Light Electric Vehicles Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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What CAGR Will the Light Electric Vehicles Market Achieve During 2025–2034, and What Does It Indicate?
In recent times, the size of the light electric vehicles market has seen substantial growth. It is projected to go from $84.38 billion in 2024 to $92.24 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 9.3%. The rise during the noted historical phase can be directly correlated with factors such as problems related to urbanization and congestion, heightened environmental consciousness and sustainable practices, governmental incentives and protocols, increased fuel prices, and solutions pertaining to last-mile connectivity.
The market for light electric vehicles is predicted to experience swift expansion in the coming years, with an estimated worth of $135.65 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.1%. The projected growth during this period can be credited to technological advancements in battery technology, the inclusion of urban mobility solutions, the increased growth of e-commerce and delivery services, shifts in consumer lifestyles, and government dedication to environmentally-friendly transportation. Significant trends expected during this forecast period involve a concentration on lightweight and collapsible designs, governmental incentives and legislation, advancements in battery technology, alliance with smart city initiatives and the rise of electric micro-mobility options.
What Industry-Specific Factors Are Fueling the Growth of the light electric vehicles Market?
The growth of the light electric vehicle market is anticipated to be propelled by the increasing demand for e-motorcycles. Electric motorcycles, also known as e-motorcycles, are versions of traditional motorcycles that operate on electricity instead of conventional gasoline. They are renowned for their eco-friendliness and efficiency, as they do not emit any pollutants and use less energy. Therefore, they fall under the light electric vehicle category. Consequently, the escalating interest in e-motorcycles will stimulate demand for light electric vehicles. The Office of Energy Efficiency and Renewable Energy, a government agency in the United States, reported in December 2023 that sales of e-motorcycles in the country in 2021 were approximately 8,75,000 units, which surged to 1.1 million e-motorcycles in 2022. As a result, the growing demand for e-motorcycles is fueling the light electric vehicle market.
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Who Are the Key Firms Paving the Way for Growth in the Light Electric Vehicles Market?
Major companies operating in the light electric vehicles market include:
• Stellantis N.V._x000D_
• General Motors Company_x000D_
• Bayerische Motoren Werke AG_x000D_
• Giant Manufacturing Co Ltd._x000D_
• Tesla_x000D_
What Are the Most Influential Trends Currently Shaping the Light Electric Vehicles Market?
The light electric vehicles market is witnessing a rising trend of product innovation. Prominent players in this market are concentrating on creating novel products to fortify their market standing. As an example, Niu Technologies, an electric scooter firm based in China, unveiled the KQi 100 series of electric scooters in September 2024. This series, inclusive of KQi 100P and KQi 100F, features a clear LCD dashboard and advanced app connectivity capabilities that enable users to set the minimum glide speed necessary to start the motor, establish a charging limit to inhibit battery aging, and configure the node.
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How Are the Key Segments of the Light Electric Vehicles Market Driving Opportunities and Innovations?
The light electric vehicles market covered in this report is segmented –
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
Subsegments:
1) By Hybrid Electric Vehicle (HEV): Series Hybrid Electric Vehicle, Parallel Hybrid Electric Vehicle, Combined Hybrid Electric Vehicle
2) By Plug-in Hybrid Electric Vehicle (PHEV): Series Plug-in Hybrid, Parallel Plug-in Hybrid
3) By Battery Electric Vehicle (BEV): Battery Electric Cars, Battery Electric Trucks, Battery Electric Buses, Battery Electric Vans, Two-Wheelers
Which Regions Are Essential for the Growth of the Light Electric Vehicles Market?
Asia-Pacific was the largest region in the light electric vehicles market in 2024. North America is expected to be the fastest-growing region in the global light electric vehicles market during the forecast period. The regions covered in the light electric vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is the Definition of the Light Electric Vehicles Market Impacting Future Growth?
A light electric vehicle or LEV refers to a land vehicle with two or three wheels, an electric motor, and an energy storage system like a battery or fuel cell. Its normal weight is less than 100kg. Most LEVs are e-bikes. These bikes have a throttle that allows for power-on-demand operation.
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