Global Light Electric Vehicles (LEVs) Market Insights Forecasts to 2033

• The Global Light Electric Vehicles (LEVs) Market Size was Valued at USD 80.15 Billion in 2023
• The Market Size is Growing at a CAGR of 9.36% from 2023 to 2033
• The Worldwide Light Electric Vehicles (LEVs) Market Size is Expected to Reach USD 196.03 Billion by 2033
• Europe is Expected to Grow the fastest during the forecast period.

 

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The Global Light Electric Vehicles (LEVs) Market Size is Anticipated to Exceed USD 196.03 Billion by 2033, Growing at a CAGR of 9.36% from 2023 to 2033.

 

Market Overview

The world-changing potential for emission-free solutions for the rising megacities and light electric vehicles (LEVs) is technology is spreading around us without getting attention. The increased traffic congestion is due to rising urbanization. The advancement of technologies applied on the material to build greater power efficiency, smaller size, lower cost solutions. With growing urbanization and rising traffic congestion, LEVs can offer a convenient and sustainable alternative to traditional forms of transportation such as cars and buses. They can assist in reducing traffic congestion and pollution while also increasing accessibility for persons who do not have access to public transport. LEVs are simple to run, inexpensive, and require little maintenance, which boosts demand and generates enormous growth prospects for market competitors. They also provide flexibility in terms of parking, as they can be readily kept and charged in small places. This makes them great for quick journeys, errands, and other daily tasks. LEVs represent a great possibility for urban mobility, with the ability to improve transportation. LEVs are straightforward to run, cheap, and require little maintenance, which boosts demand and generates enormous growth prospects for market competitors. They also provide flexibility in terms of parking, as they can be readily kept and charged in small places. This makes them great for quick journeys, errands, and other daily tasks. LEVs are a great prospect for urban mobility since they can improve transportation efficiency, cut carbon emissions, and improve the quality of life for urban residents.

 

Report Coverage

This research report categorizes the market for the global light electric vehicles (LEVs) market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global light electric vehicles (LEVs) market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global light electric vehicles (LEVs) market.

 

Driving Factors

Governments also offer incentives to create electric car charging infrastructure, which includes LEVs. These incentives include grants, tax credits, or subsidies for businesses or people who build charging stations. Furthermore, governments can offer regulatory incentives to encourage the use of LEVs. For example, several communities have developed measures to encourage the use of electric bicycles and scooters, such as special bike lanes or discounted parking rates for LEVs. These policies can contribute to making LEVs a more appealing and convenient transit alternative.

 

Restraining Factors

The growth of the Light electric vehicle market has been hampered by range limits. In contrast to ICE vehicles, LEVs lack fuel tanks for energy storage and quick refueling. A fully charged battery has a limited range, which is frequently shorter than that of its internal combustion engine counterpart.

 

Market Segmentation

 

The global light electric vehicles (LEVs) market share is classified into power, component, and application.

• The less than 6 kW segment is expected to hold the largest share of the global light electric vehicles (LEVs) market during the forecast period.   

Based on the power, the global light electric vehicles (LEVs) market is categorized into less than 6 kW, 6-9 kW, 9-15 kW. Among these, the less than 6 kW segment is expected to hold the largest share of the global light electric vehicles (LEVs) market during the forecast period. The rising demand for LEVs with small seating capacity for personal commuting and shared mobility applications is expected to drive up sales of electric scooters and electric cycles with low power (less than 6 kW). Due to high demand, Chinese producers sell these low-power LEVs to North America and Europe at significantly lower prices.

 

• The battery pack segment is expected to grow at the fastest CAGR during the forecast period.   

Based on the component, the global light electric vehicles (LEVs) market is categorized into battery pack, electric motor (propulsion motor), motor controller, inverters, power controller, e-brake booster, power electronic. Among these, the battery pack segment is expected to grow at the fastest CAGR during the forecast period. Because of its higher energy density, longer life, and low maintenance requirement, lithium-ion batteries are the ideal choice for LEVs such as e-ATVs/UTVs, e-scooters, e-motorcycles, e-bikes, and so on. The only factors influencing the adoption of lithium-ion batteries are their high cost and the availability of raw materials for production. The lead-acid battery used in many electric utility vehicles. Despite its large size and weight, the lead-acid battery has a limited capacity; yet, it is inexpensive and simple to manufacture and recycle.

