Growth in sales of e-bikes, e-scooters and e-motorcycles to drive the sector

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Global light electric vehicle market

Global light electric vehicle market

Global light electric vehicle market

Dublin, Nov. 21, 2022 (GLOBE NEWSWIRE) — The “Light Electric Vehicle (LEV) Market by Vehicle Class, Application (Personal Mobility, Shared Mobility, Leisure & Sports, Commercial), Power Output (Less than 6 kW , 6 -9 kW, 9-15 kW), Component Type, Vehicle Type Region – Global Forecast to 2027″ has been added to the report from ResearchAndMarkets.com offer.

The light electric vehicle market is expected to grow from USD 78.5 billion in 2022 to USD 122.7 billion by 2027, registering a CAGR of 9.4%. E-ATV/UTV, e-bike, e-scooter, e-motorcycle, electric neighborhood vehicle, e-mower (robot e-mower and manual e-mower), electric industrial vehicle, autonomous forklifts, delivery robots, and automated guided vehicles were mapped as part of this research.

Growth in battery and motor technology and government efforts to reduce emissions in urban areas have increased the demand for LEV vehicles over the years. With the rapid establishment of charging stations around the world, the demand for EVs such as e-bikes, e-scooters, e-motorcycles and neighborhood e-vehicles (golf cart/others) has also increased. Technological breakthroughs in EV batteries and other EV technologies have made it possible to have high horsepower motors in electric ATVs and UTVs for off-roading (comparable to their ICE counterparts). This will create a shift in the demand for electric ATVs and UTVs in the years to come.

Personal and commercial LEVs will be the largest segment of the market during the forecast period

The increase in the price of petroleum products is the main driver of the market for light electric vehicles for personal and commercial use. Electric systems are more durable and efficient in regular use than mechanical models because they break less often due to fewer moving parts, and therefore less friction and wear. The lifetime cost of ownership or total cost of ownership (TCO) is expected to decrease compared to a vehicle equipped with an internal combustion engine, which will contribute to a further increase in demand for personal and commercial LEVs such as e-ATV/UTV, neighborhood electric vehicles, e-bikes, electric scooters and electric motorcycles and some special purpose vehicles like electric lawn mowers.

Growth in sales of e-bikes, e-scooters and e-motorcycles to drive the LEV market

Two-wheeled vehicles use electric motors to move. The electricity is stored in a rechargeable battery, which drives the electric motors. These vehicles are zero-emission electric motor vehicles. The operating speed and top speed of electric two-wheelers rely on battery technology.

Scooters and bicycles are easy-to-use two-wheelers with a step-over frame and a platform for the user’s feet. These two-wheelers are affordable, lightweight and easy to move around. On the other hand, motorcycles are heavier, faster and bigger than scooters/mopeds. Depending on the requirements, these two-wheelers have different body designs and chassis. Electric versions of scooters and motorcycles are powered by electricity stored in their batteries. Electronic systems are stronger than mechanical models because they break less often due to less friction and less wear. Therefore, electric two-wheelers last longer and reduce environmental impact compared to gasoline-powered vehicles.

Market dynamics

Drivers

  • Low operating and maintenance costs

  • Government incentives and subsidies

  • Advances in Battery Technologies

  • Growing demand from recreational and commercial applications

  • Progress in the renewable energy sector

Constraints

  • Lack of charging infrastructure and limited range of vehicles

  • High initial cost of ownership

  • Growing Concerns About Recycling LEV Components

Opportunities

  • Lower component prices

  • New pockets of revenue in Asia-Pacific, Africa and Europe

  • Increase R&D for progress

Challenges

  • Lack of compatibility, interchangeability and standardization

  • Fluctuating raw material prices drive up the cost of battery-powered industrial vehicles

Main topics covered:

1. Introduction

2 Research methodology

3 Executive summary

4 premium previews

5 Market Overview

6 Light Electric Vehicle Market, By Vehicle Type

7 Light Electric Vehicle Market, By Vehicle Class

8 Light Electric Vehicle Market, By Application

9 Light Electric Vehicle Market, By Power Output

10 Light Electric Vehicle Market, By Component

11 Light Electric Vehicle Market, by Region

12 Competitive landscape

13 company profiles

14 Recommendation

15 Appendix

Companies cited

  • Accelerated Systems Inc.

  • Addax Motors

  • Aisin Company

  • Alke

  • American Landmaster

  • Ari engines

  • Auro Robotics

  • Auto Rennen India

  • Balkan record

  • BMW AG

  • Borgwarner Inc.

  • Byd Auto Co.Ltd.

  • cfmoto

  • Club Car Inc.

  • Columbia Vehicle Group Inc.

  • Continental AG

  • Crossfire Motorcycles

  • Crystalyte Engines

  • Curtis Instruments Inc.

  • Dr Usa

  • Eco Charger

  • Elaphe Propulsion Technologies Ltd.

  • Evum motors

  • excar

  • Material handling Godrej

  • Govecs Group

  • John Deere

  • Key Players (Lev Component Manufacturers)

  • Kion Group

  • Linhai

  • Lit Motors Inc.

  • Magna International

  • Mahle Group

  • Marshal

  • Motor Appliance Corporation (Mac)

  • Nebula Automotive Pvt. Limit

  • Nidec Company

  • Ningbo Yinzhou Hentach Electromechanical Co. Ltd.

  • nsk ltd.

  • NTN Group

  • Pilotcar electric vehicles

  • Polaris Inc.

  • Powerland agricultural tractor vehicles

  • Protean electric

  • Qs Motor Ltd.

  • Robert Bosch GmbH

  • smart trolley

  • Suzhou Eagle Electric Vehicle

  • Tesla Inc.

  • textron inc.

  • Toyota Industries Corporation

  • volcon

  • Waev Inc.

  • Wettsen Company

  • Yamaha Motor Co. Ltd.

  • ZF Friedrichshafen AG

For more information about this report visit https://www.researchandmarkets.com/r/3efdde

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