Global Small Electric Vehicle Market was valued at US$ 7.13Bn 2019 and is expected to reach US$ 36.36Bn by 2027, at a CAGR of 22.59% during a forecast period.
Small electric vehicle uses one or more electric motors or traction motors for propulsion. An electric vehicle powered through a collector system by electricity from off-vehicle sources, or may be self-contained with a battery, solar panels or an electric generator to convert fuel to electricity.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Major driving factors of the Small Electric Vehicle Market are generous subsidies and tight regulation continue to drive much of the growth. EVs are sophisticated and diversified, with many price and style options, but all with the reliability and power of traditional, gasoline-powered vehicles. A compact and quiet motor yields surprising acceleration: 100% torque at zero rpm, without the negative emissions associated with most small electric vehicle on the road. Higher EV sales, significant monetary and nonmonetary incentives, a greater variety of models, and the investment intensity of the charging Small Commercial Vehicle. Still, trends shift and seek out more information before diving in. With increasing innovation and environmental awareness, EVs have never been safer, sleeker, or more exciting to drive. Huge Investments in infrastructure and Lack of availability charging points in Light Commercial Vehicle will act as restraint to the market.
Based on the Vehicle, 2 or 3 wheeler vehicle segment is expected to hold the largest share in the market during the forecast period. 2 or 3 wheeler EVs are becoming cheaper faster than ever before and a practical alternative to petrol-fired vehicles. The pivot towards EVs is expected to be sharper in the months and years ahead as prices of lithium-ion (Li-Ion) batteries plummet, while its efficiency and longevity increases. The small Electric vehicle is looking at best mobility solutions for the future and in accordance with this objective, it has started engaging with external players, including startups. 4, 50,000 electric two-wheelers were sold in India in the past eight years.
In Trends – Battery Capacity Continues To Go Up
The era of electric vehicles (EVs) is in sight, and batteries are poised to become a leading power source for mobility. To capture market share and economies of scale, battery cell producers are adding massive amounts of production capacity. But these efforts threaten to undermine the industry’s economics. Huge investment raising for research and development in improving operational performance is the most effective way for battery producers to become cost competitive in a market burdened by overcapacity. By transitioning to the factory of the future, producers can reduce total battery cell costs per kilowatt-hour (kWh) of capacity by up to 20%.
In terms of region, Asia Pacific is expected to hold the largest share in the market during the forecast period. Asia’s major small vehicle makers, Japan and South Korea, already sell significant volumes of hybrid vehicles – which run on gasoline and electricity – while fuel efficiency gains will continue to cut gasoline consumption for standard vehicles.
Change is being prompted by policy moves in India and China, where governments are trying to rein in rampant pollution, cut oil imports, and compete for a slice of the fast-growing green car market. A handful of Asian companies dominate the EV battery manufacturing landscape globally. Panasonic, for example, enjoys a 40 percent share globally and is followed by China’s Contemporary Amperex Technology (23 percent) and LG Chem (18 percent).
The report includes a detailed study of Porter’s Five Forces model to analyze the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
Scope of the Small Electric Vehicle Market: Inquire before buying
Global Small Electric Vehicle Market, By Vehicle Type
• 2 or 3 Wheeler
• Passenger Cars
• Light Commercial Vehicle
Global Small Electric Vehicle Market, By Technology
• Hybrid Electric Vehicle
• Plug-In Hybrid Electric Vehicle
• Battery Electric Vehicle
Global Small Electric Vehicle Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Small Electric Vehicle Market
• Tesla, Inc.
• Renault S.A
• General Motors
• Fisker Automotive
• Nissan Motors Company
• Ford Motor Company
• Toyota Motor Corporation
• BYD Company
• Smith Electric Vehicles
• Mitsubishi iMiEV
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