The global light electric vehicle market is a high performing market that holds the potential to address the environmental concerns with respect to the increasing pollution caused due to vehicles. The global light electric vehicles market revenue is predicted to increase at a CAGR of 9.4% during the forecast period. Light electric vehicles are the either muscle or pure electric vehicles, generally weighing less than 100 kg. These electric vehicles could be two-wheeler, three-wheeler or four-wheeler such as e-bikes, e-motor-bikes, e-scooters, pedelecs, electric wheelchair, electric quads among others. The light electric vehicle industry is also driven by the government initiatives and subsidies, increasing affordability of light electric vehicles and the high demand for sustainable forms of automotive technology.
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The deployment of light electric vehicles for daily use and lack of proper rules to adhere speed limits are the major challenges observed in the market. The adoption rate of these products is relatively slow in several international cities that hinder the global market growth.
Globally industry players are leveraging market growth through geographic expansion and launching new products. Different players are investing in development of new battery technology to lower the cost of light electric vehicles to compete against gasoline vehicles in terms of price and performance. In the coming years, industry leaders are anticipated to significantly lower the cost of these vehicles and enhance performance of these vehicles leading to adoption by masses.
APAC is registered as the largest light electric vehicle market as the region encompasses rapid urbanization demanding sustainable and affordable transport solution. Further, to curb the increase in pollution level of the industrial economies including China and India, the government initiatives and subsidies are also driving the growth of the regional market. Europe is also witnessing high demand of electric bikes contributing to the growth of the light electric vehicles market in the region.
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Key players in the light electric vehicle market are acquiring other similar firms to strengthen their position in urban mobility. For instance, in July 2018, Accell Group announced the acquisition of Velosophy BV, a provider of electric cargo bike solutions. Some of the other players in the light electric vehicle market include Textron, Inc., BMW Motorrad, Auro Robotics, Ingersoll-Rand plc, Polaris Industries, Inc., Gogoro Inc., GOVECS GmbH, Lit Motors Inc., Mahindra GenZe, Piaggio & C. SpA, Terra Motors,Vmoto Limited, Yadea Technology Group, Zero Motorcycles Inc., AIMA Technology Group Co. Ltd., and Jiangsu Xinri E-Vehicle Co.,Ltd.
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