The Light Electric Vehicles Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Light Electric Vehicles Global Market Report 2024, The light electric vehicles market size has grown strongly in recent years. It will grow from $77.82 billion in 2023 to $85.55 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to urbanization and congestion issues, environmental awareness and sustainability, government incentives and policies, rising fuel costs, last-mile connectivity solutions.
The light electric vehicles market size is expected to see strong growth in the next few years. It will grow to $124.17 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to technological innovations in battery technology, urban mobility solutions integration, e-commerce and delivery services growth, changing consumer lifestyles, government commitment to green transportation. Major trends in the forecast period include focus on lightweight and foldable designs, government incentives and regulations, advancements in battery technology, integration with smart city initiatives, expansion of electric micro-mobility options.
The rising demand for e-motorcycles is expected to boost the growth of the light electric vehicle market going forward. An e-motorcycle, also known as an electric motorcycle, is a type of motorcycle that is powered by an electric motor rather than a traditional gasoline engine. E-motorcycle is a also a type of light electric vehicle which is known for being environmentally friendly and more efficient than traditional motorcycles, as it produces no emissions and have lower energy consumption. Thus, the rising demand for e-motorcycles will drive demand for light electric vehicles. For instance, in January 2021, according to the Australian Bureau of Statistics, an independent statutory agency of the Australian Government, in Australia, registrations for electric motorcycles increased from 1,308 in 2020 to 2,706 in 2021. Therefore, the rising demand for e-motorcycles drives the light electric vehicle market.
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The light electric vehicle market covered in this report is segmented –
1) By Product: Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV)
2) By Component Type: Battery Pack, Electric motor, Motor controller, Inverters, Power controller, E-brakes controller, Power electronics
3) By Power Output: Less than 6kW, 6-9 Kw, 9-15 Kw
4) By Vehicle Type: e-ATV, e-bike, e-scooter, e-motorcycle, neighborhood electric vehicle, e-lawn mower, Electric industrial vehicle, Autonomous forklifts, Automated guided vehicles
5) By Application: Personal Mobility, Shared Mobility, Recreation and Sport, Commercial
Major companies operating in the light electric vehicle market are developing products with advanced technologies, such as the smart EV charger, which refers to an electric vehicle charging station equipped with advanced technology for features like remote monitoring, scheduling, and energy management, enhancing efficiency and user control. It enables users to optimize charging processes and integrate with smart grid systems for better overall performance. For instance, in February 2022, Wallbox N.V. and Polaris Inc. announced a new collaboration in the United States and Canada. Polaris, a leading off-road vehicle manufacturer, agreed to sell the 40-amp version of Wallbox’s best-selling charger, the Pulsar Plus, directly to their off-road electric vehicle (EV) customers. In this release of the Ranger XP Kinetic electric side-by-side, Polaris announced a partnership with Wallbox to ship new 40-amp chargers.
The light electric vehicles market report table of contents includes:
1. Executive Summary
- Light Electric Vehicles Market Characteristics
- Light Electric Vehicles Market Trends And Strategies
- Light Electric Vehicles Market – Macro Economic Scenario
- Global Light Electric Vehicles Market Size and Growth
. - Global Light Electric Vehicles Market Competitive Benchmarking
- Global Light Electric Vehicles Market Competitive Dashboard
- Key Mergers And Acquisitions In The Light Electric Vehicles Market
- Light Electric Vehicles Market Future Outlook and Potential Analysis
- Appendix
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