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Surging Demand For E-Motorcycles Propels Growth In Light Electric Vehicle Market Driver: Leading Transformation in the Light Electric Vehicles Market in 2025
Light Electric Vehicles Market
The light electric vehicle market is poised for growth, fueled by the increasing popularity of e-motorcycles. These vehicles, also referred to as electric motorcycles, differ from conventional motorcycles as they are propelled by an electric motor, not a standard gasoline motor. Serving as a type of light electric vehicle, e-motorcycles are acknowledged for their eco-friendliness and superior efficiency over conventional motorcycles - they emit no pollutants and consume less energy. Hence, the surging requirement for e-motorcycles is crucial in propelling the demand for light electric vehicles. Data from the Office of Energy Efficiency and Renewable Energy, an agency based in the US, show that e-motorcycle sales in the US were around 875,000 units in 2021 and surged to 1.1 million in 2022. Consequently, the burgeoning desire for e-motorcycles stimulates the light electric vehicle market.
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What is the future CAGR of the light electric vehicles market, and how will it impact industry expansion?
In recent years, there has been a significant increase in the size of the light electric vehicles market. The market is projected to rise from $84.38 billion in 2024 to $92.24 billion in 2025, with a compound annual growth rate (CAGR) of 9.3%. The expansion during the historic period is due to several contributing factors such as urbanization and traffic problems, environmental consciousness and sustainability, government incentives and policies, rise in fuel costs, and solutions for last-mile connectivity.
A substantial surge is anticipated in the light electric vehicles market size in the upcoming years, reaching $135.65 billion in 2029 with a compound annual growth rate of 10.1%. The expansion predicted for this period is due to enhancements in battery technology, integration of urban mobility solutions, expansion of e-commerce and delivery services, shift in consumer lifestyles and the government's dedication towards eco-friendly transport. The significant trends observed during this forecast period would be the concentration on featherweight and collapsible designs, government incentives and regulations, improvements in battery technology, partnership with smart city projects and the proliferation of electric micro-mobility alternatives.
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What are the most significant trends transforming the light electric vehicles market today?
Product innovation has emerged as a critical trend in the light electric vehicle market. Major corporations have been increasingly focusing on creating novel products for the market in order to maintain their standing. In one such example, in September 2024, Niu Technologies, an electric scooter firm based in China, unveiled its KQi 100 series of electric scooters, such as the KQi 100P and KQi 100F. The KQi 100 series features a well-defined LCD dashboard and cutting-edge app connectivity options, which allow setting the minimum glide speed that triggers the motor, establishing a charging limit to prevent the battery from ageing, and setting the node.
Which key market segments comprise the light electric vehicles market and drive its revenue growth?
The light electric vehicles market covered in this report is segmented -
1) By Product: Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV)
2) By Component Type: Battery Pack, Electric motor, Motor controller, Inverters, Power controller, E-brakes controller, Power electronics
3) By Power Output: Less than 6kW, 6-9 Kw, 9-15 Kw
4) By Vehicle Type: e-ATV, e-bike, e-scooter, e-motorcycle, neighborhood electric vehicle, e-lawn mower, Electric industrial vehicle, Autonomous forklifts, Automated guided vehicles
5) By Application: Personal Mobility, Shared Mobility, Recreation and Sport, Commercial
Subsegments:
1) By Hybrid Electric Vehicle (HEV): Series Hybrid Electric Vehicle, Parallel Hybrid Electric Vehicle, Combined Hybrid Electric Vehicle
2) By Plug-in Hybrid Electric Vehicle (PHEV): Series Plug-in Hybrid, Parallel Plug-in Hybrid
3) By Battery Electric Vehicle (BEV): Battery Electric Cars, Battery Electric Trucks, Battery Electric Buses, Battery Electric Vans, Two-Wheelers
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What regions are at the forefront of light electric vehicles market expansion?
Asia-Pacific was the largest region in the light electric vehicles market in 2024. 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.
Who are the leading players fueling growth in the light electric vehicles market?
Major companies operating in the light electric vehicles market include Stellantis N.V., General Motors Company, Bayerische Motoren Werke AG, Giant Manufacturing Co Ltd., Tesla, Inc., Nissan Motor Co Ltd., BYD Company Limited, AB Volvo, Toyota Industries Corporation, Yamaha Motor Co Ltd., Mahindra & Mahindra Limited, Textron Inc., Polaris Inc., NIO Inc., Jiangsu Xinri E-Vehicle Co Ltd., Yadea Technology Group Co Ltd., XPeng Inc., 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
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What Is Covered In The Light Electric Vehicles Global Market Report?
•Market Size Forecast: Examine the light electric vehicles market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the light electric vehicles market for a structured understanding.
•Key Players Overview: Analyze major players in the light electric vehicles market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the light electric vehicles market.
•Segment Contributions: Evaluate how different segments drive overall growth in the light electric vehicles market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the light electric vehicles market.
•Industry Challenges: Identify potential risks and obstacles affecting the light electric vehicles market.
•Competitive Landscape: Review strategic developments in the light electric vehicles market, including expansions, agreements, and new product launches.
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