The Light Electric Vehicles Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Light Electric Vehicles Global
Market Report 2024, The light electric vehicles market size has grown strongly
in recent years. It will grow from $77.82 billion in 2023 to $85.55 billion in
2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the
historic period can be attributed to urbanization and congestion issues,
environmental awareness and sustainability, government incentives and policies,
rising fuel costs, last-mile connectivity solutions.
The light electric vehicles market size is expected to see strong growth in the
next few years. It will grow to $124.17 billion in 2028 at a compound annual
growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed
to technological innovations in battery technology, urban mobility solutions
integration, e-commerce and delivery services growth, changing consumer
lifestyles, government commitment to green transportation. Major trends in the
forecast period include focus on lightweight and foldable designs, government
incentives and regulations, advancements in battery technology, integration
with smart city initiatives, expansion of electric micro-mobility options.
The rising demand for e-motorcycles is expected to boost the growth of the
light electric vehicle market going forward. An e-motorcycle, also known as an
electric motorcycle, is a type of motorcycle that is powered by an electric
motor rather than a traditional gasoline engine. E-motorcycle is a also a type
of light electric vehicle which is known for being environmentally friendly and
more efficient than traditional motorcycles, as it produces no emissions and
have lower energy consumption. Thus, the rising demand for e-motorcycles will
drive demand for light electric vehicles. For instance, in January 2021,
according to the Australian Bureau of Statistics, an independent statutory
agency of the Australian Government, in Australia, registrations for electric
motorcycles increased from 1,308 in 2020 to 2,706 in 2021. Therefore, the
rising demand for e-motorcycles drives the light electric vehicle market.
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The light electric vehicle 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
Major companies operating in the light electric vehicle market are developing
products with advanced technologies, such as the smart EV charger, which refers
to an electric vehicle charging station equipped with advanced technology for
features like remote monitoring, scheduling, and energy management, enhancing
efficiency and user control. It enables users to optimize charging processes
and integrate with smart grid systems for better overall performance. For
instance, in February 2022, Wallbox N.V. and Polaris Inc. announced a new
collaboration in the United States and Canada. Polaris, a leading off-road
vehicle manufacturer, agreed to sell the 40-amp version of Wallbox's
best-selling charger, the Pulsar Plus, directly to their off-road electric
vehicle (EV) customers. In this release of the Ranger XP Kinetic electric
side-by-side, Polaris announced a partnership with Wallbox to ship new 40-amp
chargers.
The light electric vehicles market report table of contents includes:
1. Executive Summary
2. Light
Electric Vehicles Market Characteristics
3. Light
Electric Vehicles Market Trends And Strategies
4. Light
Electric Vehicles Market - Macro Economic Scenario
5. Global
Light Electric Vehicles Market Size and Growth
.
32. Global Light Electric Vehicles Market Competitive Benchmarking
33. Global
Light Electric Vehicles Market Competitive Dashboard
34. Key
Mergers And Acquisitions In The Light Electric Vehicles Market
35. Light
Electric Vehicles Market Future Outlook and Potential Analysis
36.
Appendix
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