Dallas, Texas (PRWEB) July 24, 2014 -- The focus of vendors has shifted to finding ways to extend the life of Li-ion batteries. These batteries are now used in a variety of applications such as cell phones, laptops, PCs, power tools, electric bikes, electric scooters, tablets, medical devices, UPS systems, and transit buses. These batteries have completely replaced lead-acid batteries in several applications. The Global Li-Ion Battery market for Hybrid and Electric Vehicles is expected to grow yearly at 20 percent till 2025.
Analysts forecast the Global Micro Electric Vehicles market will grow at a CAGR of 14.91 percent over the period 2013-2018. According to the report, the Global Micro Electric Vehicles market has taken center stage mainly because of the increase in government subsidies for manufacturers and incentives for buyers of such vehicles. Gasoline and diesel-based vehicles are major generators of greenhouse gas emissions. Various governments are taking an active interest in reducing the increasing emission levels of greenhouse gases. They are also actively involved in promoting clean and efficient ways of transportation.
The Global Micro Electric Vehicles market can be divided into three segments: Quadricycles, Golf Carts, and Mobility Vehicles for the Disabled. To calculate the market size, the report considers the revenue generated from the combined sales of all three segments. In addition, the report discusses the major drivers that influence the growth of the Global Micro Electric Vehicles market. It also outlines the challenges faced by the vendors and the market at large, as well as the key trends that are emerging in the market.
Global Micro Electric Vehicles Market 2014-2018 has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas and the EMEA and APAC regions; it also covers the Global Micro Electric Vehicles market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
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The report recognizes the following companies as the key players in the Global Micro Electric Vehicles Market : Ingersoll Rand plc Polaris Industries Inc., Textron Inc., Yamaha Motor Corp. , Canadian Electric Vehicles Ltd., Chongqing Huansong Industries (Group) Co. Ltd., Columbia ParCar , E-Ride Industries , Italcar, Pride Mobility Products Corp. , Shenzhen Marshell Green Power Co. Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Tomberlin Automotive Group, Zhejiang Ruifeng (R & P) Industry Group.
Key Market Driver
• Increase in Government Subsidies and Incentives
Key Market Challenge
• Inadequate Infrastructure for Charging
Key Market Trend
• Increased Focus on Li-ion Batteries
Further, the report states that the inadequate infrastructure for charging electric vehicle batteries is a major challenge faced by the Global Micro Electric Vehicles market. Also, the time taken to recharge these batteries is too long. There is a lot of scope to improve the infrastructure for charging batteries. Hence, the present infrastructure is not sufficient to cater to current demand.
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