Asia Light Electric Vehicle Market by Product (Two-Wheelers, Three-Wheelers, Four-Wheelers) - Analysis and Forecast to 2024

The Asian light electric vehicle market is predicted to grow at 7.0% CAGR during the forecast period with the market size reaching USD 52.8 billion by 2024. Different products including e-scooters, e-rickshaws, and e-motorbikes are majorly contributing to the light electric vehicle market size in Asia.

The market has witnessed significant demand for products and services over the last few years due to technological advancements, government support, rapid urbanization and low maintenance requirements of these vehicles.

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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 Asian light electric vehicle market. Due to the congestion in traffic of major cities or urban areas two-wheeler are mostly preferred by consumers, and with the shifting trend to electric vehicles consumers are rapidly adopting electric two-wheelers.

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 market due to the increasing popularity of electric scooters among younger generation especially working professionals and students. Light electric three-wheelers market is segmented into e-rickshaw, e-auto, and others. Most of the manufacturers are producing low speed rickshaws with top speed of 25km/hr. The high cost of development of high power/ high speed electric auto still leaves the category at nascent stage.

There are different types of electric motors used in electric vehicles include s are DC brushed motors, DC brushless motors, Induction (Asynchronous) motor, Synchronous motor, Switched Reluctance motor. Of all brushless DC motors are found to be most commonly used in these vehicles as these motors require less maintenance and higher efficiency.

In BLDC mechanical commutation is replaced with electrical commutation. BLDC motor is a rotating self-synchronous machine with a permanent magnet rotor and known rotor shaft positions for electronic commutation. These motors operate better at a higher speed which makes them popular among electric vehicles. Asynchronous motors are preferred for high efficiency and speed regulation.

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Key challenges faced by the light electric vehicle industry are high cost of battery manufacturing, lack of charging infrastructure and competition from high-performance gasoline-driven vehicles. The competition from the conventional vehicles is majorly in terms of its performance. Light electric vehicles have low power output and shorter distance covered, which makes these vehicles inefficient for the long-distance travel.

Among different countries, China dominates the market with more than 90% of light electric vehicle fleet size based in the country. India is the fastest growing market for light electric vehicles, owing to the rapid adoption of electric three-wheelers over last few years and increasing government support.

Market players in the light electric vehicle industry are investing capital to develop low-cost light electric vehicles with better performance to provide them distinctive advantage.

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Some of the key players in the light electric vehicles market are AIMA Technology co., Ltd., Clean Motion AB, Eclimo Sdn. Bhd., Ningbo MYWAY Intelligent Technology Co. Ltd., UDA Motor Co. Ltd., Xiaomi Inc., Changzhou Yufeng Vehicle Co. Ltd., Zhejiang Luyuan Electric Vehicle Co., Ltd., Electrotherm India Ltd., Honda Motor Company Ltd., Jiangsu East YonslandVehicle Manufacturing Co., Ltd., Jiangsu Xinri E-Vehicle Co.,Ltd. (SUNRA), Viar Motor Indonesia, Yadea Technology Group, STAR 8 AUSTRALIA PTY LTD, Jiangsu Kingbon Vehicle Co., Ltd, Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation, and TukTuk Factory.

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This release was published on openPR.