Product Code: r6234
“Light Electric Vehicles Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on light electric vehicles market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
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Where is the largest and fastest growing market for light electric vehicles ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The light electric vehicles market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- 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
- Companies Mentioned: Polaris Inc.; Jiangsu Xinri E-Vehicle Co. Ltd.; Deere & Company; Yamaha Motor Co. Ltd.; Club Car LLC
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
Major players in the light electric vehicles market are Polaris Inc., Jiangsu Xinri E-Vehicle Co. Ltd., Deere & Company, Yamaha Motor Co. Ltd., Club Car LLC, BMW Group, Toyota Industries Corporation, Accell Group, Merida Industry Co. Ltd., Hero Electric, Mahindra & Mahindra Ltd., Gogoro Inc., Govecs AG, Vmoto Limited, and Yadea Technology Group Co. Ltd.
The global light electric vehicles market is expected to grow from $71.17 billion in 2022 to $78.21 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The light electric vehicles market is expected to grow to $111.58 billion in 2027 at a CAGR of 9.3%.
The light electric vehicles market consists of sales of micro electric vehicles, e-moped, e-rickshaw, and electric quadricycles that are used for personal commute, shared public transport and to carry goods. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia-Pacific was the largest region in the light electric vehicles market in 2022. North America is expected to be the fastest-growing region in 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 and Africa.
The main products of light electric vehicles are hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and battery electric vehicles (BEV). An electric all-terrain vehicle (ATV) is a motorized off-highway vehicle with a straddle-style seat, handlebars for steering, and four low-pressure or non-pneumatic tires. Its components include battery pack, electric motor, motor controller, inverters, power controller, e-brakes controller, and power electronics with a power output of less than 6 kW, 6-9 kW, and 9-15 kW. Various vehicles include e-ATV, e-bikes, e-scooter, e-motorcycle, neighborhood electric vehicles, e-lawn mowers, electric industrial vehicles, autonomous forklifts, and automated guided vehicles used for applications such as personal mobility, shared mobility, recreation, and sport, and commercial.
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.
Product innovation is a key trend gaining popularity in the light electric vehicles market. Major companies operating in the light electric vehicles market are focused on developing innovative products to strengthen their position in the market. For instance, in June 2021, E-Z-GO, a US-based company that manufactures personal, golf, and utility vehicles launched E-Z-GO Liberty. The first vehicle in its field to provide four forward-facing seats in a small, golf-cart-sized footprint. It offers a roomy second row for passengers and plenty of storage space while having a shorter wheelbase than other industry models with four forward-facing seats. Comparing it to other cars, its shorter wheelbase gives improved maneuverability and a smaller turning radius. Customers can select from a range of golf cart attachments, such as a cargo storage holder or golf bag holder, that attach to Liberty's 2-inch rear universal hitch receiver.
In June 2022, Club Car Inc., a US-based company that manufactures electric and gas-powered golf carts and small utility vehicles for personal and commercial use acquired Garia A/S along with its brand Melex for an undisclosed amount. The acquisition will help in expanding united brands' reach globally. Garia A/S is a Denmark-based premium electric utility vehicles and golf car manufacturer.
