Light Electric Vehicles Market Size Will Hit at USD 205.76 Billion by 2032

Ottawa, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The light electric vehicles market will hit strong growth by 2040. Light electric vehicles (LEVs) are a category of electric vehicles (EVs) designed for short-distance urban transportation. They are powered by one or more electric motors and are typically powered by rechargeable batteries. LEVs come in various forms, including electric bicycles (e-bikes), electric scooters, and other small electric vehicles. They are often preferred over traditional vehicles for short trips and daily commutes because they are affordable, eco-friendly, and convenient.

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The market is driven by the efficient and sustainable mode of transportation that can help reduce carbon emissions and air pollution. The adoption of LEVs is growing environmental awareness. People are increasingly concerned about climate change and air pollution, and LEVs offer a cleaner and more sustainable mode of transportation than traditional gasoline-powered vehicles.

Regional snapshots         

The Light electric vehicles (LEVs) market is expected to experience the highest market share from the North America region during the forecast period. Technological advancements in battery technology drive the market, and electric motor technology has made LEVs more powerful and efficient. This has helped to increase the range and speed of LEVs, making them a more viable option for everyday transportation. The U.S. is the major contributor to the market growth in this region.

The United States is an extremely developed country with growing demand for sustainable and eco-friendly transportation. With increasing awareness of climate change and air pollution, consumers are turning to LEVs as an alternative to traditional gasoline-powered vehicles. LEVs are also cheaper to operate and maintain than traditional vehicles, making them an attractive option for budget-conscious consumers.

Key Insights

• Total sales of electric two wheelers in India for May 2023 stood at 1,04829 units. The number of sales in the month May 2023 showed 147.15% year-on-year (Y-o-Y) growth as compared to the units sold in May 2022. India sold 42,415 units of electric two wheelers in May 2022.
• The most prominent player in the Indian electric vehicle market, Ola Electric Technologies Pvt Ltd sold total 28,469 units of electric two wheelers in May 2023; this has witnessed 207.14% year-on-year growth as compared to the company’s sales in May 2022.
• As multiple governments have committed to reduce carbon emission from public transport, the sales for commercial light electric vehicle increased by more than 90% in 2022.
  
  

Electric two-wheeler sales in India

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Scope of the report

• According to the Society of Automobile Manufacturers, between January 2023- June 2023, India manufactured 16,552 electric three-wheelers.
• Mahindra’s Last Mile Mobility (electric three-wheeler) witnessed 21% month-on-month growth in July 2023; the company sold 3,066 units of electric 3 wheelers in the month.
• Ather Energy, an India-base electric two-wheeler manufacturer, sold 6,614 units in July 2023. The company’s total revenue has increased by 336.6% in fiscal year 2023. In FY2022, Ather Energy’s monthly sales stood at approximately 7,042.
• Forsee Power, a France-based electric mobility company stated that its sales grew by 41.2% in the last quarter of 2022. With the development of new production unit in the United States, Forsee Power aims to reach production capacity of 3Gwh by 2027.
• As Uber electric bike made its entry to the African market in 2023, the Kenyan government stated that it is aiming to turn at least 5% of vehicles in East Africa to be electric by 2030.
  
  

Government’s initiatives:

• China announced the extension of its tax exemption policy in June 2023 in order to sustain as a global leader in electric vehicle industry. Under the policy, the Chinese government has exempted 10% purchase tax from new electric vehicles.
• Indian government has reduced tax on electric vehicles from 12% to 5%. Additionally, the government has pledged to reduce the tax on electric vehicle charging stations from 18% to 5%.
• The Federal Government of the United States has set an ambition to create a network of 500,000 chargers for electric vehicles by 2030.
• Britain’s Department of Transport, in September 2023, stated details on Zero Emission Vehicles. According to the same, 22% of news cars that are to be sold next year should be zero-emission. Additionally, the German government has also aimed to run 15 million electric cars on road by 2030.
• With the implementation of Faster Adoption and Manufacturing of Electric Vehicles Scheme (Phase-II), India subsidized 7.4 lakh electric vehicles by December 2022.
  
