Press release
Light Electric Vehicles Industry to Achieve $131.76 Billion Growth by 2029
Light Electric Vehicles Market
How Will the Light Electric Vehicles Market Grow by 2025 in Terms of Size and Growth?
The market for light electric vehicles has seen substantial expansion in the past few years. The market value, which is poised to rise from $84.38 billion in 2024 to an estimated $91.18 billion in 2025, is predicted to witness a compound annual growth rate (CAGR) of 8.1%. This growth during the historic period has been driven by factors such as urbanization and traffic congestion, greater awareness of environmental issues and sustainability, government incentives and policies, increasing fuel prices, as well as solutions for last-mile connectivity.
What Are the Estimated Growth Rates for the Light Electric Vehicles Industry Through 2029?
The market size of light electric vehicles is anticipated to experience robust expansion in the coming years, reaching a valuation of $131.76 billion in 2029 with a compound annual growth rate (CAGR) of 9.6%. The predicted growth over this period can be credited to advances in battery technology, the integration of urban mobility solutions, the rise of e-commerce and delivery services, shifts in consumer lifestyle, and government support for eco-friendly transportation. The period under forecast is expected to witness significant trends like emphasis on lightweight and collapsible designs, government policies and regulations, improved battery technology, incorporation of smart city initiatives, and broadening of options in electric micro-mobility.
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What Are the Strategic Drivers Boosting Light Electric Vehicles Market Performance?
The growth of the light electric vehicle sector is anticipated to be propelled by the increasing consumer demand for e-motorcycles. An e-motorcycle, otherwise referred to as an electric motorcycle, operates on an electric motor instead of a conventional gasoline engine. E-motorcycles, which fall under the category of light electric vehicles, are renowned for their eco-friendliness and superior efficiency compared to their conventional counterparts as they do not emit pollutants and are less energy consuming. As a result, the surging consumer preference for e-motorcycles fosters the demand for light electric vehicles. As reported by the Office of Energy Efficiency and Renewable Energy, a government organization based in the US, approximately 8,75,000 units of e-motorcycles were sold in the US in 2021, and this figure spiked to 1.1 million e-motorcycles in 2022. Consequently, the exponential surge in e-motorcycles popularity fuels the light electric vehicle market's expansion.
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What Are the 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
What Are the Key Adoption Trends in the Light Electric Vehicles Market?
One significant trend emerging within the light electric vehicles market is a heightened focus on product innovation. Leading businesses within this sector are leaning towards the creation of novel products to reinforce their market standing. Take for example Niu Technologies, an electric scooter enterprise based in China, which unveiled its KQi 100 series in September 2024, that includes models such as KQi 100P and KQi 100F. These scooters feature a user-friendly LCD dashboard and sophisticated app connectivity capabilities, allowing users to adjust the minimum glide speed needed to kick start the engine, set a limit for charging to circumvent battery degradation, and configure the node.
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Which Companies Lead the Competitive Landscape of the Light Electric Vehicles Industry?
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
Where Are the Key Light Electric Vehicles Market Opportunities by Region?
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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