The Global Light Electric Vehicles Market will Hit $130.4 Billion by 2028, at a CAGR of 8.9%

Published Date: 30-Nov-2022

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Light Electric Vehicles Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, 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.

The 4-wheelers segment is showcasing a CAGR of 9.7% during (2022 - 2028). All-electric vehicles (EVs) replace the internal combustion engine with an electric motor. The vehicle's electric motor is powered by a massive traction battery pack, which must be charged at a charging station or wall outlet. An electric car has independent motors for each wheel or each set of wheels and generates more immediate torque than an internal combustion engine vehicle. It can readily scale difficult mountains.

The e-scooter segment acquired maximum revenue share in the Global Light Electric Vehicles Market by Vehicle Type in 2021 thereby, achieving a market value of $46.7 billion by 2028. Two- or three-wheeled plug-in electric motorcycles and scooters have two or three wheels. A rechargeable battery supplies the energy that drives one or more electric motors. Electric scooters differ from motorcycles in that they have a step-through frame instead of being straddled.

The Motor Controller & Power Controller segment has shown the growth rate of 9.3% during (2022 - 2028). A motor controller is a device or combination of devices that may coordinate the performance of an electric motor in a predetermined manner. A motor controller may contain manual or automatic mechanisms for starting and halting the motor, selecting forward or reverse rotation, selecting and regulating speed, regulating or limiting torque, and guarding against overloads and electrical failures.

The Personal Mobility segment is leading the Global Light Electric Vehicles Market by Application in 2021 thereby, achieving a market value of $59.8 billion by 2028. Micro-mobility is utilized to transport one or two individuals across short distances. It will allow travelers to typically travel the initial or final mile of their route. Electric bicycles and electric scooters are among the most popular micro-mobility options since they are simple to operate and provide an alternative to public transportation.

The 6-9 kW segment is exhibiting a CAGR of 9.1% during (2022 - 2028). It's because the usage of light electric vehicles in commercial settings is increasing. The vendors and other site staff use light electric vehicles to deliver their stalls and other items. The additional power for two-wheelers is generated by the 6–9 kW power output, which combines efficiency and dependability. to carry bags so easily, which stimulates market expansion.

The Asia Pacific market dominated the Global Light Electric Vehicles Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $58.7 billion by 2028. The Europe market is experiencing a CAGR of 8.1% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 8.3% during (2022 - 2028).

Full Report:

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.

Global Light Electric Vehicles Market Segmentation

By Vehicle Category

  • 2-wheelers
  • 3-wheelers
  • 4-wheelers

By Vehicle Type

  • e-scooter
  • e-ATV/UTV
  • Neighborhood Electric Vehicle
  • e-bike & Motorcycle
  • e-lawn Mower
  • Autonomous Forklifts, Delivery Robots & Electric Industrial Vehicle
  • Others

By Component Type

  • Battery Pack
  • Electric Motor
  • Motor Controller & Power Controller
  • Inverters
  • e-brake Booster & Power Electronics

By Application

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

By Power Output

  • Less than 6 kW
  • 6-9 kW
  • 9-15 kW

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Norway
    • Netherlands
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Taiwan
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • 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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Related Reports:

North America Light Electric Vehicles Market size & Opportunities 2022-2028

Europe Light Electric Vehicles Market & Growth Forecast 2022-2028

Asia Pacific Light Electric Vehicles Market Share & Industry Outlook to 2028

LAMEA Light Electric Vehicles Market Growth, Trends & Forecasts 2022-2028

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