Electric vehicles have been all the rage these past few years, and are proving to be a fierce competitor within the auto industry now more than ever. Currently, the future of the EV market is at its brightest as it enjoys a consistent upward trend as well as record-breaking global investment across the board. A report by BloombergNEF revealed a in total EV sales at the end of the year. 53% increase in annual spending in 2022, alongside an impressive $1 trillion In the US alone, Statista the revenue of the American EV market will reach $61.18 billion in 2023. By 2027, market values are expected to more than double, climbing as high as $139.10 billion. predicts The recent success of all-electric vehicles paints a vivid picture of the cultural and technological shift that is occurring as consumers transition from conventional gas-powered vehicles to more eco-friendly electric ones. Not without its tradeoffs, however, consumers looking into standard EVs have they must consider, including higher purchase prices, more consistent vehicle maintenance as well as a developing infrastructure that is still working on supplying consumers with enough places to charge their cars. a few barriers to entry Here is where micro EVs, or “tiny cars,” come into play. Traverses City Traffic While Staying Compact https://www.youtube.com/watch?v=z4tG_MkXgbM&embedable=true There are currently companies all around the world that are developing smaller, more efficient electric cars designed to not only provide solutions to the many problems plaguing the regular-sized EV market, but also supplying new, greener ways to navigate modern traffic troubles in urban communities. City Transformer is . A major player in the development of innovative micro EVs, the Israel-based start-up looks to make “cities more resilient, comfortable and sustainable” with the help of its -esque shape-shifting mini cars that use 50% less parts than a standard EV – with tandem seating, they even leave room for two. one such company Transformers Weighing less than the battery in a Tesla Model 3, the company’s most recent model, the CT-2, comes equipped with foldable chassis and two distinct operating “modes” that can change the vehicle’s width at-will to meet the consumer’s needs. In “City Mode,” the CT-2 is able to “shrink” itself to a little over 3 feet wide, folding the chassis inward to allow for easy navigation and parking. “Performance Mode,” on the other hand, employs a widening platform to instead extend the car’s width to allow for higher speeds comparable to that of standard vehicles. Saves More Energy and Money Other micro EVs, such as the eponymous Microlino by Micro Mobility Systems and Squad Mobility’s Squad Solar City Car, are seeking to capitalize on other drawbacks within the standard EV market, including solar-energy capabilities to subvert the lack of available public charging stations and the ability to charge your vehicle with a regular household electrical outlet. In addition to their many conveniences in parking and energy efficiency, micro EVs are not only kind to the environment, but also far more kind on your wallet. By the time the CT-2 is released in 2024, for instance, it will cost a modest ~$17,000 – a fraction of the average cost for a standard EV ( ) in 2022. The Squad Solar City Car debuted at this year’s CES Las Vegas at an even more inexpensive ticket price of only $6,250, cementing itself as one of the cheapest EVs on the market. +$66,000 Targets Markets Where Standard EVs Cannot Compete Paired with emerging technologies that are fighting similar logistical battles with parking in major cities, like automated parking systems, micro EVs have serious potential to disrupt key markets standard EVs otherwise can’t typically break into. If four mini EVs already have the capacity to fit in one typical parking space, as is the case with City Transformer’s CT-2, then automated parking systems could potentially house four times the amount of cars than usual, creating more opportunities to preserve precious public space as well as mitigate many urban planning problems. As the demand for electric vehicles grows, so does a piquing public interest in the dormant potential of micro EVs. While growth is expected to be slower than that of standard EVs, a by Fortune Business Insights suggests the global micro electric vehicle market will grow from $9.57 billion in 2022 to $22.11 billion in 2029, pointing toward an optimistic future for micro EVs as a noteworthy, cheap alternative for consumers who still want to make their big green impact in a small, compact package. report

This story contains new, firsthand information uncovered by the writer.

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