Abstract
Summary
Global Light Electric Vehicles (LEVs) Market is valued approximately USD 72.02 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 9.6% over the iforecast period 2022-2029. The term "light electric vehicle" (LEV) refers to a land vehicle with two or three wheels, an electric motor, and an energy storage device, such as a battery or fuel cell. Under 100 kg is the normal weight of LEVs. The demand for Light Electric Vehicles (LEVs) is rising due to factors such rising demand from recreational and commercial applications, government incentives and subsidies, and developments in the renewable energy industry. Nevertheless, a high initial cost of purchase and growing apprehensions about recycling LEV components could restrain market expansion.
By the end of 2025, developed nations like the Netherlands want to entirely employ electric vehicles with zero emissions for all commercial and governmental uses. Tax incentives are also offered by governments, such as Mexico's, at several EV deployment stages, including as vehicle purchase, charging, and infrastructure construction. For instance, in 2022, the government of India proposed a subsidy of 15%, or up to USD 1224.45 for the next three years. To this end, USD 3.06 million has been set aside in funding for the development of light commercial vehicles. Furthermore, decreasing prices of components and increasing R&D for advancements is creating new opportunities to the market.
The key regions considered for the Global Light Electric Vehicles (LEVs) Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market in terms of revenue, owing to the governments in Asia Pacific are focusing on manufacturing components and vehicles in their own countries. For instance, the government of China and India have started “Made in China 2025,” and “Make in India” campaigns along with the “Faster adoption and manufacturing of Hybrid and Electric Vehicles (FAME)” scheme run by the Department of Heavy Industries, India, the domestic companies in this region are getting a further boost in terms of incentives and tax reductions to compete with global players.
Major market player included in this report are:
BMW AG
Auro Robotics
Club Car Inc.
Polaris Inc.
Textron Inc.
Toyota Industries Corporation
John Deere
Kion Group
Byd Auto Co., Ltd.
Ari Motors
Recent Developments in the Market:
In June 2022, Club Car acquired of Garia A/S, a manufacturer of electric street-legal low-speed cars with a focus on the utility, consumer, and golf industries, and Melex, which Garia purchased in 2021 to aid it in growing its utility business. Melex is a Polish manufacturer of light utility vehicles.
In February 2022, Wallbox N.V. and Polaris Inc. established a new partnership in the US and Canada. Polaris will provide the 40 Amp variation of Wallbox's most popular charger, the Pulsar Plus, to help consumers charge their electric vehicles even more quickly. This information was made public shortly after Polaris unveiled its 2023 RANGER XP Kinetic. Pulsar Plus 40 Amp is especially well suited for off-road vehicles due to its NEMA connection, which provides additional versatility for agricultural and rural charging locations.
Global Light Electric Vehicles (LEVs) Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Vehicle Category, Application, Power Output, Component, Vehicle type, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Vehicle Category offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Vehicle Category:
2-wheelers
3-wheelers
4-wheelers
By Application:
Personal Mobility
Shared Mobility
Recreation & Sports
Commercial
By Power Output:
Less than 6 kW
6-9 kW
9-15 kW
By Component:
Battery pack
Electric motor (Propulsion Motor)
Motor controller
Inverters
Power controller
E-brake booster
Power electronics
By Vehicle Type:
e-ATV/UTV
e-bike
e-scooter
e-motorcycle
neighborhood electric vehicle (golf cart/others)
e-lawn mower (robotic e-lawn mower and manual e-lawn mower)
electric industrial vehicle (aisle trucks, forklifts etc.