  

Market Dynamics

Drivers

Sustainable transportation is becoming increasingly important, driving the demand for light electric vehicles (LEVs). These vehicles offer a clean and efficient mode of transportation for short distances, and they are growing in popularity as more people look for eco-friendly alternatives to traditional vehicles. Rising concern about climate change and the need for more sustainable transportation options are increasing the demand for LEVs. Traditional vehicles are a significant source of greenhouse gas emissions, contributing to climate change, and many people are now looking for ways to reduce their carbon footprint. LEVs offer an alternative that produces little to no emissions and is more sustainable. In addition to their environmental benefits, LEVs are also cost-effective. They are typically cheaper to operate and maintain than traditional vehicles, as they rely on electricity rather than gasoline. This makes them an attractive option for people to save on transportation costs.

Opportunities

The growth of e-commerce has provided a significant opportunity for the Light electric vehicles (LEVs) market. The growth of e-commerce has led to a growing demand for efficient last-mile delivery solutions. The light electric vehicles market has emerged as a viable solution for this demand. The advantages of using LEVs for last-mile deliveries include reduced traffic congestion, lower emissions, and increased efficiency. LEVs, such as electric bicycles, scooters, and electric cargo bikes, are becoming increasingly popular in urban areas to deliver goods quickly and efficiently. These vehicles are often faster than traditional delivery vans in urban traffic, can access areas off-limits to cars, and require less space for parking and loading.

Furthermore, to meet this growing demand, companies are developing specialized LEVs for delivery purposes, such as cargo bikes with large carrying capacities or electric scooters with attached storage containers. Additionally, many cities are implementing regulations and infrastructure to support LEV use, such as dedicated bike lanes and charging stations. Thus, the rise of e-commerce has created a need for efficient last-mile delivery solutions, and the light electric vehicles market is well-positioned to meet this demand.

Report highlights

• On the basis of vehicle category, it is divided into 2-wheelers, 3-wheelers, and 4-wheelers. The 2-wheelers segment has gained a major share of the global market.
• On the basis of application, it is divided into personal mobility, shared mobility, recreation & sports, and commercial. The commercial segment has gained a major share of the global market.
• On the basis of the power output, it is divided into less than 6 kW, 6–9 kW, and 9–15 kW, with 6–9 kW. The 6–9 kW segment has gained a major global market share.
• On the basis of components, it is divided into electric motor (propulsion motor), battery pack, inverters, power controller, motor controller, E-brake booster, and power electronics. The battery pack segment has gained a major share of the global market.
• On the basis of vehicle type, it is divided into e-bike, e-ATV/UTV, e-motorcycle and e-scooter,. The e-bike segment has gained a major share of the global market.
• Based on geography, the Light electric vehicles (LEVs) market has been expected to experience the highest market share from the North America region during the forecast period.
• On the basis of geography, the Light electric vehicles (LEVs) market in North America is serving as the most dominating region among others. The dominance of the Light electric vehicles (LEVs) market is largely due to the increasing government backing in the form of tax incentives and subsidies for electric vehicles in the North American region.
  
  

Related Reports

• India Electric Vehicle Market - The market is expected to expand around USD 637.85 billion by 2032 with a CAGR of 65.44% from 2023 to 2032.
• Luxury Electric Vehicles Market - The global market size was valued at USD 160.14 billion in 2022, and it is expanding around USD 839.57 billion by 2032 with a CAGR of 18.02% from 2023 to 2032.
• Plug-in Hybrid Electric Vehicles Market - The global market size was accounted for USD 122 billion in 2022 and is expanding around USD 295.5 billion by 2032 with a CAGR of 9.3% from 2023 to 2032.
• Electric Vehicles Charging as a Service Market - The global market size was accounted for USD 25.6 billion in 2021 and is expanding around USD 113.9 billion by 2030 with a CAGR of 18.04% from 2022 to 2030.

Recent developments

• In May 2019, Bird, a leading electric scooter-sharing company, launched a new electric scooter model, Bird One, boasting longer battery life and durability.
• In March 2020, Chinese e-bike company, Yadea, launched two electric scooter models and announced its entry into the Indian market.
• In May 2020, General Motors announced a partnership with electric bike manufacturer, VanMoof, to develop a new line of electric bicycles for urban commuters.
• In April 2022, Yamaha Motor partnered with Gogoro to develop electric scooters with swappable batteries for the Taiwanese market.

Market Segmentation

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 Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
  
  

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