Light Electric Vehicles Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Light Electric Vehicles Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $124.17 billion In 2028 At A CAGR Of 9.8% :

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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Light Electric Vehicles Market Major Segments
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

Key Driver - Surging Demand For E-Motorcycles Propels Growth In Light Electric Vehicle Market

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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Prominent Trend - Market Leaders Drive Growth Through Innovative Solutions In Light Electric Vehicles

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.

Light Electric Vehicles 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

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the light electric vehicles market in 2023. North America is expected to be the fastest-growing region in the global light electric vehicles market during the forecast period. The regions covered in the light electric vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Light Electric Vehicles Market Report Structure
3. Light Electric Vehicles Market Trends And Strategies
4. Light Electric Vehicles Market - Macro Economic Scenario
5. Light Electric Vehicles Market Size And Growth
…..
27. Light Electric Vehicles Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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