Global Small Electric Vehicle Market To Grow At A CAGR Of 12% During The Forecast Period

30-Jun-2022 | Zion Market Research

The global small electric vehicle market was worth around $164 billion in 2021 and is predicted to grow to around $750 billion by 2028 at a CAGR rate of 12% over the forecast period.

Small electric vehicles are automobiles that run with the help of one or more electric motors and function only on energy-stored batteries and are compact in size as compared to other EVs. Small electric vehicles are less priced than their counterparts and are not used not just for personal reasons but also for public transport, like the 3-wheelers in countries like India and China. The main goal of smaller EVs is to overcome the traffic problems arising in urbanized cities across the globe. Even though the running mechanism of the micro-electric vehicles is the same as that of large electric vehicles, they require relatively smaller-sized batteries.

Covid-19 had a negative impact on the global small electric vehicle market owing to the disruption in the supply chain along with the closure of manufacturing units and scarce availability of raw materials. However, the demand for small EVs has been on a constant rise and now that manufacturing units are working at full capacity, the global market is expected to generate high revenues during the forecast period.

Oil, fuel, and gas prices have been rising constantly in the last few years across regions. The rise can be attributed to many factors like political turmoil, higher demand & less supply rate, and depletion of fossil fuels due to overconsumption. The rise in the prices of fuel has made it difficult for the consumer group to enjoy the luxury of fuel-run vehicles since they have become unaffordable for a large segment of society. The high cost of maintaining such vehicles or the overall cost of these automobiles has assisted in the rising demand for EVs and more importantly small electric vehicles to beat the traffic issues in modern cities. Smaller electric vehicles require lesser time to charge which reduces the time vehicle owners spend on charging their vehicles in their already hectic lifestyle. The urbanized cities face the problem of the scarce availability of parking spaces in commercial or residential areas. This issue is resolved by small electric vehicles since they can be accommodated in the relatively tiny areas thus aiding the global small electric vehicle market growth along with other reasons like better-charging facilities, government subsidies on smaller electric vehicles, and a higher rate of return as compared to larger EVs

The current high manufacturing costs, lack of charging infrastructure, and range anxiety may hinder the global market growth whereas growth opportunities can be expected given the technological advancement, government support, and rising innovations in the EV industry. Building the infrastructure needed to satisfy the growing demand for electric vehicles poses a challenge to the global market expansion.

Global Small Electric Vehicle Market

The global small electric vehicle market in this research analysis is divided into vehicle type, technology, vehicle class, vehicle drive type, and region. The vehicle type is classified as 2 or 3-wheeler, passenger cars, and light commercial vehicles. The technology includes hybrid electric vehicles, plug-in hybrid electric vehicles, battery electric vehicles, and fuel cell electric vehicles. The vehicle class comprises luxury and mid-priced. The vehicle drive type is divided into front-wheel drive, rear-wheel drive, and all-wheel drive.

Asia-Pacific is expected to dominate the global small electric vehicle market owing to the rise in the number of manufacturers offering affordable small EVs aided by multiple government initiatives to encourage business leaders. The growing population and the subsequent scarcity of available space for factors other than living are anticipated to aid the regional growth. China is a leading economy in the sector because of its constant efforts toward upgrading and innovating newer technologies.

North America is expected to register a high CAGR owing to robust advancements in the field of small electric vehicles, the presence of risk-taking manufacturers, and encouragement from the government to achieve zero-carbon emission.

Since regions like Latin America and Africa have less-income groups, their respective emerging economies have a high potential for the development of the small electric vehicle market

The key players in the global small electric vehicle market are ChargePoint Inc., Schneider Electric, Tesla Inc., BP Chargemaster, Shell International BV, Webasto Group, Siemens AG, EVBox, Eaton, Ingersoll Rand, Textron, Polaris, Baoya, Yogomo, Renault, Nissan Motor, and Volkswagen AG.

Recent Developments:

  • In July 2020, BSES Yamuna Power Limited and EV motors built electric vehicle charging stations in multitudes.

Browse the full Small Electric Vehicle Market By Vehicle Drive Type (Front Wheel Drive, Rear Wheel Drive, and All Wheel Drive), By Technology (Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, Battery Electric Vehicle, and Fuel Cell Electric Vehicle), By Vehicle Type (2 or 3-Wheeler, Passenger Cars, and Light Commercial Vehicle), By Vehicle Class (Luxury and Mid-Priced), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/small-electric-vehicle-market

The global small electric vehicles market segmentation follows

By Vehicle Drive Type

  •  Front Wheel Drive
  • Rear Wheel Drive
  • All Wheel Drive

By Technology

  • Hybrid Electric Vehicle
  • Plug-In Hybrid Electric Vehicle
  • Battery Electric Vehicle
  • Fuel Cell Electric Vehicle

By Vehicle Type

  • 2 or 3-wheeler
  • Passenger Cars
  • Light Commercial Vehicles

By Vehicle Class

  • Luxury
  • Mid-Priced

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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