autonomous forklifts
delivery robots (Autonomous inventory robots)
Automated guided vehicles (AGV
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Table of Contents
1 Executive Summary
1.1 Market Snapshot
1.2 Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1 Light Electric Vehicles (LEVs) Market, by Region, 2019-2029 (USD Billion)
1.2.2 Light Electric Vehicles (LEVs) Market, by Vehicle Category , 2019-2029 (USD Billion)
1.2.3 Light Electric Vehicles (LEVs) Market, by Power Output, 2019-2029 (USD Billion)
1.2.4 Light Electric Vehicles (LEVs) Market, by Application, 2019-2029 (USD Billion)
1.2.5 Light Electric Vehicles (LEVs) Market, by Component Type, 2019-2029 (USD Billion)
1.2.6 Light Electric Vehicles (LEVs) Market, by Vehicle Type, 2019-2029 (USD Billion)
1.3 Key Trends
1.4 Estimation Methodology
1.5 Research Assumption
2 Global Light Electric Vehicles (LEVs) Market Definition and Scope
2.1 Objective of the Study
2.2 Market Definition & Scope
2.2.1 Scope of the Study
2.2.2 Industry Evolution
2.3 Years Considered for the Study
2.4 Currency Conversion Rates
3 Global Light Electric Vehicles (LEVs) Market Dynamics
3.1 Light Electric Vehicles (LEVs) Market Impact Analysis (2019-2029)
3.1.1 Market Drivers
- 3.1.1.1 Rising demand from recreational and commercial applications
- 3.1.1.2 Government incentives and subsidies
3.1.2 Market Challenges
- 3.1.2.1 High cost of Light Electric Vehicles (LEVs)
3.1.3 Market Opportunities
- 3.1.3.1 Developments in the renewable energy industry
4 Global Light Electric Vehicles (LEVs) Market Industry Analysis
4.1 Porter’s 5 Force Model
4.1.1 Bargaining Power of Suppliers
4.1.2 Bargaining Power of Buyers
4.1.3 Threat of New Entrants
4.1.4 Threat of Substitutes
4.1.5 Competitive Rivalry
4.2 Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3 PEST Analysis
4.3.1 Political
4.3.2 Economical
4.3.3 Social
4.3.4 Technological
4.4 Investment Adoption Model
4.5 Analyst Recommendation & Conclusion
4.6 Top investment opportunity
4.7 Top winning strategies
5 Risk Assessment: COVID-19 Impact
5.1 Assessment of the overall impact of COVID-19 on the industry
5.2 Pre COVID-19 and post COVID-19 Market scenario
6 Global Light Electric Vehicles (LEVs) Market, by Vehicle Category
6.1 Market Snapshot
6.2 Global Light Electric Vehicles (LEVs) Market by Vehicle Category , Performance - Potential Analysis
6.3 Global Light Electric Vehicles (LEVs) Market Estimates & Forecasts by Vehicle Category 2019-2029 (USD Billion)
6.4 Light Electric Vehicles (LEVs) Market, Sub Segment Analysis
6.4.1 2-wheelers
6.4.2 3-wheelers
6.4.3 4-wheelers
7 Global Light Electric Vehicles (LEVs) Market, by Power Output
7.1 Market Snapshot
7.2 Global Light Electric Vehicles (LEVs) Market by Power Output, Performance - Potential Analysis
7.3 Global Light Electric Vehicles (LEVs) Market Estimates & Forecasts by Power Output 2019-2029 (USD Billion)
7.4 Light Electric Vehicles (LEVs) Market, Sub Segment Analysis
7.4.1 Less than 6 kW
7.4.2 6-9 kW
7.4.3 9-15 kW
8 Global Light Electric Vehicles (LEVs) Market, by Application
8.1 Market Snapshot
8.2 Global Light Electric Vehicles (LEVs) Market by Application, Performance - Potential Analysis
8.3 Global Light Electric Vehicles (LEVs) Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
8.4 Light Electric Vehicles (LEVs) Market, Sub Segment Analysis
8.4.1 Personal Mobility
8.4.2 Shared Mobility
8.4.3 Recreation & Sports
8.4.4 Commercial
9 Global Light Electric Vehicles (LEVs) Market, by Component Type
