The global light electric vehicle market is projected to grow from USD 78.5 billion in 2022 to USD 122.7 billion by 2027, registering a CAGR of 9.4%. E-ATV/UTV, E-Bike, E-Scooter, E-motorcycle, Neighborhood Electric vehicles, E-Lawn Mowers, and Electric industrial vehicles were mapped as part of this research. Factors such as improved government push for electrification of agricultural utility vehicles, easy access to charging points, and increased user preference for zero-emission transport will increase the demand for electric utility vehicles. The light electric vehicle market is primarily dominated by players like Textron Inc., Polaris Inc., John Deere, Yamaha Motor Co., Ltd., Club Car Inc., and BMW AG. These players have worked on providing offerings for the LEV ecosystem. They have initiated partnerships to develop their LEV technology and offer best-in-class products to their customers.
Light electric vehicle (LEV) segment includes E-ATV/UTV, E-Bike, E-Scooter, E-motorcycle, Neighborhood Electric vehicles, E-Lawn Mowers, and Electric industrial vehicles. operating with traction motors below 15 kW for various purposes like personal mobility, shared mobility, recreation & sports, and commercial uses. In 2021, the global sale of electric vehicles apart from cars including light and heavy electric vehicles like golf carts, e-scooters, industrial e-forklifts, tow tractors etc, has reached to 6.9 million units out of which 98% of the vehicles sold were Light electric vehicles. By the end of 2022, the number of light electric vehicles including commercial and personal, on the road is expected to be 10.9 million, an increase by approximately 60% year on year as per a study conducted by The International Council on Clean Transportation (ICCT) in June 2022.
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Light electric vehicle (LEV) components include components like battery packs, electric motors, motor controllers, inverters, power controllers, e-brake boosters, and power electronics that play a significant role in the development of Light electric vehicles. These components form an integral part of LEVs, because of which the prices and availability of LEVs differ a lot based on the supply chain of the components. Technological advancements, as well as an increase in the usage of these vehicles, drive the growth of the LEV market. Stringent government regulations related to emission rules, particularly for neighborhood vehicles and vehicle fleet systems like last-mile delivery vehicles, etc. are also projected to contribute to the market growth.
Due to the rising emission levels, increasing prices, and the limited availability of petroleum, there has been a rising demand for zero-emission alternative fuel vehicles. This has been a major factor in the increasing demand for LEVs during the last few years. With emission reduction from vehicles as their primary target, Governments of several countries are undertaking initiatives to promote clean energy sources by implementing stringent emission norms and providing subsidies and tax benefits for the early adoption of fully electric vehicles for fleet operations like last mile deliveries, geofenced taxi systems, etc.
Asia Pacific was the largest market for LEVs and accounted for approximately 59% of the market in 2021 by value, owing to the large-scale sale of LEVs wherein China was the largest and India was the fastest growing market. The market is supported by local and national incentives like the drafted law of India in July 2022 wherein all the fleet operators should have a 100% electric vehicle fleet, and innovative business models built around LEVs like delivery and transportation services, vehicle renting/leasing for personal, commercial, and industrial uses, and others. The demand is equally increasing for B2B & B2C segments, with final consumers asking for different products which are Technologically advanced, light in weight, removable, and easily chargeable. This is expected to drive competitive pricing in the market. The market in Asia Pacific is estimated to be the largest and is estimated to demonstrate healthy growth in the future years.
Key Market Players:
The LEV market is primarily dominated by players like Textron Inc. (US), Polaris Inc. (US), John Deere (US), Yamaha Motor Co. Ltd., Club Car Inc. (US), and BMW AG (Germany) among others.
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