Light Electric Vehicles Global Market Report 2024

The light electric vehicles market size has grown strongly in recent years. It will grow from $77.82 billion in 2023 to $85.55 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The expansion observed in the historical period can be ascribed to issues related to urbanization and congestion, increased environmental awareness and a commitment to sustainability, government incentives and policies, escalating fuel costs, and the implementation of last-mile connectivity solutions.

The light electric vehicles market size is expected to see strong growth in the next few years. It will grow to $124.17 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The anticipated growth in the forecast period can be linked to advancements in battery technology, the integration of urban mobility solutions, the expansion of e-commerce and delivery services, shifts in consumer lifestyles, and governmental dedication to green transportation. Key trends in this projected period encompass an emphasis on lightweight and foldable designs, government incentives and regulations, progress in battery technology, integration with smart city initiatives, and the expansion of electric micro-mobility options.

The increasing desire for e-motorcycles is anticipated to propel the growth of the light electric vehicle market in the future. An e-motorcycle, also referred to as an electric motorcycle, differs from traditional motorcycles as it is powered by an electric motor rather than a conventional gasoline engine. E-motorcycles, categorized as light electric vehicles, are recognized for their environmentally friendly nature and enhanced efficiency compared to traditional motorcycles, emitting no pollutants and having lower energy consumption. Consequently, the growing demand for e-motorcycles is expected to stimulate the demand for light electric vehicles. As evidenced by statistics from the Australian Bureau of Statistics in January 2021, registrations for electric motorcycles in Australia rose from 1,308 in 2020 to 2,706 in 2021. Thus, the increased demand for e-motorcycles is a driving force behind the light electric vehicle market.

Increasing government initiatives and subsidies are expected to propel the growth of the light electric vehicle market going forward. Government initiatives and subsidies play a significant role in shaping various sectors, including energy and transportation. These subsidies can take the form of grants, tax incentives, or direct financial support to promote specific activities or technologies. Government initiatives and subsidies play a crucial role in promoting the adoption of electric vehicles (EVs) by reducing the higher upfront costs and making them more accessible to consumers. These subsidies can take the form of tax credits, cash rebates, or reduced registration and licensing fees, and they aim to make electric vehicles more affordable and accessible to a wider audience. For instance, in 2023, according to an International Energy Agency (IEA) report, the electric car market is experiencing exponential growth, with sales expected to exceed 14 million by the end of 2023, representing a 35% year-on-year increase. The report highlights that ambitious policy announcements continue to be critical to the growth of electric vehicle markets. Therefore, the increasing government initiatives and subsidies are driving the light electric vehicle market.

The light electric vehicles market is witnessing a prominent trend of product innovation, with major companies dedicated to developing inventive products to enhance their market standing. A case in point is E-Z-GO, a US-based company specializing in the manufacturing of personal, golf, and utility vehicles, which introduced the E-Z-GO Liberty in June 2021. This vehicle stands out as the first in its category to offer four forward-facing seats within a compact, golf-cart-sized footprint. Notably, it provides a spacious second row for passengers and ample storage while maintaining a shorter wheelbase compared to other models in the industry featuring four forward-facing seats. This shorter wheelbase contributes to improved maneuverability and a reduced turning radius when compared to other vehicles. Additionally, customers have the option to choose from various golf cart attachments, such as cargo storage holders or golf bag holders, which can be attached to Liberty's 2-inch rear universal hitch receiver.

Prominent companies in the light electric vehicle market are actively engaged in the development of products featuring advanced technologies, such as the smart EV charger. This type of electric vehicle charging station is equipped with sophisticated technology, offering functionalities such as remote monitoring, scheduling, and energy management, thereby enhancing efficiency and user control. The smart EV charger enables users to optimize charging processes and integrate with smart grid systems, contributing to improved overall performance. As an example, in February 2022, Wallbox N.V. and Polaris Inc. announced a collaboration in the United States and Canada. In this partnership, Polaris, a leading off-road vehicle manufacturer, committed to selling the 40-amp version of Wallbox's popular charger, the Pulsar Plus, directly to their off-road electric vehicle (EV) customers. As part of the release of the Ranger XP Kinetic electric side-by-side, Polaris disclosed a collaboration with Wallbox to supply new 40-amp chargers.

In June 2022, Club Car Inc., a US-based company specializing in the production of electric and gas-powered golf carts and small utility vehicles for personal and commercial purposes, completed the acquisition of Garia A/S, including its Melex brand, for an undisclosed sum. This acquisition is poised to enhance the global presence of the combined brands. Garia A/S, based in Denmark, is renowned for manufacturing premium electric utility vehicles and golf cars.

Major companies operating in the light electric vehicles market report are Stellantis N.V., General Motors Company, Bayerische Motoren Werke AG, Giant Manufacturing Co. Ltd., Tesla, Inc., Nissan Motor Co., Ltd., BYD Company Limited, Deere & Company, AB Volvo, Toyota Industries Corporation, Yamaha Motor Co. Ltd., Mahindra & Mahindra Limited, Textron Inc., Kion Group AG, Polaris Inc., NIO Inc., Jiangsu Xinri E-Vehicle Co. Ltd., Yadea Technology Group Co. Ltd., XPeng Inc., Godrej & Boyce Manufacturing Company Limited, Rivian Automotive, Inc., Accell Group NV, Merida Industry Co. Ltd., Lucid Motors, Inc., Club Car LLC, Gogoro Inc., Vmoto Limited, Columbia Vehicle Group Inc., Hero Electric Vehicles Pvt. Ltd., Govecs AG.

Asia-Pacific was the largest region in the light electric vehicles market in 2023. North America is expected to be the fastest-growing region in the global light electric vehicles market during 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, Africa. The countries covered in the light electric vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary products within the realm of light electric vehicles consist of hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and battery electric vehicles (BEV). An electric all-terrain vehicle (ATV) is characterized as a motorized off-highway vehicle featuring a straddle-style seat, handlebars for steering, and four low-pressure or non-pneumatic tires. Its essential components encompass a battery pack, electric motor, motor controller, inverters, power controller, e-brakes controller, and power electronics, with power outputs categorized into less than 6 kW, 6-9 kW, and 9-15 kW. Diverse vehicles falling under this category include e-ATV, e-bikes, e-scooter, e-motorcycle, neighborhood electric vehicles, e-lawn mowers, electric industrial vehicles, autonomous forklifts, and automated guided vehicles. These vehicles serve various purposes, including personal mobility, shared mobility, recreation, sports, and commercial applications.

The light electric vehicles market research report is one of a series of new reports 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 vehicle 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.

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.

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.