Vancouver, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global Light Electric Vehicles (LEVs) market size was USD 78.50 Billion in 2022 and is expected to register a rapid revenue CAGR of 9.3% during the forecast period, according to latest analysis by Emergen Research. Government restrictions aimed at reducing carbon emissions in the environment and rising consumer preference for environment-friendly and sustainable transportation methods are key factors driving market revenue growth. LEVs are typically smaller and lighter than traditional automobiles and are powered with the help of electric motors and rechargeable batteries, which include electric bicycles, electric scooters, electric motorcycles, and other similar forms of transportation.
Governments around the world are taking steps to ensure there are no emissions in the environment. For instance, the Dutch government aims to use EVs with zero emissions for official and business purposes by the end of 2025. In addition, governments in developed countries such as Canada and Mexico, offer tax benefits to EV owners at various stages of EV deployment, purchase, and charging in their countries. Thus, demand for LCVs is rising as more individuals are being encouraged to buy LEVs for personal use.
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However, lack of adequate charging infrastructure in many developed and developing countries is preventing consumers from purchasing LEVs, which could restrain constrain market revenue growth. According to research, in the U.S., 63% of 3,100 countries and city countries have five or only a few chargers installed in 2022. Around 3.04 million EVs are on road in the U.S., with a total of 103,582 publicly accessible non-proprietary charging outlets, or 29 EVs per charger. In addition, governments are also making efforts to maintain the infrastructure of EV charging stations in their countries to rise the market demand for LEVs. Governments are enabling individuals to construct Public Charging Stations (PCS) for EV charging, including guest vehicles, in malls, housing societies, restaurants, hotels, and office buildings.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 78.50 Billion |
| CAGR (2023–2032) | 9.3% |
| Revenue Forecast To 2032 | USD 191.45 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Product, component, power output, vehicle type, application, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Polaris Inc., Jiangsu XINRI Co., Ltd., Deere & Company, Yamaha Motor Co., Ltd., CLUB CAR, BMW Group, Toyota Industries Corporation, Accell Group, Mahindra & Mahindra Ltd., and GOVECS AG |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global Light Electric Vehicles (LEVs) market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective LEVs solutions. Some major players included in the global Light Electric Vehicles (LEVs) market report are:
- Polaris Inc.
- Jiangsu XINRI Co., Ltd.
- Deere & Company
- Yamaha Motor Co., Ltd.
- CLUB CAR
- BMW Group
- Toyota Industries Corporation
- Accell Group
- Mahindra & Mahindra Ltd.
- GOVECS AG
Strategic Development
- On 8 April 2022, Club Car announced the acquisition of Garia, the Danish electric manufacturer of electric low-speed vehicles for utility, consumer, and golf markets, from Lars Larsen Group. This acquisition aims to increase the company's presence in Europe and diversify its product portfolio in the consumer and utility markets. The acquisition also includes Melex, which Garia purchased in November 2021 to boost its utility market expansion. An array of street and off-street legal goods, such as multi-passenger and small freight utility vehicles, are available from Melex, a Polish producer of lightweight utility vehicles.
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Some Key Highlights From the Report
- The Plug-in Hybrid Electric Vehicles (PHEV) segment is expected to account for largest revenue share in the global LEVs market over the forecast period. This is attributed to rising need to reduce Greenhouse gas (GHG) emissions and global warming. Demand for PHEVs is rising due to usage of environment-friendly transportation, consideration of the condition of climate change, and promotion of better public health. Automobile buyers continue to prefer hybrids because these lessen their carbon footprint and petrol usage without causing range anxiety or necessitating home charging.
- The battery pack segment is expected to register steadily fast revenue growth rate in the global LEVs market during the forecast period. This is because lithium-ion batteries are preferred over lead-acid batteries for LEVs such as e-scooters, e-ATVs/Utility Task Vehicles (UTVs), e-bikes, e-motorcycles, etc. since these have a higher energy density, longer lifespan, and do not need to be maintained. Particularly for electric two-wheelers, such as e-bikes and e-scooters, lead-acid batteries have experienced significant demand over the past few years. Battery makers are creating lithium-polymer batteries, graphene lithium batteries, and other alternatives to lithium-ion batteries owing to technological developments.
- The less than 6KW segment is expected to account for significantly large revenue share in the global LEVs market over the forecast period. This is due to rising demand for LEVs with limited seating capacities, as sales of low-power electric bikes and scooters (less than 6 kW) for solo and group transportation are expected to increase. Chinese manufacturers are sending these low-power LEVs to North America and Europe at comparatively low costs. Most electric two-wheelers have a maximum output of less than 6 kW, which are used for personal transportation and deliveries, among other things.
- The North America market accounted for largest revenue share in the global LEVs market in 2022 attributed to the increasing EV sales in the U.S. due to rising demand for EV types. Research indicates that in 2022, sales of PHEV in the U.S. was around 918,500 units. Governments and manufacturers are taking initiatives in countries. such as Canada, to increase the number of factories manufacturing EVs to meet the rising demand for such vehicles. For instance, on 05 December 2022, General Motors announced a partnership with BrightDrop to open up Canada’s first full-scale electric vehicles manufacturing plant.
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Emergen Research has segmented the global light electric vehicles market on the basis of product, component, power output, vehicle type, application, and region:
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
- Component Outlook (Revenue, USD Billion; 2019-2032)
- Battery Pack
- Electric Motor
- Motor Controller
- Inverters
- Power Controller
- E-Brakes Controller
- Power Electronics
- Power Output Outlook (Revenue, USD Billion; 2019-2032)
- Less than 6KW
- 6 – 9KW
- 9 – 15KW
- Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
- e-ATV
- e-Bike
- e-Scooter
- e-Motorcycle
- Neighborhood Electric Vehicles
- E-Lawn Mower
- Electric Industrial Vehicles
- Autonomous Forklifts
- Automated Guided Vehicles
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Personal Mobility
- Shared Mobility
- Recreation & Sports
- Commercial
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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