Outlook on the $130.4 Billion Light Electric Vehicles Global Market to 2028: Players Include Tesla, BMW, Godrej, Kion, Yamaha Motor, Textron and Polaris

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Mar 13, 2023, 19:15 ET

DUBLIN, March 13, 2023 /PRNewswire/ -- The "Global Light Electric Vehicles Market Size, Share & Industry Trends Analysis Report By Vehicle Category (2-wheelers, 3-wheelers, and 4-wheelers), By Vehicle Type, By Component Type, By Application, By Power Output, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.

The Global Light Electric Vehicles Market size is expected to reach $130.4 billion by 2028, rising at a market growth of 8.9% CAGR during the forecast period.

Light electric vehicles (LEV) consisting of two- and three-wheeled electric cars are the largest segment of electric vehicles in terms of stock. These vehicles will be at the center of electrification initiatives in China, India, and other Asian nations, where their conventional counterparts are favored for last-mile connection and are seen as a cost-effective means of personal transportation.

Due to the usage of lead-acid batteries, these cars were historically charged slowly. The adoption of new chemistry makes faster charging possible, but thermal control remains the greatest obstacle. On the other side, battery changing is an option that can help reduce the battery charging time.

A vehicle driven by one or more electric engines is an electric vehicle (EV). It can be fueled externally by a collector system or autonomously by a battery. EVs include road and rail vehicles, surface and underwater watercraft, electric airplanes, and electric spacecraft, among others.

EVs initially appeared in the late 19th century, when electricity was one of the preferred ways for motor vehicle propulsion, offering a level of comfort and ease of operation that gasoline cars of the period could not match. Approximately 100 years ago, internal combustion engines dominated the propulsion of automobiles and trucks, but electric power remained prevalent in trains and smaller vehicles of all sizes.

COVID-19 Impact Analysis

Several COVID-induced market shifts may have a negative influence on the EV transition. Falling global crude oil prices have been one of the first casualties of the economic downturn. Low oil prices at the pump undermine the economic viability of EV adoption relative to combustion vehicles, particularly in nations with limited EV fiscal incentives.

If oil prices worldwide remain at current levels, the considerably higher total cost of ownership for EVs may impede the changeover. Supply chain disruptions pose a further significant threat to EV adoption. China is the major provider of EV manufacturing ecosystem components. In such a scenario, the transition trajectory will differ from country to country, depending on each nation's capacity to create an indigenous supply chain within a specified timeframe.

Market Growth Factors

Constantly Rising Gasoline And Diesel Prices

In recent years, the demand for fuels such as gasoline and diesel has expanded dramatically due to the rising need for vehicles. The most recent increase in fuel prices is due to the price increase of crude oil, which is used to produce gasoline and diesel.

At the outset of the COVID-19 pandemic, crude oil was less expensive due to the temporary closure of a large number of businesses and a fall in energy demand. As life resumed its usual path, the energy demand soared. However, expenses have climbed dramatically as a result of suppliers' challenges in meeting consumers' rising demands.

Increasing Use Of Electric Vehicles

Electric vehicles have several advantages, such as lower operating costs than conventional gasoline engines, the execution of strict government regulations to reduce environmental pollution, and a reduction in tailpipe emissions, all of which have a significant positive effect on their global demand.

To capitalize on the market opportunity, key market players for electric car power inverters are implementing a variety of strategic initiatives, including product development and product launch. For example, ABB Ltd. released an all-in-one electric vehicle charger with the fastest charging speed on the market.

Market Restraining Factors

Levs have a shorter range and higher initial cost of ownership than ice vehicles

Due to range restrictions, the expansion of the Light electric vehicle market has been restricted. LEVs lack fuel tanks for energy storage and easy refueling, unlike ICE vehicles.

A fully charged battery has a restricted range, which is often less than that of its internal combustion engine counterpart. Currently, the majority of electric two-wheelers, such as e-scooters, e-motorcycles, and e-bikes, have a range of 100-120 miles and a charge time of 6-8 hours. As a result, consumers who travel more than 100 miles per day are hesitant to invest in LEVs.

Key Market Players

List of Companies Profiled in the Report:

Tesla, Inc.
BMW Group
Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.)
Godrej Group (Godrej Material Handling)
Kion Group
Yamaha Motor Co., Ltd.
Textron, Inc.
Polaris, Inc.
BYD Company Ltd.
Toyota Industries Corporation

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition & Scenarios
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Competition Analysis - Global
3.1 The Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2020, Sep - 2022, Aug) Leading Players

Chapter 4. Global Light Electric Vehicles Market by Vehicle Category
4.1 Global 2-wheelers Market by Region
4.2 Global 3-wheelers Market by Region
4.3 Global 4-wheelers Market by Region

Chapter 5. Global Light Electric Vehicles Market by Vehicle Type
5.1 Global e-scooter Market by Region
5.2 Global e-ATV/UTV Market by Region
5.3 Global Neighborhood Electric Vehicle Market by Region
5.4 Global e-bike & Motorcycle Market by Region
5.5 Global e-lawn Mower Market by Region
5.6 Global Autonomous Forklifts, Delivery Robots & Electric Industrial Vehicle Market by Region
5.7 Global Others Market by Region

Chapter 6. Global Light Electric Vehicles Market by Component Type
6.1 Global Battery Pack Market by Region
6.2 Global Electric Motor Market by Region
6.3 Global Motor Controller & Power Controller Market by Region
6.4 Global Inverters Market by Region
6.5 Global e-brake Booster & Power Electronics Market by Region

Chapter 7. Global Light Electric Vehicles Market by Application
7.1 Global Personal Mobility Market by Region
7.2 Global Shared Mobility Market by Region
7.3 Global Recreation & Sports Market by Region
7.4 Global Commercial Market by Region

Chapter 8. Global Light Electric Vehicles Market by Power Output
8.1 Global Less than 6 kW Market by Region
8.2 Global 6-9 kW Market by Region
8.3 Global 9-15 kW Market by Region

Chapter 9. Global Light Electric Vehicles Market by Region

Chapter 10. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/h43ftc

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