Even if the long-term costs of owning an electric vehicle (EV) are less expensive, the higher entry price compared with internal combustion engine (ICE) models is making some customers examine the cost to value ratio. With cars generally remaining idle for 95% of the day, shared mobility is emerging as a cheaper and more convenient alternative that can also improve urban spaces.
One solution for maintaining long-term private ownership in cities could be micro EVs (MEVs). Defined by Fortune Business Insights as a one- or two-seat quadricycle powered by a small battery, the researcher valued the global market at US$9.6bn in 2022 and expects it to grow 130% by 2029.
