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Light Electric Vehicles Global Market Report 2024 - By Size, Growth, Report, Overview, Outlook By 2033
The Business Research Company presents an extensive market research report on the Light Electric Vehicles Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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.
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Key Market Players:
Major companies operating in the light electric vehicles market report are 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
Market Drivers:
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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https://www.thebusinessresearchcompany.com/report/light-electric-vehicles-global-market-report
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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