approach takes a completely different approach. Generally, the bottom-up approach focuses its analysis on micro attributes and specific characteristics of the domain specific market.

Market Formulation & Deduction: The last stage includes assigning the data & information in a suitable way in order to derive market size. Analyst reviews and domain based opinions based on holistic approach of market estimation combined with industry investigation additionally features a crucial role in this stage.

This stage includes with the finalization of the market size and numbers that we have gathered from primary and secondary research. With the data & information addition, we ensure that there is no gap in the market information. Market trend analysis is finished by our analysts by utilizing data extrapolation procedures, which give the most ideal figures to the market.

Data Validation: Validation is the most crucial step in the process. Validation & re-validation through scientifically designed technique and process that helps us finalize data-points to be used for final calculations. This stage also involves with the data triangulation process. Data triangulation generally implicates the cross validation and matching the data which has been collected from primary and secondary research methods.

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