NEWARK, Del, March 04, 2024 (GLOBE NEWSWIRE) -- The light electric vehicle market is expected to be valued at US$ 98.2 billion in 2024. The market's progress is projected to increase at a CAGR of 10.6% from 2024 to 2034. By 2034, the market value is forecasted to hit US$ 268 billion.
In recent years, there has been a growing interest in low-emission vehicles (LEVs), which are eco-friendly and more efficient than traditional gasoline-powered vehicles. Air pollution is a severe problem in many cities around the world, and LEVs are gaining popularity as a practical solution to this problem. LEVs, such as electric bicycles and scooters, emit fewer pollutants and are more efficient than traditional gasoline-powered vehicles. As a result, people are turning to LEVs as a greener and more efficient alternative for their daily commutes.
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The increasing demand for last-mile connectivity. With the rise of e-commerce and online shopping, the need for quick and efficient delivery services has increased. LEVs, particularly electric bicycles and scooters, have emerged as a practical and cost-effective solution for last-mile delivery.
The advancement of technology and innovation in the industry is also expected to drive the growth of the LEV market. The development of more powerful and efficient electric motors, batteries, and charging infrastructure has made LEVs more practical and reliable for everyday use.
Governments and regulatory bodies are also promoting the adoption of LEVs by offering incentives and subsidies to consumers who purchase electric vehicles. The governmental urge to maintain sustainability standards is promoting the cause of these initiatives. These incentives and subsidies make it more affordable for consumers to purchase LEVs, thus driving the growth of the market.
The increasing interest of investors in the LEV market is also contributing to its growth. Start-ups are emerging, offering innovative and affordable electric vehicles. The market is witnessing collaborations between established automobile manufacturers and start-ups to develop new electric vehicles and expand their market reach. This trend is expected to continue, as more investors and entrepreneurs enter the market, driving innovation and growth.
“Increasing interest of investors in the LEV market is expected to drive the industry demand during the forecast period. The market is witnessing collaborations between established automobile manufacturers and start-ups to develop new electric vehicles and expand their market reach.” - Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Light Electric Vehicle Market
- The global light electric vehicle market is estimated to register a CAGR of 10.6% with a valuation of US$ 268.0 billion by 2034.
- The 2-wheelers are anticipated to dominate the global market by considering a 10.4% market CAGR from 2024 to 2034.
- With a 10.2% market CAGR, e-scooters will drive the global market through 2024 to 2034.
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Competitive Landscape
As the number of players in the light electric vehicle market continues to grow, companies are adopting distinctive strategies for developing and promoting their electric vehicles. While some are emphasizing affordability, others are giving priority to performance and luxury features.
Key Market Players
- AIMA Technology Group Co. Ltd.
- Terra Motors Corporation
- Jiangsu Xinri E-Vehicle Co. Ltd.
- Zhejiang Luyuan Electric Vehicle Co. Ltd.
- Yamaha Motor Co. Ltd.
- Mahindra Electric Mobility Limited
- BMW AG
- Terra Motors Corporation
- Zero Motorcycles Inc.
- Energica Motor Company S.p.A
Recent Developments in the Light Electric Vehicle Market
- In 2022, Textron Ground Support Equipment Inc., which is a subsidiary of Textron Inc., has formed a collaboration with General Motors (GM) and Powertrain Control Solutions (PCS) to electrify its extensive product range. GM and PCS have jointly developed an integrated driveline that employs GM's lithium-ion battery systems explicitly designed for Textron GSE products. By using this driveline, Textron GSE will be able to benefit from GM's expertise in electric propulsion systems.
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Key Market Segmentation
By Vehicle Category:
- 2-wheelers
- 3-wheelers
- 4-wheelers
By Vehicle Type:
- e-scooter
- e-ATV/UTV
- Neighborhood Electric Vehicle
- e-bike & Motorcycle
- e-lawn Mower
- Autonomous Forklifts
- Others
By Component Type:
- Battery Pack
- Electric Motor
- Motor Controller & Power Controller
- Inverters
- e-brake Booster & Power Electronics
By Application:
- Personal Mobility
- Shared Mobility
- Recreation & Sports
- Commercial
By Power Output:
- Less than 6 kW
- 6-9 kW
- 9-15 kW
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- MEA
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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