The market for small manned electric vehicles (EVs), including a wide range of vehicles from e-bikes to car-like micro electric vehicles, is flourishing at an excellent pace. These highly desirable vehicles are touted as the vehicles of the future owing to their many cost-, convenience-, and environment-related benefits. The report states that the market for car-like electric vehicles, which are usually low in cost as compared to regular cars, together with the market for two-wheeled electric vehicles, will reach a valuation of US$33 billion by 2026.
The report states that e-scooters will be the dominant sector across the small electric vehicle market, followed by three-wheeler micro electric vehicles. The market for four-wheeler car-like vehicles and e-bikes is also expected to observe robust sales over the forecast period. The basis of the report, by putting the highly desirable e-vehicles in the context of allied vehicles of current times, is chiefly the research undertaken in the market in 2015.
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The report states that the market for micro electrical vehicles has better growth prospects and chances of gaining easy penetration in the market owing to their ease of passing regulatory confinements, as they do not need to go through crash tests and other requirements typical of cars. Micro electrical vehicles can also be as cheap as one tenth of the price of a typical car. The market for micro EVs also has huge growth prospects in countries like China, the Philippines, and India, where e-tuktuks can replace the nearly 3.2 million tuktuks in the country.
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Mobility vehicles for the disabled will also help in coping with the epidemic of obesity and the collective aging of the global population. Car-like micro electrical vehicles will help emerging countries in becoming mobile and pollution-free.
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