Light Electric Vehicles Market

Light Electric Vehicles Market

Light Electric Vehicles Market Forecasts to 2030 - Global Analysis By Vehicle Type (E Bike, Electric ATV/UTV, E Motorcycle, E Scooter, E Lawn Mower, Neighborhood Electric Vehicle, Electric Industrial Vehicle, Delivery Robot, Autonomous Forklift and Automated Guided Vehicle), Vehicle Category, Power Output, Component, Application and By Geography

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Published: 2023 ID: SMRC23528

This report covers the impact of COVID-19 on this global market

According to Stratistics MRC, the Global Light Electric Vehicles Market is accounted for $87.7 billion in 2023 and is expected to reach $190.7 billion by 2030 growing at a CAGR of 11.74% during the forecast period. The electric motorcycles, electric scooters, electric bicycles, and other similar modes of mobility is referred to as the "light electric vehicles" (LEVs). Typically, smaller and lighter than conventional cars, these vehicles are propelled by electric motors and rechargeable batteries. Some instances of EVs include surface and underwater watercraft, cars for the road and rail, electric aircraft, and electric spacecraft. In China, India, and other Asian countries that favor their conventional counterparts for last-mile connectivity and perceive them as an affordable mode of personal transportation, light electric vehicles will be at the core of electrification projects.

According to the Australian Bureau of Statistics, an independent statutory agency of the Australian Government, in Australia, registrations for electric motorcycles increased from 1,308 in 2020 to 2,706 in 2021.

Market Dynamics:


Use of battery swapping for electric utility vehicles

A new practice that saves LEV users time involves switching out batteries at the LEV charging stations. Although level 3 EV charging and ultra-fast charging can fully charge an electric vehicle in 15 to 30 minutes, respectively, they are inconsistent with LEVs. So, battery changing is a terrific LEV alternative. By July 2021, businesses like NIO had set up over 300 battery switching stations, and by 2025, they want to have built about 4,000 more. With over 1,000 battery-swapping stations developed outside of China, its stations have been utilized nearly 2.9 million times worldwide.


Lack of compatibility, interchangeability and standardization

Since the market for light electric vehicles is still in its infancy, OEMs find it challenging to develop standardized, interchangeable, and universally compatible systems and vehicles due to the intense competition and numerous patents for faster and better technologies related to motors, batteries, ecosystems, and other components. The National Institution for Transforming India (NITI) Ayog, a research and advisory body for the Indian government, drafted the Battery Swapping Policy in August 2022 to address this problem. This policy mentions the technical aspects of standardization that would promote interoperability throughout the battery swapping ecosystem, which leads to the hampering of the market growth.


Government incentives and subsidies

Governments all across the world are promoting the use of vehicles that run on alternative fuels as environmental worries about conventional automobiles continue to rise. LEVs are being made a required component of operational fleets in developing nations like India and China for uses including geofenced passenger carrying, last-mile delivery, and other commercial objectives. 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 vehicle purchase, charging, and infrastructure construction.


Limited range and high initial ownership cost of LEVs than ICE Counterparts

Due to range restrictions, the market for light electric vehicles hasn't been able to expand. LEVs lack gasoline tanks for easy refueling and energy storage, in contrast to ICE vehicles. Compared to its ICE counterpart, a fully charged battery has a generally lower range. Consumers who need to go more than 100 miles per day are hesitant to buy LEVs because the majority of electric two-wheelers, such as e-scooters, e-motorcycles, and e-bikes, have a range of up to 100–120 miles. Industrial vehicles also experience short battery life and lengthy recharge times, which reduce their daily utilization.

Covid-19 Impact:

The COVID-19 epidemic has accelerated the use of technology for digital transformation. Due to customer demand for environmentally friendly and secure modes of transportation, LEV demand has also surged. The epidemic has also hampered the worldwide supply chain, which has led to a scarcity of parts and slowed down the creation and delivery of LEVs. As a result, some models cost more, and shipments are now delayed. Additionally, the pandemic's impact on the economy has forced some consumers to put off buying decisions, which has hampered the market's expansion.

The 2-wheelers segment is expected to be the largest during the forecast period

The 2-wheelers held the largest market share throughout the projection period, as they are more agile and maneuverable than three-wheelers and are therefore better suited for handling congested metropolitan areas. They appeal to consumers who are cost-conscious because they are also more affordable and environmentally friendly than conventional vehicles. Additionally, the key reason driving significant growth prospects is the rise in consumer demand for environmentally friendly transportation solutions, as their awareness of environmental issues grows and fuel prices rise.

