The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global light electric vehicles market is set for substantial growth, showcasing a dynamic trajectory. From a market size of $71.17 billion in 2022, the industry is projected to reach $78.21 billion in 2023, reflecting an impressive compound annual growth rate (CAGR) of 9.9%. Looking ahead, the market is anticipated to surge further, reaching $111.58 billion by 2027, maintaining a robust CAGR of 9.3%.

• Sustained CAGR: The market’s commendable CAGR underlines consistent growth over the forecast period.

Riding the Wave: Surge in Demand for E-Motorcycles

The upward trajectory of the light electric vehicle market is strongly influenced by the rising demand for e-motorcycles. E-motorcycles, powered by electric motors instead of traditional gasoline engines, are gaining popularity due to their environmental friendliness and efficiency. The absence of emissions and lower energy consumption positions e-motorcycles as a preferred choice. The surge in demand for these eco-friendly alternatives is poised to propel the overall growth of the light electric vehicle market.

• E-Motorcycles in Focus: The market growth is particularly fueled by the increasing demand for e-motorcycles, contributing to the broader light electric vehicle segment.
• Environmental Benefits: E-motorcycles are known for their environmental friendliness and energy efficiency, making them an attractive option for conscientious consumers.
• Australian Scenario: In Australia, electric motorcycle registrations witnessed a significant increase from 1,308 in 2020 to 2,706 in 2021, as reported by the Australian Bureau of Statistics.

Industry Titans: Key Players Shaping the Landscape

Major players wield significant influence in shaping the dynamics of the light electric vehicles market. Key industry players include Polaris Inc., Jiangsu Xinri E-Vehicle Co. Ltd., Deere & Company, Yamaha Motor Co. Ltd., and other prominent entities.

• Market Influencers: Companies like Polaris Inc. and Yamaha Motor Co. Ltd. play pivotal roles in steering market trends and strategies.

Innovating for Tomorrow: Product Innovation Takes Center Stage

Product innovation emerges as a key trend, with major companies focusing on developing cutting-edge solutions to fortify their positions in the market. E-Z-GO’s launch of the E-Z-GO Liberty in June 2021 exemplifies this trend, offering a golf-cart-sized vehicle with four forward-facing seats.

• E-Z-GO Liberty: The innovative vehicle provides four forward-facing seats in a compact footprint, setting it apart in the market.
• Enhanced Maneuverability: Liberty boasts improved maneuverability and a smaller turning radius, making it a standout choice.
• Attachments and Customization: Customers can choose from various golf cart attachments that attach to Liberty’s rear hitch receiver, enhancing its versatility.

Market Dynamics: Segmentation Unveils Diverse Opportunities

The light electric vehicles market unfolds through comprehensive segmentation, providing insights into its diverse nature.

1. By Product:
   • Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV)
2. By Component Type:
   • Battery Pack, Electric Motor, Motor Controller, Inverters, Power Controller, E-brakes Controller, Power Electronics
3. By Power Output:
   • Less than 6kW, 6-9 kW, 9-15 kW
4. By Vehicle Type:
   • E-ATV, E-Bike, E-Scooter, E-Motorcycle, Neighborhood Electric Vehicle, E-Lawn Mower, Electric Industrial Vehicle, Autonomous Forklifts, Automated Guided Vehicles
5. By Application:
   • Personal Mobility, Shared Mobility, Recreation and Sport, Commercial

Regional Dynamics: Asia-Pacific Takes the Lead

In 2022, Asia-Pacific emerged as the largest region in the light electric vehicles market, underscoring the region’s dominance in steering market dynamics.

• Leadership Position: Asia-Pacific’s prominence establishes it as a key player in the global landscape.

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The Light Electric Vehicles Global Market Report 2023  provides an overview of the light electric vehicles market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The light electric vehicles market forecast analyzes light electric vehicles market size, light electric vehicles market share, leading competitor and their market positions.

The Table Of Content For The Light Electric Vehicles Market Include:

1. Light Electric Vehicles Market Executive Summary
2. Light Electric Vehicles Market Segments
3. Light Electric Vehicles Market Size And Light Electric Vehicles Market Growth Rate
4. Key Light Electric Vehicles Market Trends
5. Major Light Electric Vehicles Market Drivers
……
25. Key Mergers And Acquisitions In The Light Electric Vehicles Market
26. Top Light Electric Vehicles Companies
27. Light Electric Vehicles Market Opportunities And Strategies
28. Light Electric Vehicles Market, Conclusions And Recommendations
29. Appendix

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