IDTechEx Report Forecasts US$90B Market Opportunity for Micro EVs by 2045
Electrification of two-wheelers, three-wheelers, and microcars vs commercial vans and passenger cars. Source: IDTechEx
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Micro EVs are electrified versions of small vehicles. While there is no formal definition of micro EVs, IDTechEx includes electric two-wheelers (E2Ws) like scooters and motorcycles, electric three-wheelers (E3Ws), and microcars in this category. Micro EVs can seamlessly navigate dense urban areas, are less affected by traffic congestion, and have smaller parking requirements. They are most often used for travelling over short distances within cities at low speeds.
Pranav Jaswani, IDTechEx Technology Analyst and author of the new report, explains: 'In the same way that cars have seen rapid electrification in recent years, micro EVs have also seen a prodigious uptick in adoption. The utilization of micro EVs as low-cost city-based transport solutions for passengers and cargo make them ideal targets for electrification. They are predominantly used for short trips at low speeds, requiring less battery and drivetrains than other vehicle types. IDTechEx's report finds that batteries in micro EVs rarely exceed 20 kWh, with only some of the largest microcar models doing so. Most E2Ws and E3Ws even have batteries of 4 kWh or less – 15 to 20 times smaller than an average electric city car's battery but facilitating travel in urban areas just as well!'
Jaswani explains that governments are also getting more involved in encouraging the uptake of micro EVs, most commonly through purchase grants, which help reduce or eliminate the difference in upfront costs between a combustion and electric vehicle. Purchase grants are an especially important implement for a micro EV market which tends to be highly price-sensitive. For example, low-cost E2Ws in Asia can be as little as US$500-1,000 each, so even a small price premium of a few hundred dollars over its combustion equivalent would significantly dent sales.
Most major governments now have some type of micro EV grant scheme, though these vary in quantity and effectiveness. India stands out as a market where grant schemes have had greatly shaped the domestic micro EV landscape. The government's FAME II and EMPS schemes from 2019 to 2024 made E2Ws and E3Ws cheaper than their combustion alternatives, initiating a rapid growth phase that has seen India become one of the key market leaders for micro EVs. The 'Micro EVs 2025-2045: Electric Two-Wheelers, Three-Wheelers, and Microcars' report also highlights other government measures driving adoption.
Growing commercial applications are also driving micro EV market growth. Micro EVs are developing into an important link in the road transportation of goods, and their use will be a major step towards decarbonizing the cargo industry. Micro EVs are particularly well-suited for last-mile logistics, where vehicles are generally lighter-duty and have lower capacity requirements but need to cover urban routes while parking frequently in a stop-start operational cycle.
www.IDTechEx.com/MicroEV.
Charlotte Martin
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