The commercial segment is expected to have the highest CAGR during the forecast period

Commercial segment is expected to have lucrative growth throughout the projection period. Urban regions where traditional delivery vehicles like vans and trucks are unfeasible owing to traffic congestion and parking restrictions are suited for commercial light electric vehicles. They provide a more effective and affordable substitute for conventional delivery vehicles. Moreover, they are also environmentally friendly, which is becoming more and more crucial for industries trying to reduce their carbon footprint.

Region with largest share:

During the extended period, North America held the largest share of the market, primarily due to the rising demand for environmentally friendly transportation options. The main contributors to market expansion in this region are the United States and Canada. It is also anticipated that rising government support for electric vehicles in the form of subsidies and tax incentives will propel market expansion. In this region, there is a growing need for electric bicycles and scooters as well, particularly in urban areas where traffic congestion is a major problem. Ford, General Motors, and other significant companies are anticipated to propel market expansion in this area.

Region with highest CAGR:

As a result of the rising demand for inexpensive, sustainable modes of transport, Asia-Pacific is expected to have profitable growth during the forecast period. With a sizeable market share, China is the country in this region with the largest market for light electric vehicles. Market expansion in this area is being fueled by the growing amount of government support for electric vehicles in the form of subsidies and tax benefits. It is also anticipated that increased consumer disposable income and urbanization will fuel market expansion. This region has a very strong demand for electric scooters and bicycles, especially in congested urban areas with limited parking.

Key players in the market

Some of the key players in Light Electric Vehicles market include Borgwarner Inc., BMW AG, Balkancar Record, Auto Rennen India, Auro Robotics, Ari Motors, Alke, American Landmaster, Addax Motors, Aisin Corporation and Accelerated Systems Inc.

Key Developments:

In June 2022, Club Car announced the acquisition of Melex, which Garia bought in 2021 to help it expand its utility business, and Garia A/S, a maker of electric street-legal low-speed cars with a focus on the utility, consumer, and golf industries. Based in Poland, Melex is a producer of light utility vehicles.

In April 2022, Sansera Engineering Limited revealed that it has received orders from BMW Motorrad for two packages of 26 aluminum forged and machined parts totaling about USD 37.5 million over a ten-year period. Sansera has built a cutting-edge facility for aluminum forging and machining, including solution heat treatment and anodizing, at one of its sites in Bengaluru, where these parts will be produced.

In March 2022, A subsidiary of Textron Inc., Textron Ground Support Equipment Inc., has announced that it will work with General Motors (GM) and Powertrain Control Solutions (PCS) to electrify its broad range of products. For Textron GSE products alone, GM and PCS have created an integrated driveline that makes use of GM's lithium-ion battery systems. Textron GSE will be able to benefit from GM's expertise in electric propulsion systems thanks to the driveline.

In February 2022, In the United States and Canada, Wallbox N.V. and Polaris Inc. announced a new collaboration. Polaris will sell the 40 Amp version of Wallbox's best-selling charger, the Pulsar Plus, in order to make it even faster for customers to charge their electric vehicles. This revelation comes in the wake of Polaris' recent unveiling of the 2023 RANGER XP Kinetic. Off-road vehicles are a particular fit for Pulsar Plus 40 Amp because to its NEMA connection, which offers greater versatility for agricultural and rural charging areas.

Vehicle Types Covered:
• E Bike
• Electric ATV/UTV
• E Motorcycle
• E Scooter
• E Lawn Mower
• Neighborhood Electric Vehicle
• Electric Industrial Vehicle
• Delivery Robot
• Autonomous Forklift
• Automated Guided Vehicle

Vehicle Categories Covered:
• 4 Wheeler
• 3 Wheeler
• 2 Wheeler

Power Outputs Covered:
• 9-15 KW
• 6-9 KW
• Less Than 6 KW

Components Covered:
• Power Electronics
• E Brake Booster
• Power Controller
• Inverter
• Motor Controller
• Electric Motor
• Battery Pack

Applications Covered:
• Commercial
• Recreation & Sports
• Shared Mobility
• Personal Mobility

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Light Electric Vehicles Market, By Vehicle Type
5.1 Introduction
5.2 E Bike
5.3 Electric ATV/UTV
5.4 E Motorcycle
5.5 E Scooter
5.6 E Lawn Mower
5.6.1 Manual
5.6.2 Robotic
5.7 Neighborhood Electric Vehicle
5.8 Electric Industrial Vehicle
5.9 Delivery Robot
5.10 Autonomous Forklift
5.11 Automated Guided Vehicle

