(MENAFN- EIN Presswire) EINPresswire/ -- What Is The Expected Cagr For The Light Electric Vehicles Market Through 2025?
The light electric vehicles market size has experienced significant expansion in the past few years. Its growth is projected to increase from $84.38 billion in 2024 to $91.18 billion in 2025, boasting a compound annual growth rate (CAGR) of 8.1%. The progression during the historical phase could be due to a variety of factors, including urbanization and traffic problems, environmental consciousness and sustainability, government incentives and policies, escalating fuel prices, and the advent of last-mile connectivity solutions.

In the years to come, the light electric vehicles market is projected to witness robust expansion, reaching a value of $131.76 billion by 2029 with a 9.6% compound annual growth rate (CAGR). This predicted growth is due to various factors including breakthroughs in battery technology, the incorporation of urban mobility solutions, the rising trend in e-commerce and delivery services, evolving consumer lifestyles, and government support for eco-friendly transportation. Key trends for the future comprise emphasis on lightweight and collapsible designs, government incentives and directives, progressive battery technology, alignment with smart city programs, and the proliferation of electric micro-mobility alternatives.

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What Are The Driving Factors Impacting The Light Electric Vehicles Market?
The increasing interest in e-motorcycles is anticipated to spike the progress of the light electric vehicle market in the future. An e-motorcycle, otherwise referred to as an electric motorcycle, is a kind of motorcycle operated by an electric motor rather than a conventional petrol engine. It is also a type of light electric vehicle renowned for its eco-friendliness and superior efficiency compared to traditional motorcycles, as it doesn't produce emissions and consumes less energy. Consequently, the surging interest in e-motorcycles will stimulate the demand for light electric vehicles. As of December 2023, data from the Office of Energy Efficiency and Renewable Energy, a US-government agency, showed that e-motorcycle sales in the United States stood at about 8,75,000 units in 2021, and then rose to 1.1 million e-motorcycles in 2022. Hence, the escalating interest in e-motorcycles fuels the light electric vehicle market.

Which Players Dominate The Light Electric Vehicles Industry Landscape?
Major players in the Light Electric Vehicles 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.

What Are The Main Trends, Positively Impacting The Growth Of Light Electric Vehicles Market?
The emergence of product innovation is becoming a significant trend in the light electric vehicles industry. Several major businesses in this sector are concentrating on inventing distinctive products to solidify their market position. For example, Niu Technologies, a Chinese electric scooter company, presented the KQi 100 series, which includes KQi 100P and KQi 100F, in September 2024. The KQi 100 series is equipped with features like a transparent LCD dashboard and advanced app connectivity capabilities facilitating setting the lowest glide speed to initiate the motor, setting a charging limit to avoid battery aging, and configuring the mode.

Global Light Electric Vehicles Market Segmentation By Type, Application, And Region
The light electric vehiclesmarket 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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Which Region Holds The Largest Market Share In The Light Electric Vehicles Market?
In 2024, the Asia-Pacific region held the top position in the light electric vehicles market. During the projection period, the rapid expansion is anticipated in North America in the global light electric vehicle market. The market report for light electric vehicles includes regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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