DUBLIN--(BUSINESS WIRE)--The "Light Electric Vehicles (LEVs) Market by Vehicle Category, Application (Personal Mobility, Shared Mobility, Recreation & Sports, Commercial), Power Output (Less than 6 kW, 6-9 kW, 9-15 kW), Component Type, Vehicle Type Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The light electric vehicle market is projected to grow from USD 78.5 billion in 2022 to USD 122.7 billion by 2027, registering a CAGR of 9.4%. E-ATV/UTVs, e-bike, e-scooter, e-motorcycle, neighbourhood electric vehicle, e-lawn mower (robotic e-lawn mower and manual e-lawn mower), electric industrial vehicle, autonomous forklifts, delivery robots, and automated guided vehicles were mapped as part of this research.
The growth of battery and motor technology and government efforts to reduce emissions in urban areas has increased the demand for LEVs vehicles over the years. With the rapid setup of charging stations worldwide, demand for LEVs such as , e-bike, e-scooter, e-motorcycle, and neighbourhood electric vehicle (golf cart/others) has also increased. Technological breakthroughs in EV batteries and other EV technologies have made it possible to have high-power engines in electric ATVs and UTVs for off-roading (comparable to their ICE counterparts). This will create a shift in demand for electric ATVs and UTVs in the coming years.
Personal and commercial LEVs to be the largest segment in market during the forecast period
The increasing price of petroleum products is the primary factor driving the Light electric vehicle market for personal and commercial use. Electrical systems are more durable and efficient in regular use than mechanical models because they break less often due to a lesser number of moving parts, and hence less friction and wear. The lifetime ownership cost or total cost of ownership (TCO) is projected to decrease compared to a vehicle with an IC engine contributing to a further increase in demand for LEVs for personal and commercial use like e-ATVs/UTVs, neighborhood electric vehicles, e-bikes, e-scooters, and e-motorcycles and some special purpose vehicles like e-lawn mowers.
Growing Sales of E-Bikes, E-Scooters, and E-Motorcycles to Drive the LEV Market
Two-wheeled vehicles use electric motors to attain motion. The electricity is stored in a rechargeable battery, which drives the electric motors. These vehicles are zero-emission electric motor-driven vehicles. The operating speed and top speed of electric two-wheelers are based on battery technology.
Scooters and bikes are easy-to-operate two-wheelers with a step-through frame and a platform for the user's feet. These two-wheelers are affordable, lightweight, and easy to commute. On the other hand, motorcycles are heavier, faster, and bigger than scooters/mopeds. Depending on the requirement, these two-wheelers have different body designs and frames. The electric versions of scooters and motorcycles are powered by electricity stored in their batteries. Electronic systems are more resistant than mechanical models because they break less often due to less friction and less wear. As a result, electric two-wheelers last longer and reduce the environmental impact compared to fuel-powered vehicles.
Market Dynamics
Drivers
- Low Operating and Maintenance Costs
- Government Incentives and Subsidies
- Advancements in Battery Technologies
- Rising Demand from Recreational and Commercial Applications
- Advancements in Renewable Energy Sector
Restraints
- Lack of Charging Infrastructure and Limited Vehicle Range
- High Initial Cost of Ownership
- Increasing Concerns Regarding Recycling of LEV Components
Opportunities
- Decreasing Prices of Components
- New Revenue Pockets in Asia-Pacific, Africa, and Europe
- Increasing R&D for Advancements
Challenges
- Lack of Compatibility, Interchangeability, and Standardization
- Fluctuating Prices of Raw Materials Leading to Increasing Cost of Battery-Operated Industrial Vehicles
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Light Electric Vehicle Market, by Vehicle Type
7 Light Electric Vehicle Market, by Vehicle Category
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 Mentioned
- Accelerated Systems Inc.
- Addax Motors
- Aisin Corporation
- Alke
- American Landmaster
- Ari Motors
- Auro Robotics
- Auto Rennen India
- Balkancar Record
- Bmw Ag
- Borgwarner Inc.
- Byd Auto Co. Ltd.
- Cfmoto
- Club Car Inc.
- Columbia Vehicle Group Inc.
- Continental Ag
- Crossfire Motorcycles
- Crystalyte Motors
- Curtis Instruments Inc.
- Drr Usa
- Eco Charger
- Elaphe Propulsion Technologies Ltd.
- Evum Motors
- Excar
- Godrej Material Handling
- Govecs Group
- John Deere
- Key Players (Lev Component Manufacturers)
- Kion Group
- Linhai
- Lit Motors Inc.
- Magna International
- Mahle Group
- Marshell
- Motor Appliance Corporation (Mac)
- Nebula Automotive Pvt. Limited
- Nidec Corporation
- Ningbo Yinzhou Hentach Electromechanical Co. Ltd.
- Nsk Ltd.
- Ntn Group
- Pilotcar Electric Vehicles
- Polaris Inc.
- Powerland Agro Tractor Vehicles
- Protean Electric
- Qs Motor Ltd.
- Robert Bosch Gmbh
- Smart Cart
- Suzhou Eagle Electric Vehicle
- Tesla Inc.
- Textron Inc.
- Toyota Industries Corporation
- Volcon
- Waev Inc.
- Wettsen Corporation
- Yamaha Motor Co. Ltd.
- ZF Friedrichshafen Ag
For more information about this report visit https://www.researchandmarkets.com/r/irot0v
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