6 Global Light Electric Vehicles Market, By Vehicle Category
6.1 Introduction
6.2 4 Wheeler
6.3 3 Wheeler
6.4 2 Wheeler

7 Global Light Electric Vehicles Market, By Power Output
7.1 Introduction
7.2 9-15 KW
7.3 6-9 KW
7.4 Less Than 6 KW

8 Global Light Electric Vehicles Market, By Component
8.1 Introduction
8.2 Power Electronics
8.3 E Brake Booster
8.4 Power Controller
8.5 Inverter
8.6 Motor Controller
8.7 Electric Motor
8.8 Battery Pack

9 Global Light Electric Vehicles Market, By Application
9.1 Introduction
9.2 Commercial
9.3 Recreation & Sports
9.4 Shared Mobility
9.5 Personal Mobility

10 Global Light Electric Vehicles Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 Borgwarner Inc.
12.2 BMW AG
12.3 Balkancar Record
12.4 Auto Rennen India
12.5 Auro Robotics
12.6 Ari Motors
12.7 Alke, American Landmaster
12.8 Addax Motors
12.9 Aisin Corporation
12.10 Accelerated Systems Inc.

List of Tables
1 Global Light Electric Vehicles Market Outlook, By Region (2021-2030) ($MN)
2 Global Light Electric Vehicles Market Outlook, By Vehicle Type (2021-2030) ($MN)
3 Global Light Electric Vehicles Market Outlook, By E Bike (2021-2030) ($MN)
4 Global Light Electric Vehicles Market Outlook, By Electric ATV/UTV (2021-2030) ($MN)
5 Global Light Electric Vehicles Market Outlook, By E Motorcycle (2021-2030) ($MN)
6 Global Light Electric Vehicles Market Outlook, By E Scooter (2021-2030) ($MN)
7 Global Light Electric Vehicles Market Outlook, By E Lawn Mower (2021-2030) ($MN)
8 Global Light Electric Vehicles Market Outlook, By Manual (2021-2030) ($MN)
9 Global Light Electric Vehicles Market Outlook, By Robotic (2021-2030) ($MN)
10 Global Light Electric Vehicles Market Outlook, By Neighborhood Electric Vehicle (2021-2030) ($MN)
11 Global Light Electric Vehicles Market Outlook, By Electric Industrial Vehicle (2021-2030) ($MN)
12 Global Light Electric Vehicles Market Outlook, By Delivery Robot (2021-2030) ($MN)
13 Global Light Electric Vehicles Market Outlook, By Autonomous Forklift (2021-2030) ($MN)
14 Global Light Electric Vehicles Market Outlook, By Automated Guided Vehicle (2021-2030) ($MN)
15 Global Light Electric Vehicles Market Outlook, By Vehicle Category (2021-2030) ($MN)
16 Global Light Electric Vehicles Market Outlook, By 4 Wheeler (2021-2030) ($MN)
17 Global Light Electric Vehicles Market Outlook, By 3 Wheeler (2021-2030) ($MN)
18 Global Light Electric Vehicles Market Outlook, By 2 Wheeler (2021-2030) ($MN)
19 Global Light Electric Vehicles Market Outlook, By Power Output (2021-2030) ($MN)
20 Global Light Electric Vehicles Market Outlook, By 9-15 KW (2021-2030) ($MN)
21 Global Light Electric Vehicles Market Outlook, By 6-9 KW (2021-2030) ($MN)
22 Global Light Electric Vehicles Market Outlook, By Less Than 6 KW (2021-2030) ($MN)
23 Global Light Electric Vehicles Market Outlook, By Component (2021-2030) ($MN)
24 Global Light Electric Vehicles Market Outlook, By Power Electronics (2021-2030) ($MN)
25 Global Light Electric Vehicles Market Outlook, By E Brake Booster (2021-2030) ($MN)
26 Global Light Electric Vehicles Market Outlook, By Power Controller (2021-2030) ($MN)
27 Global Light Electric Vehicles Market Outlook, By Inverter (2021-2030) ($MN)
28 Global Light Electric Vehicles Market Outlook, By Motor Controller (2021-2030) ($MN)
29 Global Light Electric Vehicles Market Outlook, By Electric Motor (2021-2030) ($MN)
30 Global Light Electric Vehicles Market Outlook, By Battery Pack (2021-2030) ($MN)
31 Global Light Electric Vehicles Market Outlook, By Application (2021-2030) ($MN)
32 Global Light Electric Vehicles Market Outlook, By Commercial (2021-2030) ($MN)
33 Global Light Electric Vehicles Market Outlook, By Recreation & Sports (2021-2030) ($MN)
34 Global Light Electric Vehicles Market Outlook, By Shared Mobility (2021-2030) ($MN)
35 Global Light Electric Vehicles Market Outlook, By Personal Mobility (2021-2030) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.

Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.

For more details about research methodology, kindly write to us at

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