Light Electric Vehicles Global Market Report 2024

A light electric vehicle, abbreviated as LEV, is a land vehicle featuring two or three wheels, an electric motor, and an energy storage system such as a battery or fuel cell. Typically, its weight does not exceed 100kg. The majority of LEVs fall into the category of e-bikes, which are equipped with a throttle enabling power-on-demand operation.

The primary products within the realm of light electric vehicles consist of hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and battery electric vehicles (BEV). An electric all-terrain vehicle (ATV) is characterized as a motorized off-highway vehicle featuring a straddle-style seat, handlebars for steering, and four low-pressure or non-pneumatic tires. Its essential components encompass a battery pack, electric motor, motor controller, inverters, power controller, e-brakes controller, and power electronics, with power outputs categorized into less than 6 kW, 6-9 kW, and 9-15 kW. Diverse vehicles falling under this category include e-ATV, e-bikes, e-scooter, e-motorcycle, neighborhood electric vehicles, e-lawn mowers, electric industrial vehicles, autonomous forklifts, and automated guided vehicles. These vehicles serve various purposes, including personal mobility, shared mobility, recreation, sports, and commercial applications.

The light electric vehicles market research report is one of a series of new reports from The Business Research Company that provides light electric vehicles market statistics, including light electric vehicles industry global market size, regional shares, competitors with a light electric vehicles market share, detailed light electric vehicles market segments, market trends and opportunities, and any further data you may need to thrive in the light electric vehicles industry. This light electric vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 expansion observed in the historical period can be ascribed to issues related to urbanization and congestion, increased environmental awareness and a commitment to sustainability, government incentives and policies, escalating fuel costs, and the implementation of 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 anticipated growth in the forecast period can be linked to advancements in battery technology, the integration of urban mobility solutions, the expansion of e-commerce and delivery services, shifts in consumer lifestyles, and governmental dedication to green transportation. Key trends in this projected period encompass an emphasis on lightweight and foldable designs, government incentives and regulations, progress in battery technology, integration with smart city initiatives, and the expansion of electric micro-mobility options.

The increasing desire for e-motorcycles is anticipated to propel the growth of the light electric vehicle market in the future. An e-motorcycle, also referred to as an electric motorcycle, differs from traditional motorcycles as it is powered by an electric motor rather than a conventional gasoline engine. E-motorcycles, categorized as light electric vehicles, are recognized for their environmentally friendly nature and enhanced efficiency compared to traditional motorcycles, emitting no pollutants and having lower energy consumption. Consequently, the growing demand for e-motorcycles is expected to stimulate the demand for light electric vehicles. As evidenced by statistics from the Australian Bureau of Statistics in January 2021, registrations for electric motorcycles in Australia rose from 1,308 in 2020 to 2,706 in 2021. Thus, the increased demand for e-motorcycles is a driving force behind the light electric vehicle market.

Increasing government initiatives and subsidies are expected to propel the growth of the light electric vehicle market going forward. Government initiatives and subsidies play a significant role in shaping various sectors, including energy and transportation. These subsidies can take the form of grants, tax incentives, or direct financial support to promote specific activities or technologies. Government initiatives and subsidies play a crucial role in promoting the adoption of electric vehicles (EVs) by reducing the higher upfront costs and making them more accessible to consumers. These subsidies can take the form of tax credits, cash rebates, or reduced registration and licensing fees, and they aim to make electric vehicles more affordable and accessible to a wider audience. For instance, in 2023, according to an International Energy Agency (IEA) report, the electric car market is experiencing exponential growth, with sales expected to exceed 14 million by the end of 2023, representing a 35% year-on-year increase. The report highlights that ambitious policy announcements continue to be critical to the growth of electric vehicle markets. Therefore, the increasing government initiatives and subsidies are driving the light electric vehicle market.

The light electric vehicles market is witnessing a prominent trend of product innovation, with major companies dedicated to developing inventive products to enhance their market standing. A case in point is E-Z-GO, a US-based company specializing in the manufacturing of personal, golf, and utility vehicles, which introduced the E-Z-GO Liberty in June 2021. This vehicle stands out as the first in its category to offer four forward-facing seats within a compact, golf-cart-sized footprint. Notably, it provides a spacious second row for passengers and ample storage while maintaining a shorter wheelbase compared to other models in the industry featuring four forward-facing seats. This shorter wheelbase contributes to improved maneuverability and a reduced turning radius when compared to other vehicles. Additionally, customers have the option to choose from various golf cart attachments, such as cargo storage holders or golf bag holders, which can be attached to Liberty's 2-inch rear universal hitch receiver.

Prominent companies in the light electric vehicle market are actively engaged in the development of products featuring advanced technologies, such as the smart EV charger. This type of electric vehicle charging station is equipped with sophisticated technology, offering functionalities such as remote monitoring, scheduling, and energy management, thereby enhancing efficiency and user control. The smart EV charger enables users to optimize charging processes and integrate with smart grid systems, contributing to improved overall performance. As an example, in February 2022, Wallbox N.V. and Polaris Inc. announced a collaboration in the United States and Canada. In this partnership, Polaris, a leading off-road vehicle manufacturer, committed to selling the 40-amp version of Wallbox's popular charger, the Pulsar Plus, directly to their off-road electric vehicle (EV) customers. As part of the release of the Ranger XP Kinetic electric side-by-side, Polaris disclosed a collaboration with Wallbox to supply new 40-amp chargers.

In June 2022, Club Car Inc., a US-based company specializing in the production of electric and gas-powered golf carts and small utility vehicles for personal and commercial purposes, completed the acquisition of Garia A/S, including its Melex brand, for an undisclosed sum. This acquisition is poised to enhance the global presence of the combined brands. Garia A/S, based in Denmark, is renowned for manufacturing premium electric utility vehicles and golf cars.

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

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 countries covered in the light electric vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The light electric vehicles market consists of sales of micro electric vehicles, e-moped, e-rickshaw, and electric quadricycles that are used for personal commute, shared public transport and to carry goods. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Light Electric Vehicles Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on light electric vehicles market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for light electric vehicles ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The light electric vehicles market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Stellantis N.V.; General Motors Company; Bayerische Motoren Werke AG; Giant Manufacturing Co. Ltd.; Tesla, Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.