Small Electric Vehicle Sales to Cross 3.2 Million by 2025
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.
Download
Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=5070
Customers can also
request for 10% free customization on this report.
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.
About TechSci Research
TechSci
Research is a leading global market research firm publishing premium market
research reports. Serving 700 global clients with more than 600 premium market
research studies, TechSci Research is serving clients across 11 different
industrial verticals. TechSci Research specializes in research-based consulting
assignments in high growth and emerging markets, leading technologies and niche
applications. Our workforce of more than 100 fulltime Analysts and Consultants
employing innovative research solutions and tracking global and country
specific high growth markets helps TechSci clients to lead rather than follow
market trends.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]