DUBLIN, March 13, 2023 /PRNewswire/ — The report analyzes the global light electric vehicle market size, share and industry trends by vehicle category (2-wheeler, 3-wheeler and 4-wheeler), by vehicle type , by component type, by application, by Added to Power Output, by Regional Outlook and Forecast, 2022 – 2028 report ResearchAndMarkets.com’s offers
The global light electric vehicle market size is expected to reach 130.4 billion dollars by 2028, increasing with a market growth of 8.9% CAGR during the forecast period.
Light-duty electric vehicles (LEVs) consisting of two- and three-wheeled electric cars are the largest segment of electric vehicles in stock. These vehicles will be the focus of electrification initiatives china, Indiaand other Asian nations, where their conventional counterparts are favored for last-mile connectivity and seen as a cost-effective means of personal transportation.
Due to the use of lead-acid batteries, these cars were historically slow to charge. The adoption of new chemistry makes faster charging possible, but thermal control remains the biggest hurdle. On the other hand, battery swapping is an option that can help reduce battery charging time.
A vehicle driven by one or more electric motors is an electric vehicle (EV). It can be powered externally by a collector system or autonomously by a battery. Electric vehicles include road and rail vehicles, surface and submarine watercraft, electric aircraft and electric spacecraft, among others.
Electric vehicles initially appeared in the late 19th century, when electricity was one of the preferred means of propulsion for motor vehicles, offering a level of comfort and ease of operation that gasoline cars of the time they couldn’t match. About 100 years ago, internal combustion engines dominated the propulsion of cars and trucks, but electric power remained in trains and smaller vehicles of all sizes.
Impact analysis of COVID-19
Several market changes induced by COVID may have a negative influence on the transition to electric vehicles. The drop in global crude oil prices has been one of the first casualties of the economic recession. Low oil prices at the pump undermine the economic viability of electric vehicle adoption relative to combustion vehicles, especially in countries with limited tax incentives for electric vehicles.
If worldwide oil prices remain at current levels, the considerably higher total cost of ownership of electric vehicles may prevent the switch. Supply chain disruptions represent another major threat to electric vehicle adoption. china is the leading supplier of components to the electric vehicle manufacturing ecosystem. In this scenario, the transition trajectory will vary from country to country, depending on each nation’s ability to create an indigenous supply chain within a specified timeframe.
Market growth factors
Gasoline that constantly rises and diessel Prices
In recent years, the demand for fuels such as petrol and diesel has expanded dramatically due to the growing need for vehicles. The most recent increase in fuel prices is due to the increase in the price of crude oil, which is used to produce gasoline and diesel.
At the start of the COVID-19 pandemic, crude oil was less expensive due to the temporary closure of a large number of businesses and a drop in energy demand. As life resumed its normal course, energy demand soared. However, expenses have increased dramatically as a result of suppliers’ challenges to meet growing consumer demands.
Increased use of electric vehicles
Electric vehicles have several advantages, including lower operating costs than conventional gasoline engines, the enforcement of strict government regulations to reduce environmental pollution, and reduced tailpipe emissions, all which have a significant positive effect on their overall demand.
To tap the market opportunity, key players in the Electric Car Power Inverter market are implementing various strategic initiatives such as product development and product launches. For example, ABB Ltd. launched an all-in-one EV charger with the fastest charging speed on the market.
Market restriction factors
Levs have a shorter range and higher initial cost of ownership than ice vehicles
Due to range restrictions, the expansion of the light electric vehicle market has been restricted. LEVs do not have fuel tanks for energy storage and easy refueling, unlike ICE vehicles.
A fully charged battery has a restricted range, which is often less than that of its internal combustion engine counterpart. Currently, most electric two-wheeled vehicles, such as scooters, motorcycles, and electric bicycles, have a range of 100 to 120 miles and a charging time of 6 to 8 hours. As a result, consumers who travel more than 100 miles per day are hesitant to invest in LEVs.
Key market players
List of companies profiled in the report:
- Tesla, Inc.
- BMW Group
- Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.)
- Godrej Group (Godrej Material Handling)
- Kion group
- Yamaha Motor Co., Ltd.
- Textron, Inc.
- Polaris, Inc.
- BYD Company Ltd.
- Toyota Industries Corporation
Key topics covered:
Chapter 1. Market scope and methodology
Chapter 2. Market overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition and scenarios
2.2 Key factors affecting the market
2.2.1 Market drivers
2.2.2 Market limitations
Chapter 3. Competition analysis – Global
3.1 The cardinal matrix
3.2 Recent strategic developments across the industry
3.2.1 Collaborations, Partnerships and Agreements
3.2.2 Product launches and product extensions
3.3 Main winning strategies
3.3.1 Major Key Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Movement: (partnerships, collaborations and agreements: 2020, September – 2022, August) Leading Players
Chapter 4. Global Light Electric Vehicle Market by Vehicle Category
4.1 Global 2 Wheeler Market by Region
4.2 Global 3 Wheeler Market by Region
4.3 Global 4 Wheeler Market by Region
Chapter 5. Global Light Electric Vehicle Market by Vehicle Type
5.1 Global e-scooter market by region
5.2 Global e-ATV/UTV Market by Region
5.3 Global Neighborhood Electric Vehicle Market by Region
5.4 Global Motorcycles and Electric Bicycles Market by Region
5.5 Global Electronic Lawn Mower Market by Region
5.6 Global Autonomous Forklifts, Delivery Robots and Electric Industrial Vehicles Market by Region
5.7 Global Others Market by Region
Chapter 6. Global Light Electric Vehicle Market by Component Type
6.1 Global Battery Pack Market by Region
6.2 Global Electric Motor Market by Region
6.3 Global Motor Controller and Power Controller Market by Region
6.4 Global market Investors by region
6.5 Global Electronic Brake and Power Electronics Market by Region
Chapter 7. Global Light Electric Vehicles Market by Application
7.1 Global personal mobility market by region
7.2 Global shared mobility market by region
7.3 Global Recreation and Sports Market by Region
7.4 Global commercial market by region
Chapter 8. Global Light Electric Vehicle Market by Power Output
8.1 Global market of less than 6 kW by region
8.2 Global 6-9 kW Market by Region
8.3 Global 9-15 kW Market by Region
Chapter 9. Global Light Electric Vehicles Market by Region
Chapter 10. Company profiles
For more information on this report, visit https://www.researchandmarkets.com/r/h43ftc
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