Asia Light Electric Vehicle Market - Advancement in Battery Technology to Fuel the Demand, 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. The market is driven by factors such as technological advancements, government support, rapid urbanization and low maintenance requirements of these vehicles.

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The increasing inclination towards e-mobility, and adoption of electric three-wheelers for public transport are the key trend observed in the Asian market. In the developing economies of Asia, large population is depended on public transport for their daily commute. Auto rickshaws are the major mode of transport in the major urban cities of these countries such as India and Thailand. Auto rickshaw provide a cheaper and faster intracity transport in these countries; therefore, large population depends on it for the transport.

Governments in the Asian countries are taking initiatives to replace the petroleum based automotive fleet with electric powered vehicles. Countries such as India and China provide incentive to boost electric vehicles adoption. In China, electric vehicles are exempt from purchase taxes during 2014–2017, Chinese government has further extended it to 2020. For battery electric vehicles, subsidies were around 40 to 60% of the vehicle cost.

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 including 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 higher speed which makes them popular among electric vehicles. Asynchronous motors are preferred for high efficiency and speed regulation.

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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. Most of the manufacturers use brushless DC motors in these vehicles as these motors require less maintenance and higher efficiency.

Some of the key players operating in the Asian 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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