By Gary Thomas
Frost and Sullivan has presented a new analysis, Strategic Overview of the North American Microelectric Vehicles Market, which has forecasted a compound annual growth rate (CAGR) of 39.30% between 2010 and 2017.
It is expected that 34 new base models will be introduced, which will increase the total number of microelectric vehicles in North America to 150 types by 2013.
It is anticipated that city electric vehicles and medium speed vehicles will experience significant advancement supported by infrastructure development mainly by sales to private customers.
There is an increased demand for alternate-fuel powered small urban vehicles mainly due to consumer preference for features like reduced vehicle ownership costs and eco-friendliness. The efforts to launch large number of microelectric vehicles in the North American market are supported by government exemptions and subsidies, expected to improve revenue.
The entire automotive industry is emerging into an era of microelectric vehicles, which also address the availability issues of parking space in crowded city centers. In North America, it is expected that the microelectric vehicle sales will increase several fold because of the focus on alternate fuel driven vehicles, the high cost of vehicle ownership and the existence of neighborhood electric vehicles (NEVs).