Global Light Electric Vehicles Market
Global Light Electric Vehicles Market Size Expands to Reach USD 142 Billion by 2029
Published | 27 February 2023
Global light electric vehicles market is flourishing because of governments’ supportive initiatives and subsidies, rapid urbanization, and growing advancements in battery technologies.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global light electric vehicles market size at USD 77.52 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global light electric vehicles market size to grow at a significant CAGR of 9.1% reaching a value of USD 141.79 billion by 2029. Major growth factors of global light electric vehicles market include increasing demand from recreational and commercial purposes, government incentives and subsidies, and advancements in the renewable energy industry. The advancements of battery and electric motor technology, as well as government efforts to limit pollution in metropolitan areas, have raised demand for LEVs throughout the years. The rapid deployment of charging stations around the world has raised demand for LEVs, such as e-bikes, e-scooters, e-motorcycles, and neighborhood electric vehicles (golf carts/others). Technical advancements in EV batteries and other EV technologies have enabled high-power engines to be used in electric ATVs and UTVs for off-roading (comparable to their ICE counterparts). In the coming years, demand for electric ATVs and UTVs will shift. However, limited range and high initial ownership cost is anticipated to restrain the overall market growth.
Global Light Electric Vehicles Market – Overview
An electric vehicle is a vehicle powered by one or more electric motors. It can be powered by a collector system or by a battery on its own (sometimes charged with solar panels, or by converting fuel to electricity using fuel cells or a generator). Surface and underwater watercraft, road and rail vehicles, electric aero planes, and electric spaceships are all examples of EVs. EVs first debuted a long time ago, when electricity was one of the favored methods of motor vehicle propulsion, providing a level of comfort and convenience of operation that gasoline automobiles of the time couldn't match. Furthermore, internal combustion engines dominated automotive and truck propulsion, but electric power remained common in trains and smaller vehicles of all sorts. Electric vehicles are either powered by a collector system, which collects electricity from charging station deployments, or by self-charging equipment such as turbochargers, regenerative braking systems, and other similar devices.
Impact of COVID-19 on Global Light Electric Vehicles Market
COVID-19 had a detrimental impact on the market for light electric vehicles. One of the first casualties of the economic slump has been declining global crude oil prices. Low gasoline prices harm the economic viability of EV adoption in comparison to combustion vehicles, particularly in countries with limited EV fiscal incentives. If global oil prices remain at current levels, the significantly higher total cost of ownership for EVs may stymie the transition. Disruptions in the supply chain pose an additional serious danger to EV adoption. China is the most important supplier of EV manufacturing ecosystem components. In such a case, the transition path will differ from country to country, based on each country's ability to build an indigenous supply chain within a given timescale. However, post COVID-19 global light vehicle market has experienced exponential growth as a result of government financial and promotional backing, as well as the emergence of an eco-friendly environment.
Global Light Electric Vehicles Market – By Power Output
Based on power output, global light electric vehicles market is divided into Less than 6 kW, 6–9 kW, and 9–15 kW. In the light electric car market in 2022, the segment with less than 6 kW had the highest revenue share. The rising demand for LEVs with compact seating capacity for personal commuting and shared mobility applications is expected to enhance sales of electric scooters and electric cycles with low power (less than 6 kW). Because of the high demand, Chinese producers send these low-power LEVs to North America and Europe at significantly lower prices.
Major players operating in global light electric vehicles market include Accelerated Systems Inc., Addax Motors, Aisin Corporation, Alke, American Landmaster, Ari Motors, Auro Robotics, Auto Rennen India, Balkancar Record, BMW Ag, Borgwarner Inc., Byd Auto Co. Ltd., Cfmoto, Club Car Inc., Columbia Vehicle Group Inc., Continental Ag, Crossfire Motorcycles, and Crystalyte Motors. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Light Electric Vehicles Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Light Electric Vehicles Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Light Electric Vehicles Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Vehicle Category (2-wheelers, 3-wheelers, 4-wheelers); By Application (Personal Mobility, Shared Mobility, Recreation & Sports, Commercial); By Power Output (Less than 6 kW, 6–9 kW, 9–15 kW); By Component (Battery Pack, Electric Motor (Propulsion Motor), Motor Controller, Inverters, Power Controller, E-Brake Booster, Power Electronics); By Vehicle Type (e-ATV/UTV, e-bike, e-scooter, e-motorcycle); By Region (North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA))
Publish Date: February 2023
Rapid advancements in battery technology and governments’ supportive initiatives and subsidies are projected to propel the expansion of global light electric vehicles market during the forecast period between 2023 and 2029.
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