Light Electric Vehicles (LEVs) Market worth $122.7 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 24, 2022 /PRNewswire/ -- The 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%, over the forecast period, according to a new report by MarketsandMarkets™. 

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This research mapped E-ATVs/UTVs, E-Bike, E-Scooter, E-Motorcycle, Neighborhood Electric Vehicle, E-Lawn Mower (Robotic E-Lawn Mower and Manual E-Lawn Mower), Electric Industrial Vehicles, Autonomous Forklifts, Delivery Robots,  and Automated Guided Vehicles. Growing demand for low-emission alternatives to off-road vehicles (e.g., ATVs and UTVs), lawnmowers, rapid electrification of neighborhood vehicles, scooters, and motorcycles, citing the low operating and maintenance costs, usage of e-bikes for multiple roles of urban commute, recreational and sports purposes and increased shift to use of battery-operated material handling vehicles (e.g., forklifts, aisle trucks, tow-tractors, and others) for indoor applications have increased the demand for LEVs worldwide. Furthermore, with the rapid setup of charging stations across nations and efforts and actions by local governments to reduce emissions and traffic on roads, the demand for e-scooters and e-motorcycles is expected to grow faster than other LEVs.

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New revenue pockets in the Asia Pacific, Africa, and Europe with cheaper alternatives.

The Asia Pacific is a high-growth market for LEVs. Several countries in the region witnessed a surge in demand for low-emission and fuel-efficient commercial and commuting alternatives due to stringent emission norms and increasing crude oil prices. For example, Hero Electric, a leading company in the Indian electric scooter and motorcycle market, has a significant market share in the electric two-wheeler market segment. It reported a sale of 46,260 units in the financial year 2021 in India, capturing a market share of 32%. Multiple small and medium companies in India like Zester Pvt. Ltd. and Diamond Vehicles Pvt. Ltd. produce cheaper alternatives for E-utility vehicles wherein a Lead Acid battery is used for power storage and 3 phase ac motor for propulsion reducing the cost of vehicle significantly. Similar alternatives can also be seen in the African continent. Rwanda and Uganda currently lead the pack on EV development in East Africa. They have implemented a raft of policy measures including reducing electricity tariffs for EVs, zero VAT on EV parts, exemption from import and excise duties, and rent-free land for charging stations. Even though, electricity generation capacity and access remain obstacles across the continent, many mineral surplus countries are exchanging their resources with countries like China and India to buy electricity generation technologies from renewable resources. Multiple ride-sharing platforms have also partnered in various countries across Europe, such as the e-Cooltra (Spain) sharing service. The company offers rental services in several European cities and a food and document delivery service. The e-Cooltra company is currently one of the largest players in the electric scooter sharing service in Europe, operating in eight cities. Another important player is the German Coup-e Scooter Sharing. In 2020, Askoll signed a deal with eCooltra for 400 e-scooter for Italian sharing services (total amount of approx. USD 1.4 million). In February 2019, the company acquired 1,500 electric scooters and offered its service in Berlin, Paris, and Madrid, totaling a fleet of 5,080 units. In November 2021, Askoll announced an order for 250 scooters, from a leading European sharing operator, for a total value of approximately USD 850,000. The agreement provides for the supply of Askoll eS2 sharing scooters.

This showcases that the demand for efficient and affordable LEVs is expected to grow significantly in the Asia Pacific, African and European market.

Adoption of the Electric Industrial Vehicle segment of LEVs estimated to be fastest during the forecast period

Electric Industrial Vehicles primarily use rechargeable batteries to power respective vehicles. Electric Industrial Vehicles have been gaining significant traction in recent years due to the low cost of operation and maintenance. Electric engines have the advantage of being eco-friendly and efficient and require negligible maintenance. Industrial vehicles with these engines are the best green machines for warehouse and industrial projects since they produce fewer pollutants. The majority of logistics companies worldwide are concentrating on lowering their carbon footprint. Industrial vehicle manufacturers have been concentrating on Electric Industrial Vehicles to reduce CO2 emissions as well as other exhaust gases. Energy efficiency benefits are built into electric industrial vehicles. When compared to propane fuel, these vehicles cost about 75% less to operate. About 70% of forklifts in use in Western Europe are electric. Additionally, there are fewer moving components to maintain and replace on electric industrial vehicles. On the other hand, ICE industrial vehicles need routine engine upkeep such oil changes, belt replacements, spark plug replacements, and inspections. Additionally, IC engines produce more maintenance-related disposal waste, such as engine oil and transmission fluid. The demand for electric industrial vehicles is anticipated to increase as a result of all the aforementioned considerations.

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Asia Pacific to be the largest market by value during the forecast period

The Asia Pacific LEV industry is one of the most advanced LEV industries globally, contributing more than 50% of the global demand. 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.

China being an early adopter of LEVs, is the largest contributor to the global Light Electric Vehicle Market, accounting for a share of more than 89%% of the Light Electric Vehicle Market by value in 2021, especially in the e-bike and electric industrial vehicle segment. India is the fastest growing market in the APAC region during the period 2018-2021 due to the growing shift of customers from ICE vehicles to EVs for daily intracity commutes followed by South Korea and India. 

Key Market Players

The Light Electric Vehicle 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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