The Asian light electric vehicle market is predicted to grow at 7.0% CAGR during the forecast period with the market size reaching USD 52.8 billion by 2024. The market is driven by factors such as technological advancements, government support, rapid urbanization and low maintenance requirements of these vehicles.
The increasing inclination towards e-mobility and adoption of electric three-wheelers for public transport are the key trend observed in the Asian market. In the developing economies of Asia, a large population is depended on public transport for their daily commute. Auto rickshaws are the major mode of transport in the major urban cities of these countries such as India and Thailand. Auto rickshaw provides a cheaper and faster intracity transport in these countries; therefore, large population depends on it for the transport.
Conventional autorickshaw owners are adopting these e-rickshaw and e-auto for public transport as it saves the cost of maintenance. The urban population in Asia prefers scooters and motorcycle for their daily commute as it saves them time and cost, which fuels the growth of the Asian market.
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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 Asian light electric vehicle market. Due to the congestion in traffic of major cities or urban areas two-wheeler are mostly preferred by consumers, and with the shifting trend to electric vehicles, consumers are rapidly adopting electric two-wheelers.
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 market due to the increasing popularity of electric scooters among the younger generation especially working professionals and students. Light electric three-wheelers market is segmented into e-rickshaw, e-auto, and others. Most of the manufacturers are producing low-speed rickshaws with a top speed of 25km/hr. The high cost of development of high power/high-speed electric auto still leaves the category at the nascent stage.
On the basis of voltage, the market is 24V, 36V, 48V, 60V, 72V. Of all, the 48V light electric vehicle holds the largest share in the Asian light electric vehicle market. Most of the e-rickshaws and e scooters are being developed with a battery of 48V thus leading to the largest share of the category.
Among different countries, China dominates the market with more than 90% of light electric vehicle fleet size based in the country. India is the fastest growing market for light electric vehicles, owing to the rapid adoption of electric three-wheelers over last few years and increasing government support.
Market players in the light electric vehicle industry are investing capital to develop low-cost light electric vehicles with better performance to provide them distinctive advantage. Most of the manufacturers use brushless DC motors in these vehicles as these motors require less maintenance and higher efficiency.
Some of the key players in the light electric vehicles market are AIMA Technology co., Ltd., Clean Motion AB, Eclimo Sdn. Bhd., Ningbo MYWAY Intelligent Technology Co. Ltd., UDA Motor Co. Ltd., Xiaomi Inc., Changzhou Yufeng Vehicle Co. Ltd., Zhejiang Luyuan Electric Vehicle Co., Ltd., Electrotherm India Ltd., Honda Motor Company Ltd., Jiangsu East YonslandVehicle Manufacturing Co., Ltd., Jiangsu Xinri E-Vehicle Co., Ltd. (SUNRA), Viar Motor Indonesia, Yadea Technology Group, STAR 8 AUSTRALIA PTY LTD, Jiangsu Kingbon Vehicle Co., Ltd, Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation, and TukTuk Factory.
Asia Light Electric Vehicle Market Coverage
Product Insight and Forecast 2014-2024
Voltage Insight and Forecast 2014-2024
Asia Light Electric Vehicle Market by Country