The light electric vehicles market is experiencing significant growth, surging from $77.82 billion in 2023 to $85.55 billion in 2024, with a CAGR of 9.9%. This growth is driven by urbanization, environmental awareness, and government incentives for electric mobility. By 2028, the market is expected to reach $124.17 billion, with a CAGR of 9.8%. Key drivers include technological innovations in battery technology and the growth of e-commerce delivery services.
Major Driver In The Light Electric Vehicles Market
The projected growth of the light electric vehicle market is closely tied to the increasing demand for e-motorcycles. E-motorcycles, powered by electric motors instead of traditional gasoline engines, fall under the category of light electric vehicles known for their environmental friendliness and efficiency. The rising demand for e-motorcycles contributes to an increased demand for light electric vehicles. Notably, in Australia, registrations for electric motorcycles surged from 1,308 in 2020 to 2,706 in 2021, as reported by the Australian Bureau of Statistics in January 2021. This upward trend in e-motorcycle demand is a driving force behind the growth of the light electric vehicle market, with market sizes in 2023, 2024, and 2028 aligning with the surge in e-motorcycle popularity.
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Light Electric Vehicles Market Competitive Landscape
Stellantis N.V., General Motors Company, Bayerische Motoren Werke AG, Giant Manufacturing Co Ltd., Tesla, Inc., Nissan Motor Co, Ltd., BYD Company Limited, Deere & Company, AB Volvo, Toyota Industries Corporation, Yamaha Motor Co Ltd., Mahindra & Mahindra Limited, Textron Inc., Kion Group AG, Polaris Inc., NIO Inc., Jiangsu Xinri E-Vehicle Co Ltd., Yadea Technology Group Co Ltd., XPeng Inc., Godrej & Boyce Manufacturing Company Limited, Rivian Automotive, Inc., Accell Group NV, Merida Industry Co Ltd., Lucid Motors, Inc., Club Car LLC, Gogoro Inc., Vmoto Limited, Columbia Vehicle Group Inc., Hero Electric Vehicles Pvt Ltd., Govecs AG
Key Light Electric Vehicles Market Trend
Product innovation is a key trend gaining popularity in the light electric vehicles market. Major companies operating in the light electric vehicles market are focused on developing innovative products to strengthen their position in the market. For instance, in June 2021, E-Z-GO, a US-based company that manufactures personal, golf, and utility vehicles launched E-Z-GO Liberty. The first vehicle in its field to provide four forward-facing seats in a small, golf-cart-sized footprint. It offers a roomy second row for passengers and plenty of storage space while having a shorter wheelbase than other industry models with four forward-facing seats. Comparing it to other cars, its shorter wheelbase gives improved maneuverability and a smaller turning radius. Customers can select from a range of golf cart attachments, such as a cargo storage holder or golf bag holder, that attach to Liberty's 2-inch rear universal hitch receiver.
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Light Electric Vehicles Market Segmentation
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
By Geography:The regions covered in the light electric vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the light electric vehicles market in 2023.
The Light Electric Vehicles Global Market Report 2024 furnishes information about the global light electric vehicles market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
