New York, NY, Aug. 24, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Small Electric Vehicle Market by Vehicle Type (2 or 3 Wheeler, Passenger Cars, and Light Commercial Vehicle), by Technology (Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Battery Electric Vehicle), Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global small electric vehicle market was valued at USD 7.10 billion in 2017 and is expected to reach around USD 28.60 billion by 2024, growing at a CAGR of approximately 22.02% for the forecast period from 2018 to 2024.
Electric vehicles are different from fossil fuel-powered vehicles. An electric vehicle is a substitute for conventional internal combustion engines. They use electric motors and controllers for driving. The required electricity is stored onboard by the vehicle using a battery, or a fuel cell. Vehicles making use of engines working on the principle of combustion usually derive their energy from non-renewable fossil fuels. The main advantage of electric vehicles is that they have a regenerative braking feature which is used to convert kinetic energy produced by the vehicle to store it in the battery of the vehicle. However, due to the use of heavy batteries in these vehicles, the weight of electric vehicles increases. Thus, lightweight electric vehicles were introduced in the market. These light electric vehicles (LEVs) weigh less than 100kg and is one of the largest and fastest growing electric vehicle markets. E-bikes are the dominating type segment in this market which is further anticipated to retain its dominance throughout the forecast period.
Browse through 29 Tables & 25 Figures spread over 152 Pages and in-depth TOC on “Global Small Electric Vehicle Market Size & Trends 2017 Analysis: Industry Type, Share, Growth Analysis and Forecast to 2024”.
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Environmental pollution control has become a major concern in today’s world as rising pollution due to vehicular emissions is forcing the governments to introduce new rules and regulations for automobile manufacturers and emissions control. This is one of the major factors increasing the adoption of small electric vehicles. Increase in the prices of fuel due to rise in the prices of crude oil and increasing demand for more fuel efficient, high performance, and fewer emission vehicles are the key drivers for the growth of the small electric vehicle market. However, the cost of production is high and service availability is less for electric vehicles when compared to gasoline engine cars. These limitations are presently restraining the growth of the small electric vehicle market. Further, the involvement of governments in raising the awareness against pollutions and various marketing and selling activities of the small electric vehicles are some of the factors boosting the growth of this market. Along with this, the continuous improvement in technology will help the electric vehicle manufacturers to produce more reliable and more fuel-efficient vehicles.
2 or 3 wheelers, passenger vehicles, and light commercial vehicles are the vehicle type segments of the small electric vehicle market. 2 or 3 wheeler vehicle type segment is expected to observe remarkable growth in the coming years. Further, on the basis of technology, the small electric vehicle market is segmented into the plug-in hybrid electric vehicle, battery electric vehicle, and hybrid electric vehicle. The market is analyzed in five regions namely Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
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North America was the leading market with the highest share in terms of revenue in the small electric vehicle market in 2017. North America is expected to hold the largest market share and dominate the small electric vehicle market due to the positive initiatives were taken by several governments of this region such as corporate average fuel economy program (CAFEP) and awareness regarding the use of electric vehicles for promoting green fuel. The North American plug-in electric vehicle market experienced a year-on-year growth of around 62% in 2017 over 2016. Volatile fuel prices spur demand and promote the growth of the small electric vehicle market. Charging options, convenience, and accessibility will be a critical deciding factor for adoption of electric vehicles. To overcome these barriers, they require innovative business models and stable effective public policies.
The European small electric vehicle market is expected to grow significantly from 2018 to 2024 and is anticipated to present several opportunities for the players in this region. Between 2018 and 2024, electric cars are expected to become the rational choice for the people in Europe owing to the reduction in the price of electric vehicles due to cheaper batteries and increase in the fuel efficiency of the electric vehicles. Charging station availability in different parts of Europe has spread widely with the help of various government supports. This region held around 28% of the global small electric vehicle market.
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The Asia Pacific region, excluding Japan, is expected to represent the fastest growth rate for the small electric vehicles in the forecast period. The growth is owing to the rising environmental concerns and vehicle emission norms getting stringent. Within the region, China will represent the most substantive sales growth in both unit and percentage terms, fuelled by an increasing number of small electric vehicles offered for sale in the country. The LEV industry is growing rapidly in China and is also emerging fast in the rest of the world. For instance, in the last few years, China has exported its e-bikes to nearly every nation around the world, and the volumes are significantly growing year by year. Rising air pollution, high fuel prices, and a huge population of the country are the major factors responsible for the growth of electric vehicles in this region.
Latin America and the Middle East & Africa are significantly investing in the small electric vehicle market. Latin America along with the Middle East & Africa regions are expected to witness a significant growth in terms of the adoption of small electric vehicles.
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Some of the key players in small electric vehicle market are Tesla, Inc., Mercedes-Benz, Volkswagen, Renault S.A., General Motors, Fisker Automotive, Nissan Motors Company, Ford Motor Company, Toyota Motor Corporation, BYD Company, Smith Electric Vehicles, and Mitsubishi iMiEV, among others.
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The report segments the small electric vehicle market as follows:
Global Small Electric Vehicle Market: Vehicle Type Segment Analysis
- 2 or 3 Wheeler
- Passenger Cars
- Light Commercial Vehicle
Global Small Electric Vehicle Market: Technology Type Segment Analysis
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Battery Electric Vehicle
Global Small Electric Vehicle Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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