Press release
2025 Light Electric Vehicles Market Outlook: Key Indicators Shaping Growth Through 2034
Light Electric Vehicles Market
Light Electric Vehicles Market Size Growth Forecast: What to Expect by 2025?
The market size of light electric vehicles has seen a robust expansion in recent times. It's projected to swell from $84.38 billion in 2024 to $92.24 billion in 2025, recording a compound annual growth rate (CAGR) of 9.3%. The impressive growth during the historic period is due to factors such as urbanization and traffic congestion problems, environmental consciousness and sustainability, beneficial government schemes and regulations, soaring fuel prices, and solutions for last-mile connectivity.
How Will the Light Electric Vehicles Market Size Evolve and Grow by 2029?
The size of the light electric vehicles market is forecasted to expand quickly in the coming years, rising to a value of $135.65 billion in 2029 with a compound annual growth rate (CAGR) of 10.1%. The expected growth during the forecast period is due to advancements in battery technology, incorporating urban mobility solutions, the expansion of e-commerce and delivery services, a shift in consumer lifestyle, and a governmental commitment to eco-friendly transportation. The prediction period will also see certain trends such as emphasis on lightweight and collapsible designs, governmental incentives and regulations, progress in battery technology, merging with smart city plans, and amplification of electric micro-mobility alternatives.
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What Drivers Are Propelling the Growth of Light Electric Vehicles Market Forward?
The surge in interest for electric motorcycles is set to propel the expansion of the light electric vehicle market in the future. An electric motorcycle, often referred to as an e-motorcycle, is a kind of motorcycle that operates on an electric motor as opposed to a conventional gasoline engine. It's a category of light electric vehicle that has built a reputation for being eco-friendly and more efficient than their conventional counterparts, since they produce zero emissions and consume less energy. Consequently, the increasing popularity of e-motorcycles is set to stimulate the light electric vehicle market. The Office of Energy Efficiency and Renewable Energy, a US government agency, reported that e-motorcycle sales in the United States in 2021 were approximately 875,000 units, and this figure escalated to 1.1 million e-motorcycles in 2022. As such, the escalating interest in e-motorcycles is motivating the growth of the light electric vehicle market.
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Which Emerging Trends Are Transforming the Light Electric Vehicles Market in 2025?
The trend of product innovation is gaining traction in the light electric vehicles market. Prominent firms in this industry are concentrating their efforts on creating novel products to consolidate their market presence. For example, Niu Technologies, an electric scooter firm based in China, introduced the KQi 100 series of electric scooters, consisting of KQi 100P and KQi 100F, in September 2024. These scooters feature a crisp LCD dashboard and advanced app connectivity that enables the setting of the minimum glide speed necessary to initiate the motor, limiting the charge to avoid battery wear, and setting the node.
What Are the Key Segments in the Light Electric Vehicles Market?
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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Who Are the Key Players Shaping the Light Electric Vehicles Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Light Electric Vehicles Market?
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.
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