The China light electric vehicle market is predicted to grow at 7.4% CAGR during the forecast period. The market is driven by the factors such increasing support from the policymakers, full-scale research centers, presence of large manufacturing units, and technological advancements.
The decline in electric vehicle battery cost has an overall impact on the cost of electricvehicle. 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.
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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 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. 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.
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.
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.
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.
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.
China Light Electric Vehicle Market Coverage
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