New York, United States, May 21, 2024 (GLOBE NEWSWIRE) -- The Global Light Electric Vehicles (LEVs) Market Size Expected to Grow from USD 80.15 Billion in 2023 to USD 196.03 Billion by 2033, at a CAGR of 9.36% during the forecast period 2023-2033.
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The world-changing potential for emission-free solutions for rising megacities and light electric vehicles (LEVs) is that technology is spreading around us without getting attention. The increased traffic congestion is due to rising urbanization. The advancement of technologies applied to the material built greater power efficiency, smaller size, and lower cost solutions. With growing flexibility in terms of parking, as they can be readily kept and charged in small places. and rising traffic congestion, LEVs can offer a convenient and sustainable alternative to traditional forms of transportation such as cars and buses. The rising traffic congestion and pollution while also increasing accessibility for persons who do not have access to public transport. LEVs are simple to run, inexpensive, and require little maintenance, which boosts demand and generates enormous growth prospects for market competitors. They also provide flexibility in terms of parking, as they can be readily kept and charged in small places. This makes them great for quick journeys, errands, and other daily tasks. LEVs represent a great possibility for urban mobility, with the ability to improve transportation. LEVs are straightforward to run, cheap, and require little maintenance, which boosts demand and generates enormous growth prospects for market competitors. They also provide flexibility in terms of parking, as they can be readily kept and charged in small places. This makes them great for quick journeys, errands, and other daily tasks. LEVs are a great prospect for urban mobility since they can improve transportation efficiency, cut carbon emissions, and improve the quality of life for urban residents.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the " Global Light Electric Vehicles (LEVs) Market Size, Share, and COVID-19 Impact Analysis, By Power (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 Electronic), By Application (Personal Mobility, Shared Mobility, Recreation & Sports, Commercial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The less than 6 kW segment is expected to hold the largest share of the global light electric vehicles (LEVs) market during the forecast period.
Based on the power, the global light electric vehicles (LEVs) market is categorized into less than 6 kW, 6-9 kW, 9-15 kW. Among these, the less than 6 kW segment is expected to hold the largest share of the global light electric vehicles (LEVs) market during the forecast period. The growing demand for small-seat LEVs for personal commuting and shared mobility applications is predicted to boost sales of electric scooters and electric cycles with low power (less than 6 kW).
The battery pack segment is expected to grow at the fastest CAGR during the forecast period.
Based on the component, the global light electric vehicles (LEVs) market is categorized into battery pack, electric motor (propulsion motor), motor controller, inverters, power controller, e-brake booster, power electronic. Among these, the battery pack segment is expected to grow at the fastest CAGR during the forecast period. Lithium-ion batteries are the best choice for LEVs such as e-ATVs/UTVs, e-scooters, e-motorcycles, e-bikes, and others due to its better energy density, longer life, and reduced maintenance requirements. The only factors influencing the adoption of lithium-ion batteries are their high cost and the availability of raw materials for manufacturing.
The commercial segment is expected to hold a significant share of the global light electric vehicles (LEVs) market during the forecast period.
Based on the application, the global light electric vehicles (LEVs) market is categorized into personal mobility, shared mobility, recreation & sports, commercial. Among these, the commercial segment is expected to hold a significant share of the global light electric vehicles (LEVs) market during the forecast period. Commercial light electric cars are ideal for urban areas where traditional delivery vehicles, such as vans and trucks, are unfeasible due to traffic congestion and parking restrictions. They offer a more efficient and cost-effective alternative to traditional delivery vehicles. They are also environmentally friendly, which is increasingly important for industries who want to reduce their carbon footprint.
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North America is projected to hold the largest share of the global light electric vehicles (LEVs) market over the forecast period.
North America is projected to hold the largest share of the global light electric vehicles (LEVs) market over the forecast period. The United States and Canada are the key drivers of market growth in this sector. Increased government support in the form of subsidies and tax incentives for electric vehicles is also expected to drive market growth. The demand for electric scooters and bicycles is also increasing in this region, particularly in cities where traffic congestion is a major concern. Tesla, General Motors, and Ford are expected to drive market expansion in this region.
Europe is expected to grow at the fastest CAGR growth of the global light electric vehicles (LEVs) market during the forecast period. Europe is a significant market for light electric vehicles, with Germany, the United Kingdom, and France leading the way. This market's expansion is being driven by a rising need for sustainable transportation solutions. This region's market growth is being driven by favourable government policies such as tax breaks, subsidies, and regulatory requirements that promote the use of electric vehicles. The growing emphasis on lowering carbon emissions is also likely to drive market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global light electric vehicles (LEVs)market are Textron Inc., John Deere, Yamaha Motor Co. Ltd., Club Car Inc., BMW AG, Gogoro, Honda, iO Power Roller, Lit Motors, Mahindra GenZe, Piaggio Group, SunRa, Terra Motors, Vmoto Ltd., Yadea Technology Group, Zero Motorcycles, and others.
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Recent Developments
- In August 2022, BYD partnered with Castrol, a British oil company. Under this collaboration, Castrol ON advanced EV fluids will be used in BYD's growing electric car lineup. Furthermore, with the cessation of production of internal combustion engine (ICE) vehicles, Castrol would turn its focus to assisting BYD in boosting global EV adoption.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global light electric vehicles (LEVs) market based on the below-mentioned segments:
Global Light Electric Vehicles (LEVs) Market, By Power
- Less than 6 kW
- 6-9 kW
- 9-15 kW
Global Light Electric Vehicles (LEVs) Market, By Component
- Battery Pack
- Electric Motor (Propulsion Motor)
- Motor Controller
- Inverters
- Power Controller
- E-Brake Booster
- Power Electronic
- Others
Global Light Electric Vehicles (LEVs) Market, By Application
- Personal Mobility
- Shared Mobility
- Recreation & Sports
- Commercial
Global Light Electric Vehicles (LEVs) Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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