 

• The commercial segment is expected to hold a significant share of the global light electric vehicles (LEVs) market during the forecast period.

Based on the application, the global light electric vehicles (LEVs) market is categorized into personal mobility, shared mobility, recreation & sports, and commercial. Among these, the commercial segment is expected to hold a significant share of the global light electric vehicles (LEVs) market during the forecast period. Commercial light electric vehicles are appropriate for urban settings where traditional delivery vehicles, including vans and trucks, are impractical owing to traffic congestion and parking restrictions. They provide a more efficient and cost-effective alternative to conventional delivery vehicles. They are also environmentally friendly, which is increasingly crucial for industries wishing to reduce their carbon footprint. Several factors contribute to LEV commercialization, including cost savings, environmental concerns, government incentives, and convenience and efficiency.

 

Regional Segment Analysis of the Global Light Electric Vehicles (LEVs) Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is projected to hold the largest share of the global light electric vehicles (LEVs) market over the forecast period.

 

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North America is projected to hold the largest share of the global light electric vehicles (LEVs) market over the forecast period. Primarily due to an increase in demand for environmentally friendly transportation alternatives. The United States and Canada are the primary drivers of market expansion in this area. Increased government assistance in the form of subsidies and tax breaks for electric vehicles is also projected to fuel market expansion. The demand for electric scooters and bicycles is also growing in this region, particularly in urban areas where traffic congestion is a major issue. Tesla, General Motors, and Ford are likely to lead market growth in this region.

 

Europe is expected to grow at the fastest CAGR growth of the global light electric vehicles (LEVs) market during the forecast period. Europe is a large market for light electric vehicles, with Germany, the United Kingdom, and France driving the rise. This market's growth is driven by an increased need for sustainable transportation solutions. This region's market growth is being driven by favorable government policies such as tax incentives, subsidies, and regulatory requirements that encourage the adoption of electric vehicles. The rising emphasis on reducing carbon emissions is also likely to fuel market expansion. Electric bicycles and scooters are becoming increasingly popular in this region, particularly in urban areas.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global light electric vehicles (LEVs) market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Textron Inc. 
• John Deere 
• Yamaha Motor Co. Ltd.
• Club Car Inc.
• BMW AG
• Gogoro, Honda
• iO Power Roller
• Lit Motors
• Mahindra GenZe
• Piaggio Group
• SunRa
• Terra Motors
• Vmoto Ltd.
• Yadea Technology Group
• Zero Motorcycles
• Others

 

Key Market Developments

• In August 2022, BYD teamed up with Castrol, a British oil firm. Under this agreement, Castrol ON advanced EV fluids will be used in BYD's expanding line of electric vehicles. Furthermore, with the end of producing internal combustion engine (ICE) vehicles, Castrol would shift towards aiding BYD in promoting EV adoption around the world.

 

• In January 2022, Toyota, a Japanese automaker, has announced a cooperation with the electric scooter-sharing business Dott to offer a new line of electric scooters in Europe.

 

Key Target Audience

 

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global light electric vehicles (LEVs) market based on the below-mentioned segments: 

 

Global Light Electric Vehicles (LEVs) Market, By Power

• Less than 6 kW
• 6-9 kW
• 9-15 kW

 

Global Light Electric Vehicles (LEVs) Market, By Component

• Battery Pack
• Electric Motor (Propulsion Motor)
• Motor Controller
• Inverters
• Power Controller
• E-Brake Booster
• Power Electronic
• Others

 

Global Light Electric Vehicles (LEVs) Market, By Application

• Personal Mobility
• Shared Mobility
• Recreation & Sports
• Commercial

 

Global Light Electric Vehicles (LEVs) Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa