In 2019, the global small electric vehicle market stood around 2.2 million units and is forecast to grow at a double-digit CAGR to reach 3.2 million units by 2025. Due to strict emission norms and emphasis by the governments of various countries on clean energy vehicles, the small electric vehicle market is increasing at a rapid pace across the globe. According to WHO, air pollution is the leading cause of deaths in countries with poor quality of air. As a result, governments of various countries are offering subsidies on the purchase of small electric vehicles. Furthermore, small electric vehicles have longer lifespan when compared with their diesel counterparts, which is anticipated to positively influence the growth of the small electric vehicle market during the forecasted period.
Global small electric vehicle market can be classified on the basis of battery type, vehicle type, type of technology and by region. Based on the battery type, the market can be segmented into Lithium-ion and Nickel-Metal-Hydride. Lithium-ion segment accounted for the largest share and the segment is poised to grow at an impressive rate during the forecast period as well. In terms of vehicle type, the market has been segmented into Passenger car and Light Commercial Vehicle segments. Passenger car segment is dominating the small electric vehicle market, globally, and this trend is expected to continue over the course of next five years.
In terms of regional analysis, the market has been segmented into North America, Asia-Pacific, and Europe. Asia-Pacific is anticipated to continue as the largest regional market for small electric vehicles due to favorable government initiatives and support. Furthermore, increasing air pollution and reducing cost of batteries are positively influencing the growth of the market in the region. In Asia-Pacific, China dominated the market and the country’s small electric vehicle market is poised to grow at an impressive rate in the coming years as well.
Major players operating in the global small electric vehicle market include GM Group, Tesla Inc, Daimler AG, BMW AG, Hyundai Motor Company, among others.
Years considered for this report:
Historical Period: 2015 - 2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021 - 2025
Objective of the Study:
- To assess the demand-supply scenario of small electric vehicle, which covers production, demand and supply of small electric vehicles, globally.
- To analyze and forecast the market size of small electric vehicle market.
- To classify and forecast global small electric vehicle market based on battery type, vehicle type, technology type, and regional distribution.
- To identify drivers and challenges for global small electric vehicle market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global small electric vehicle.
- To conduct the pricing analysis for small electric vehicle.
- To identify and analyze the profile of leading players involved in the manufacturing of global small electric vehicle.
To perform the study, TechSci Research conducted primary as well as exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of small electric vehicle players operating across the globe. Subsequently, TechSci Research conducted primary research surveys, which include primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. Through this technique, TechSci Research could include manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analysed product offerings and regional presence of all major small electric vehicle suppliers across the globe.
TechSci Research calculated the market size for global small electric vehicle by using a bottom-up technique, wherein manufacturers’ volume sales data for different applications, were recorded as well as forecast for the future years. TechSci Research sourced these values from industry experts and company representatives, and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Multiple secondary sources such as directories, company websites, company annual reports, white papers, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Small electric vehicle manufacturers, suppliers, distributors and other stakeholders
- Associations, organizations, forums and alliances related to small electric vehicle market
- Government bodies such as regulating authorities and policy makers
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as small electric vehicle manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
In this report, global small electric vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, By Vehicle Type:
o Passenger Car
o Light Commercial Vehicle
- Market, By Battery Type:
o Lithium Ion
- Market, By Technology:
o Plug-in-Hybrid Electric Vehicle
o Battery Electric Vehicle
- Market, by Region:
o North America
Company Profiles: Detailed analysis of the major companies present in Small Electric Vehicle.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect sales channel.