China Light Electric Vehicle Market – Analysis and Forecast (2018-2024)

Industry Insights by Product (Two-Wheelers, Three-Wheelers, Four-Wheelers), by Voltage (24V, 36V, 48V, 60V, 72V)

Status : Published
Published On : Nov, 2018
Report Code : VRAT4032
Available Format : PDF
Industry : Automotive & Transportation
Page : 96

Industry Overview

The China light electric vehicle market is predicted to grow at 6.4% CAGR during the forecast period due to the increasing support from the policymakers, full-scale research centres, and presence of large manufacturing units. Different products including e-scooters, e-rickshaws, and e-bikes are majorly contributing to the light electric vehicle market size in China. The market has witnessed significant demand for products and services over the last few years with the increasing urbanization and increasing disposable income.

CHINA LIGHT ELECTRIC VEHICLE MARKET HIGHLIGHT

China Light Electric Vehicle Market

Market Segmentation

Insight by Product

Based on product, the market is categorized into two-wheeler, three-wheeler and four-wheelers, of which two-wheelers hold the largest share in the Chinese light electric vehicle market. The Chinese light electric two-wheelers market is further categorized into e-scooters, e-bikes, e-motorbikes and others. E-scooters hold the largest share in the Chinese market. E-scooters as indicates itself are electrically powered motorized vehicles, with a floorboard design that distinguish it from e-motorbikes. Top speed of e-scooters is more than 25 km/hr and generally around 50km/hr.

The Chinese light electric three-wheelers market is further segmented into e-rickshaw, e-auto, and others. E-rickshaws are the most preferred three-wheeler category in the China. E-rickshaws are the typical three wheelers with a top speed of around 25km/hr. These are alternatives to conventional pull rickshaw with pedals and auto rickshaws. A typical e-rickshaw carries 4+1 or 3 passengers at a time. Different types of light electric four-wheelers included in the study are electric quads, electric golf cart, electric go-carts, among others.

Insight by Voltage

On the basis of voltage, the market is 24V, 36V, 48V, 60V, 72V. Of all, 48V light electric vehicle hold the largest share in the Chinese light electric vehicle market. Most of the e-rickshaws and e scooters run with a battery of 48V which provides it optimum power to perform well in the major metropolitan cities.

Motor Technology Insight

Hub motors are gaining traction among manufacturers for the development of light electric vehicles. Hub motors are the BLDC motor built into the wheel. The electric vehicles with hub motors are mechanically less complex than others and therefore more popular in low speed electric vehicles. The BLDC are the primary choice among the light electric   these motors are lighter, smaller and do not require the periodic maintenance. Now with the introduction of permanent magnet BLDC motors, industry is more aggressively adopting these motors for manufacturing light electric vehicles.

Industry Dynamics

Market Drivers

The increasing support from the policymakers, full-scale research centers, presence of large manufacturing units, and technological advancements are fueling the growth of the Chinese light electric vehicle market. Technological advancements in electric vehicle industry have made light electrical vehicle affordable and increased their performance and efficiency. The major reason for the affordable prices of light electric vehicles is the advancement in battery technology.

The decline in electric vehicle battery cost has an overall impact on the cost of electric vehicle. OEMs are investing capital in research and development to further increase the efficiency of the electric battery along with the reducing their cost. Most of the light electric vehicles run on lithium-ion batteries, for which manufacturers are researching to increase its charging capacity. With the expanding charging infrastructure and increasing investment for reducing the overall production cost and improving travel range, the light electric vehicle market In China is anticipated to grow considerably in the coming years.

Major Challenges

Uncertain legislation for the regulation of electric two-wheelers such as kick scooters; and three-wheelers such as e-rickshaws have led to uncertainty in the market. With the lack of regulations, government in several cities of China is planning to ban or allow the usage of only licensed electric vehicles. This results in the uncertainty in the market and thus hampers the manufacturing and adoption of these vehicles in the country.

Competitive Insight

Market players in the Chinese light electric vehicle industry are investing capital to develop low costlight electric vehicles with better performance to provide them distinctive advantages. Jiangsu East YonslandVehicle Manufacturing Co., Ltd. and Jiangsu Kingbon Vehicle Co., Ltd lead the light electric vehicles market in China. Some of the other key players include AIMA Technology Group Co. Ltd, Zhejiang Luyuan Electric Vehicle Co., Ltd., Changzhou Yufeng Vehicle Co. Ltd., Jiangsu Xinri E-Vehicle Co., Ltd. (SUNRA) and Yadea Technology Group.

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China Light Electric Vehicle Market Analysis

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