The light electric vehicle refers to two or three-wheeled vehicle maximum total mass not exceeding up to 100 kilograms. The light electric vehicle is easy to drive and operate. In the next few years, light electric vehicles will introduce sensors and be improved to achieve some of the automation and intelligent functions that many high-end electric vehicles have today.
The global light electric vehicle market expected to reach to 4.2 million units by 2027 and rise with an exponential CAGR in the forecast period from 2020-2027. With emerging environmental concerns, pollution level and depletion of oil reserves have fueled the market demand for the global light electric vehicle market.
The light electric vehicles are very cost-effective when compared its productivity with the vehicle run on gasoline or battery. As electric vehicles are cost-efficient, zero greenhouse emission property, thus making them more attractive in the emerging electric vehicle market. Also, rising automation in every industry will fuel the market share of the electric automobile market as sensors integrated with them. Therefore, it will emerge the market value of the LEV in the future.
Moreover, the multiple functions in LEV, such as power management, consumption as well as voltage regulation, are controlled by power products which exceptionally manufactured to manage all the significant tasks of LEV. LEV provides more extended reliability to the user as it avoids the chance of downtime and also reduces the chances of control failure in the vehicle.
Furthermore, LEV has various benefits associated with it as reduced physical efforts compare with regular bicycles. Also, LEV can be charged at home overnight. In addition to the benefits of a light electric vehicle, it provides flexibility in transportation, cost-effective compared to gasoline with electricity cost. Also, it reduces pollution from li-ion batteries and weighs less than lead-acid batteries. LEV provides a new mobility concept and thus, attracting the market of two and three-wheelers. Therefore, LEV will propel the market growth of the automobile industry in the forecast period.
The light electric vehicle provides flexibility in transportation in two-wheeler and three-wheeler users. The light electric vehicle has a supercharger network that can quickly charge the vehicle at home. Thus, reduce the cost associated with a vehicle that runs on gasoline and oil than on electricity.
The light electric vehicles run on electricity and are easy to operate and have smart functions as well. There are exclusive power products installed in it to manage the power voltage, management, and safety features of the vehicle. Moreover, high power electric motors installed in the vehicle, thus, reduce the cost and produce zero carbon emission greenhouse gas.
Based on type, the global light electric vehicle market classified into Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV). The Hybrid electric vehicle segment accounted for the largest share of the market is expected to grow at a higher rate during the forecast period from 2020-2027. The hybrid electric vehicle has a twin power engine that runs on a gasoline engine and electric motor. It provides clean mobility and cut fuel cost and conserve energy. The hybrid vehicle has better efficiency than a battery vehicle as a hybrid vehicle has an electric motor, which reduces the chances of failure and downtime. Also, it has various power regulated products installed that enhance the functioning and management of the light electric vehicle. Therefore, the hybrid engine market demand is fueling the light electric vehicle market.
Based on the End-user, the global light electric vehicle segmented into E-forklifts, Light utility vehicles (LUVs), Low-speed electric vehicles (LSEVs / micro EVs), E-motorbikes, E-golf carts. The low-speed electric vehicles (LSEVs / micro EVs) has emerged the market share of the global light electric vehicle market. As people mainly opt for low-speed electric vehicles for short-distance traveling and are cost-effective. These vehicles run on the speed of 20 miles per hour, which is efficient for shorter distance traveling. Moreover, the light electric vehicle has electric motor provide flexibility in charging as well have zero carbon mission property. Therefore, the light electric vehicle market share is propelling owing to the shorter distance travel vehicle segment owned by the low-speed electric vehicle market.
Based on geography, the global light electric vehicle market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific expected to hold the largest share of the global light electric vehicle market. The government of various countries like India, China, and Japan is promoting the adoption of a light electric vehicle by installing multiple charging stations and increasing the manufacturing of the electric vehicle. It is mainly owing to reduce the pollution level, conserving oil reserves, improvement of environmental hazards, and promote green and clean mobility in the future. Therefore, the light electric vehicle will expand the market share in the Asia Pacific region.
Companies such as Systems, Inc., AESC, Altair Nano Technologies, BAK, Blue Energy Co. Ltd., BYD Auto, CALB, CBAK Energy Technology Inc, Continental AG, Deutsche ACCUmotive, Electrovaya, Enerdel, EnerSys, Enertech, E-One Moli Energy, Exide Technologies, Gotian Inc, GS Yuasa Corp, Hitachi Vehicle Energy Ltd, and others are key players in the global light electric vehicle market.