Press release
Light Electric Vehicles Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Light Electric Vehicles Market Size
What Is the Current Light Electric Vehicles Market Size and Its Estimated Growth Rate?
Over the past few years, the market size for light electric vehicles has witnessed robust growth. Estimated to escalate from $84.38 billion in 2024, it is anticipated to reach $92.24 billion by 2025, recording a compound annual growth rate (CAGR) of 9.3%. The substantial growth in the historic phase can be accredited to factors like the increasing urbanization and related congestion, heightened environmental consciousness and sustainability, governmental incentives and policies, surging fuel prices, and novel solutions for last-mile connectivity.
The market size of light electric vehicles is projected to witness a significant expansion in the upcoming years, increasing to $135.65 billion in 2029 with a compound annual growth rate (CAGR) of 10.1%. The surge in growth throughout the forecasted period can be linked to advancements in battery technology, the integration of urban mobility solutions, the boom in e-commerce and delivery services, transformation in consumer behaviour, and governmental support for eco-friendly transportation. Some notable trends expected during this period involve emphasis on lightweight and foldable models, governmental rewards and policy frameworks, progress in battery technology, amalgamation with smart city projects, and the emergence of more electric micro-mobility possibilities.
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How Are Emerging Segments Shaping the Light Electric Vehicles Market Landscape?
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
Subsegments:
1) By Hybrid Electric Vehicle (HEV): Series Hybrid Electric Vehicle, Parallel Hybrid Electric Vehicle, Combined Hybrid Electric Vehicle
2) By Plug-in Hybrid Electric Vehicle (PHEV): Series Plug-in Hybrid, Parallel Plug-in Hybrid
3) By Battery Electric Vehicle (BEV): Battery Electric Cars, Battery Electric Trucks, Battery Electric Buses, Battery Electric Vans, Two-Wheelers
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Which Growth Factors Are Influencing Light Electric Vehicles Market Expansion?
The escalating interest in e-motorcycles is anticipated to propel the light electric vehicle market's expansion in the future. An e-motorcycle or electric motorcycle is a specific category of motorcycle powered by an electric motor rather than a conventional gasoline engine. The e-motorcycle falls under the category of light electric vehicles that are recognized for their environmental friendliness and efficiency compared to traditional motorcycles due to their zero emission and reduced energy usage. Thus, the burgeoning interest in e-motorcycles will stimulate demand for light electric vehicles. In 2021, the e-motorcycle sales in the US accounted for around 875,000 units, as reported by the Office of Energy Efficiency and Renewable Energy, a US government agency. This figure rose to 1.1 million e-motorcycles in 2022, emphasizing that the burgeoning interest in e-motorcycles is indeed fueling the growth of the light electric vehicle market.
Who Are the Dominant Players Across Different Light Electric Vehicles Market Segments?
Major companies operating in the light electric vehicles market include 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
What Are the Latest Developing Trends in the Light Electric Vehicles Market?
In the light electric vehicles market, product innovation is emerging as a crucial trend. To solidify their market position, prominent companies in this sector are focusing on the invention of novel products. Niu Technologies, an electric scooter firm based in China, exemplified this trend in September 2024. The company unveiled the KQi 100 series of electric scooters, which includes the KQi 100P and KQi 100F. The series boasts a crystal-clear LCD dashboard and state-of-the-art app connectivity, allowing users to set the minimum glide speed necessary to kickstart the motor, set a charging limit to prevent battery wear and tear, and set the node.
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Which Geographic Regions Are Expected to Dominate the Light Electric Vehicles Market in the Coming Years?
Asia-Pacific was the largest region in the light electric vehicles market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Light Electric Vehicles Market?
2. What is the CAGR expected in the Light Electric Vehicles Market?
3. What Are the Key Innovations Transforming the Light Electric Vehicles Industry?
4. Which Region Is Leading the Light Electric Vehicles Market?
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