The global light electric vehicle market is predicted to grow at 10.4% CAGR during the forecast period. The market is driven by factors such as stringent emission norms, government support for electric vehicles and rapid industrialization. Different governments across the globe are taking initiatives to replace the petroleum-based automotive fleet with electric powered vehicles. Countries such as India and Chine provide incentive to boost electric vehicles adoption. Similarly, in the European Union, governments are undertaking key initiatives to opt for green energy-driven vehicles.
The light electric vehicle market is segmented on the basis of product into two-wheelers, three-wheelers, and four wheelers. The three-wheelers are expected to witness the fastest growth during the forecast period, owing to the rise in demand for an affordable and sustainable alternative to conventional fuel vehicles. The two-wheelers light electric vehicles are further segmented into e-scooter, e-bikes, e-motorbikes, kick scooter, and monowheel.
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Of all these two-wheelers, electric bikes are observed to have the highest adoption rate in the light electric vehicle market. The cost efficiency and innovation in lithium ion (Li-on) batteries have led to the largest share of electric bikes. Three-wheeler light electric vehicles include e-rickshaw, e-auto and others whereas four-wheeler light electric vehicles include electric quad, golf carts, and others.
The light electric vehicle market based on voltage range is segmented into 24V, 36V, 48V, 60V, and 72V. The highest revenue generation in 2017 was from 48V light electric vehicles, majorly used in electric bikes and scooters. However, the rise in demand for use of 72V electric microcars as a substitute to cars and public vehicle among city-dwellers is expected to drive the fast growth of 72V battery pack light electric vehicles during the forecast period.
Asia-Pacific accounted for the major share in the Light electric vehicle industry in 2020, globally as the region encompasses rapid urbanization demanding sustainable and affordable transport solution. Further, to curb the increase in pollution level of the industrial economies including China and India, the government initiatives and subsidies are also driving the growth of the regional market. Europe is also witnessing high demand of electric bikes contributing to the growth of the light electric vehicles market in the region.
Textron, Inc., BMW Motorrad, Auro Robotics, Ingersoll-Rand plc, Polaris Industries, Inc., Gogoro Inc., GOVECS GmbH, Lit Motors Inc., Mahindra GenZe, Piaggio & C. SpA, Terra Motors,Vmoto Limited, Yadea Technology Group, Zero Motorcycles Inc., AIMA Technology Group Co. Ltd., and Jiangsu Xinri E-Vehicle Co. ,Ltd. Are some of the key players offering light electric vehicles.
Globally industry players are leveraging market growth through geographic expansion and launching new products. Different players are investing in the development of new battery technology to lower the cost of light electric vehicles to compete against gasoline vehicles in terms of price and performance. In the coming years, industry leaders are anticipated to significantly lower the cost of these vehicles and enhance the performance of these vehicles leading to adoption by masses.
Global Light Electric Vehicle Market Coverage
Product Insight and Forecast 2015-2027
Voltage Insight and Forecast 2015-2027
Application Insight and Forecast 2015-2027
Light Electric Vehicle Market by Region
Rest of the World (RoW)