Asia Pacific 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 Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific Light Electric Vehicles Market would witness market growth of 9.1% CAGR during the forecast period (2022-2028).
The design of the light electric vehicle consists of two front wheels and one rear wheel. To increase transmission efficiency and torque, a hub motor is put on the rear wheel to drive the vehicle directly without a gear-reduction device. The hub motor is a brushless outer rotor direct current (DC) motor that depicts the electrical structure of the power system, which is comprised mostly of the battery, inverter, hub motor, etc.
It employs a lithium battery with a high energy density as the electric vehicle's energy source. The motor inverter uses a commercially available driver and determines the output power of the hub motor directly via the accelerator pedal (ACCP). To meet the electrical safety standards of an electric vehicle, a comprehensive management strategy for battery safety issues must be established.
To successfully protect drivers' lives and property, real-time diagnostic of high and low voltage protection, short circuit faults, etc. is essential to make the right judgments and automatically conduct effective protective actions before or when power system problems occur. In the design of the emergency protective measures, the power supply of the vehicle's electrical system is controlled by a no-fuse switch (NFS).
The transportation industry in India is quite robust, yet the demand for fuels exceeds its supply by a wide margin. According to the Indian Bureau of energy efficiency, 18% of India's total energy is consumed by the transportation sector. This is equivalent to around 94 million tonnes of energy. If India maintained its current energy consumption habits, it would require an estimated 200 MTOE of annual energy supply to meet the demand of this industry by 2030. Since imported crude oil now meets the majority of this industry's needs, it is especially subject to variations in crude oil prices.
The China market dominated the Asia Pacific Light Electric Vehicles Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $19,989.7 million by 2028. The Japan market is estimated to grow a CAGR of 8.4% during (2022 - 2028). Additionally, The Taiwan market would experience a CAGR of 10.1% during (2022 - 2028).
Based on Vehicle Category, the market is segmented into 2-wheelers, 3-wheelers, and 4-wheelers. Based on Vehicle Type, the market is segmented into e-scooter, e-ATV/UTV, Neighborhood Electric Vehicle, e-bike & Motorcycle, e-lawn Mower, Autonomous Forklifts, Delivery Robots & Electric Industrial Vehicle, and Others. Based on Component Type, the market is segmented into Battery Pack, Electric Motor, Motor Controller & Power Controller, Inverters, and e-brake Booster & Power Electronics. Based on Application, the market is segmented into Personal Mobility, Shared Mobility, Recreation & Sports, and Commercial. Based on Power Output, the market is segmented into Less than 6 kW, 6-9 kW, and 9-15 kW. Based on countries, the market is segmented into China, Japan, Taiwan, India, South Korea, Singapore, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Light Electric Vehicles Market is Projected to reach USD 130.4 Billion by 2028, at a CAGR of 8.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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., and Toyota Industries Corporation.
Scope of the Study
Market Segments Covered in the Report:
By Vehicle Category
By Vehicle Type
- Neighborhood Electric Vehicle
- e-bike & Motorcycle
- e-lawn Mower
- Autonomous Forklifts, Delivery Robots & Electric Industrial Vehicle
By Component Type
- Battery Pack
- Electric Motor
- Motor Controller & Power Controller
- e-brake Booster & Power Electronics
- Personal Mobility
- Shared Mobility
- Recreation & Sports
By Power Output
- Less than 6 kW
- 6-9 kW
- 9-15 kW
- South Korea
- Rest of Asia Pacific
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
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