The countries covered in the light electric vehicles market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The light electric vehicles market research report is one of a series of new reports from The Business Research Company that provides light electric vehicles market statistics, including light electric vehicles industry global market size, regional shares, competitors with a light electric vehicles market share, detailed light electric vehicles market segments, market trends and opportunities, and any further data you may need to thrive in the light electric vehicles industry. This light electric vehicles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Table of Contents
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
- 4.1. COVID-19 Impact On Light Electric Vehicles Market
- 4.2. Ukraine-Russia War Impact On Light Electric Vehicles Market
- 4.3. Impact Of High Inflation On Light Electric Vehicles Market
5. Light Electric Vehicles Market Size And Growth
- 5.1. Global Light Electric Vehicles Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
- 5.2. Global Light Electric Vehicles Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market
6. Light Electric Vehicles Market Segmentation
- 6.1. Global Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
- 6.2. Global Light Electric Vehicles Market, Segmentation By Component Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Battery Pack
- Electric Motor
- Motor Controller
- Inverters
- Power Controller
- E-Brakes Controller
- Power Electronics
- 6.3. Global Light Electric Vehicles Market, Segmentation By Power Output, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Less Than 6kw
- 6-9 Kw
- 9-15 Kw
- 6.4. Global Light Electric Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- E-ATV
- E-Bike
- E-Scooter
- E-Motorcycle
- Neighborhood Electric Vehicle
- E-Lawn Mower
- Electric Industrial Vehicle
- Autonomous Forklifts
- Automated Guided Vehicles
- 6.5. Global Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Personal Mobility
- Shared Mobility
- Recreation And Sport
- Commercial
7. Light Electric Vehicles Market Regional And Country Analysis
- 7.1. Global Light Electric Vehicles Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 7.2. Global Light Electric Vehicles Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Light Electric Vehicles Market
- 8.1. Asia-Pacific Light Electric Vehicles Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.3. Asia-Pacific Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Light Electric Vehicles Market
- 9.1. China Light Electric Vehicles Market Overview
- 9.2. China Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.3. China Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Light Electric Vehicles Market
- 10.1. India Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.2. India Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Light Electric Vehicles Market
- 11.1. Japan Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.2. Japan Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Light Electric Vehicles Market
- 12.1. Australia Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.2. Australia Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Light Electric Vehicles Market
- 13.1. Indonesia Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.2. Indonesia Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Light Electric Vehicles Market
- 14.1. South Korea Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.2. South Korea Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Light Electric Vehicles Market
- 15.1. Western Europe Light Electric Vehicles Market Overview
- 15.2. Western Europe Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.3. Western Europe Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Light Electric Vehicles Market
- 16.1. UK Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.2. UK Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Light Electric Vehicles Market
- 17.1. Germany Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.2. Germany Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Light Electric Vehicles Market
- 18.1. France Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.2. France Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe Light Electric Vehicles Market
- 19.1. Eastern Europe Light Electric Vehicles Market Overview
- 19.2. Eastern Europe Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.3. Eastern Europe Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia Light Electric Vehicles Market
- 20.1. Russia Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.2. Russia Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America Light Electric Vehicles Market
- 21.1. North America Light Electric Vehicles Market Overview
- 21.2. North America Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.3. North America Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA Light Electric Vehicles Market
- 22.1. USA Light Electric Vehicles Market Overview
- 22.2. USA Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.3. USA Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America Light Electric Vehicles Market
- 23.1. South America Light Electric Vehicles Market Overview
- 23.2. South America Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.3. South America Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil Light Electric Vehicles Market
- 24.1. Brazil Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.2. Brazil Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East Light Electric Vehicles Market
- 25.1. Middle East Light Electric Vehicles Market Overview
- 25.2. Middle East Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.3. Middle East Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa Light Electric Vehicles Market
- 26.1. Africa Light Electric Vehicles Market Overview
- 26.2. Africa Light Electric Vehicles Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.3. Africa Light Electric Vehicles Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Light Electric Vehicles Market Competitive Landscape And Company Profiles
- 27.1. Light Electric Vehicles Market Competitive Landscape
- 27.2. Light Electric Vehicles Market Company Profiles
- 27.2.1. Polaris Inc.
- 27.2.1.1. Overview
- 27.2.1.2. Products and Services
- 27.2.1.3. Strategy
- 27.2.1.4. Financial Performance
- 27.2.2. Jiangsu Xinri E-Vehicle Co. Ltd.
- 27.2.2.1. Overview
- 27.2.2.2. Products and Services
- 27.2.2.3. Strategy
- 27.2.2.4. Financial Performance
- 27.2.3. Deere & Company
- 27.2.3.1. Overview
- 27.2.3.2. Products and Services
- 27.2.3.3. Strategy
- 27.2.3.4. Financial Performance
- 27.2.4. Yamaha Motor Co. Ltd.
- 27.2.4.1. Overview
- 27.2.4.2. Products and Services
- 27.2.4.3. Strategy
- 27.2.4.4. Financial Performance
- 27.2.5. Club Car LLC
- 27.2.5.1. Overview
- 27.2.5.2. Products and Services
- 27.2.5.3. Strategy
- 27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Light Electric Vehicles Market
29. Light Electric Vehicles Market Future Outlook and Potential Analysis
30. Appendix
- 30.1. Abbreviations
- 30.2. Currencies
- 30.3. Historic And Forecast Inflation Rates
- 30.4. Research Inquiries
- 30.5. The Business Research Company
- 30.6. Copyright And Disclaimer