9.1 Market Snapshot
9.2 Global Light Electric Vehicles (LEVs) Market by Component Type, Performance - Potential Analysis
9.3 Global Light Electric Vehicles (LEVs) Market Estimates & Forecasts by Component Type 2019-2029 (USD Billion)
9.4 Light Electric Vehicles (LEVs) Market, Sub Segment Analysis
9.4.1 Battery pack
9.4.2 Electric motor (Propulsion Motor)
9.4.3 Motor controller
9.4.4 Inverters
9.4.5 Power controller
9.4.6 E-brake booster
9.4.7 Power electronics
10 Global Light Electric Vehicles (LEVs) Market, by Vehicle Type
10.1 Market Snapshot
10.2 Global Light Electric Vehicles (LEVs) Market by Vehicle Type, Performance - Potential Analysis
10.3 Global Light Electric Vehicles (LEVs) Market Estimates & Forecasts by Vehicle Type 2019-2029 (USD Billion)
10.4 Light Electric Vehicles (LEVs) Market, Sub Segment Analysis
10.4.1 e-ATV/UTV
10.4.2 e-bike
10.4.3 e-scooter
10.4.4 e-motorcycle
10.4.5 neighborhood electric vehicle (golf cart/others)
10.4.6 e-lawn mower (robotic e-lawn mower and manual e-lawn mower)
10.4.7 electric industrial vehicle (aisle trucks, forklifts etc
10.4.8 autonomous forklifts
10.4.9 delivery robots (Autonomous inventory robots)
10.4.10 Automated guided vehicles (AGV)
11 Global Light Electric Vehicles (LEVs) Market, Regional Analysis
11.1 Light Electric Vehicles (LEVs) Market, Regional Market Snapshot
11.2 North America Light Electric Vehicles (LEVs) Market
11.2.1 U.S. Light Electric Vehicles (LEVs) Market
- 11.2.1.1 Vehicle Category breakdown estimates & forecasts, 2019-2029
- 11.2.1.2 Power Output breakdown estimates & forecasts, 2019-2029
- 11.2.1.3 Application breakdown estimates & forecasts, 2019-2029
- 11.2.1.4 Component Type breakdown estimates & forecasts, 2019-2029
- 11.2.1.5 Vehicles Type breakdown estimated & forecasts, 2019-2029
11.2.2 Canada Light Electric Vehicles (LEVs) Market
11.3 Europe Light Electric Vehicles (LEVs) Market Snapshot
11.3.1 U.K. Light Electric Vehicles (LEVs) Market
11.3.2 Germany Light Electric Vehicles (LEVs) Market
11.3.3 France Light Electric Vehicles (LEVs) Market
11.3.4 Spain Light Electric Vehicles (LEVs) Market
11.3.5 Italy Light Electric Vehicles (LEVs) Market
11.3.6 Rest of Europe Light Electric Vehicles (LEVs) Market
11.4 Asia-Pacific Light Electric Vehicles (LEVs) Market Snapshot
11.4.1 China Light Electric Vehicles (LEVs) Market
11.4.2 India Light Electric Vehicles (LEVs) Market
11.4.3 Japan Light Electric Vehicles (LEVs) Market
11.4.4 Australia Light Electric Vehicles (LEVs) Market
11.4.5 South Korea Light Electric Vehicles (LEVs) Market
11.4.6 Rest of Asia Pacific Light Electric Vehicles (LEVs) Market
11.5 Latin America Light Electric Vehicles (LEVs) Market Snapshot
11.5.1 Brazil Light Electric Vehicles (LEVs) Market
11.5.2 Mexico Light Electric Vehicles (LEVs) Market
11.6 Rest of The World Light Electric Vehicles (LEVs) Market
12 Competitive Intelligence
12.1 Top Market Strategies
12.2 Company Profiles
12.2.1 Bmw Ag
- 12.2.1.1 Key Information
- 12.2.1.2 Overview
- 12.2.1.3 Financial (Subject to Data Availability)
- 12.2.1.4 Product Summary
- 12.2.1.5 Recent Developments
12.2.2 Auro Robotics
12.2.3 Club Car Inc
12.2.4 Polaris Inc
12.2.5 Textron Inc
12.2.6 Toyota Industries Corporation
12.2.7 John Deere
12.2.8 Kion Group
12.2.9 Byd Auto Co., Ltd
12.2.10 Ari Motors
13 Research Process
13.1 Research Process
13.1.1 Data Mining
13.1.2 Analysis
13.1.3 Market Estimation
13.1.4 Validation
13.1.5 Publishing
13.2 Research Attributes
13.3 Research Assumption