Growing consumers interest towards environmentally friendly vehicles coupled with favorable policy initiatives by governments to boost electric vehicle adoption to drive small electric vehicle market
According to TechSci Research report, “Global Small Electric Vehicle Market by Battery Type), By Vehicle Type, By Technology, By Region, Competition, Forecast & Opportunities, 2025”, the global small electric vehicle market stood around 2.2 million units in 2019 and is forecast to cross 3.2 million units by 2025. Due to growing consumer interest in purchasing electric cars and emphasis by the governments of various countries on clean energy vehicles, the market for small electric vehicle is growing at a rapid pace across the globe. Moreover, increasing demand for alternate fuels, rising air and noise pollution, advancements in the field of electric mobility, among others are some of the other factors driving the global small electric vehicle market. Additionally, the subsidy allocation for purchasing these vehicles by governments of developing economies would further fuel the growth of the small electric vehicle market.
However, lack of technical awareness and high procurement cost is hampering the growth of small electric vehicle market, especially for the developing countries. The global small electric vehicle market is segmented based on battery type, vehicle type, by technology, and by region. In terms of battery type, the market is segmented into Lithium-Ion and Nickel-Metal-Hydride segments. Lithium-Ion battery segments dominates the market and this trend is expected to continue during the forecast period as well. Nowadays, Lithium-Ion battery is used in almost all electric vehicles due to its high energy per unit mass in comparison to other electrical storage systems and also having attractive benefits like high energy efficiency, high power-to-weight ratio, low self-discharge and good high-temperature performance than other batteries.
In terms of vehicle type the market is segmented into Passenger Car and Light Commercial Vehicle. Passenger car segment accounts for the largest share in the global small electric vehicle and it is expected that passenger car will continue to dominate the market till 2025F. Subsidy allocation for purchasing these vehicles by governments and longer lifespan of these vehicles in comparison to diesel vehicles is fuelling the adoption rate of electric passenger cars across the globe.
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In terms of regional analysis, the market can be segmented into North America, Asia-Pacific, and Europe. Asia-Pacific is anticipated to dominate the market during the forecast period with China’s small electric vehicle market expected to account for majority of the sales in the region. GM Group, Tesla Inc, Daimler AG, BMW AG, and Hyundai Motor Company are some of the leading small electric vehicle manufacturers across the globe. Asia-Pacific is expected to dominate the global small electric vehicle market over the next five years, due to increase in investments towards alternative fuel technologies in several countries of the region. Sales of small electric vehicles across the region are driven by the presence of several regional players with their strong distribution channel across the region. Additionally, governments in various countries of the region are providing subsidies and tax benefits to small electric vehicle manufacturers, which is positively impact the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Small Electric Vehicle Market by Battery Type), By Vehicle Type, By Technology, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global small electric vehicle market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global small electric vehicle market.
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