A micro electric vehicle (EV) is a four-wheeled electric powered micro vehicle with an attainable speed of more than 20 miles per hour but not more than 25 miles per hour (in China, not more than 70 kilometers per hour) on a paved surface, and it usually has a gross vehicle weight rating (GVWR) of less than 3,000 pounds.
Neighborhood electric vehicles (NEVs), golf carts and utility terrain vehicles all fall into this category.
Global Sales of Micro EVs surged in the past two years with the good sales of scooters in China market. Global Micro EVs are expected to sell 2.51 million units in 2025 and more than 80% will appear in China market, which exhibits a promising trend of the industry. For the products types, lithium ion batteries based Micro EVs are more favored in USA, Europe and Japan, while lead-acid batteries based products take a large market share in China.
Attracted by the market profits, more and more companies have entered into Micro EVs industry, the competition between manufacturers at home and abroad is fierce for the time being. For the major players of Micro EVs industry in global market, Textron, Yamaha and Polaris are the leaders. In the other side, China suppliers such as Yogomo, Dojo and Shifeng have obvious large sales market share.
For the fierce competition between suppliers, price and gross margin is expected to decrease further. Global average price of Micro EVs is predicted to decline 4.06 thousand USD/Unit in the end of 2025, for the manufacturers, gross margin is about 15%~23%.
According to this study, over the next five years the Micro EVs market will register a 8.3% CAGR in terms of revenue, the global market size will reach USD 9220 million by 2024, from USD 5720 million in 2019. In particular, this report presents the global market share (sales and revenue) of key companies in Micro EVs business, shared in Chapter 3.
This report presents a comprehensive overview, market shares, and growth opportunities of Micro EVs market by product type, application, key manufacturers and key regions and countries.
This study considers the Micro EVs value and volume generated from the sales of the following segments-
Segmentation by product type- breakdown data from 2014 to 2019, in Section 2.3; and forecast to 2024 in section 11.7.
Lead-acid Battery EVs
Lithium-ion Battery EVs
Segmentation by application- breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 11.8.
Personal Use
Commercial Use (Sightseeing, Golf etc.)
Public Utilities
This report also splits the market by region- Breakdown data in Chapter 4, 5, 6, 7 and 8.
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Spain
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report- Breakdown data in in Chapter 3.
Yogomo
Shifeng
Textron
Dojo
Byvin
Polaris
Lichi
Baoya
Tangjun
Yamaha
Fulu
Xinyuzhou
GreenWheel EV
Incalu
Kandi
Renault
APACHE
Garia
Zheren
Ingersoll Rand
CitEcar Electric Vehicles
Eagle
Taiqi
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
Research objectives
To study and analyze the global Micro EVs consumption (value & volume) by key regions/countries, product type and application, history data from 2014 to 2018, and forecast to 2024.
To understand the structure of Micro EVs market by identifying its various subsegments.
Focuses on the key global Micro EVs manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Micro EVs with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the consumption of Micro EVs submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.
