Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Light Electric Vehicles Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
What Is the Projected Market Size of the Light Electric Vehicles Industry in 2024 and 2025?
The market size of light electric vehicles has seen robust growth recently. It is projected to increase from $84.38 billion in 2024 to $91.18 billion in 2025, with a compound annual growth rate (CAGR) of 8.1%.
What Is the Projected Market Size of the Light Electric Vehicles Market in 2029?
The Light Electric Vehicles Global Market Report 2025 predicts that by 2029, the market size will reach $131.76 billion, growing at a compound annual growth rate of 9.6%.
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What Are the Key Drivers of Light Electric Vehicles Market Growth?
The key drivers in the light electric vehicles market are:
• Technological innovations in battery technology driving efficiency and longevity of light electric vehicles
• Rapid urbanization leading to the integration of urban mobility solutions
• Growth of e-commerce and delivery services necessitating environmentally-friendly transport options
• Government policies and commitment towards green transportation encouraging more use of light electric vehicles.
What Are the Primary Segmentation Categories in the Light Electric Vehicles Market?
The light electric vehicles 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
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What Are the Major Trends Shaping the Light Electric Vehicles Market in 2025 and Beyond?
The key trends in the light electric vehicles market are:
• The industry is focusing on light-weight and foldable designs for light electric vehicles.
• Government incentives and regulations are coming into play, influencing the market trends.
• Advancements in battery technology for better efficiency and power are emerging.
• The integration of light electric vehicles with smart city initiatives and expansion of micro-mobility options are becoming notable trends.
Who Are the Emerging Players in the Light Electric Vehicles Market?
Major players in the light electric vehicles market are:
• Stellantis N.V.
• General Motors Company
• Bayerische Motoren Werke AG
• Giant Manufacturing Co Ltd.
• Tesla, Inc.
• Nissan Motor Co Ltd.
• BYD Company Limited
• AB Volvo
• Toyota Industries Corporation
• Yamaha Motor Co Ltd.
• Mahindra & Mahindra Limited
• Textron Inc.
• Polaris Inc.
• NIO Inc.
• Jiangsu Xinri E-Vehicle Co Ltd.
• Yadea Technology Group Co Ltd.
• XPeng Inc.
• 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
Which Regions Are Leading the Growth in the Global Light Electric Vehicles Market?
Asia-Pacific was the largest region in the light electric vehicles market in 2024
