Asia Light Electric Vehicle Market Predicted to Grow at 7.0% CAGR During Forecast Period

Posted August 31, 2019 by vynzresearch

The Asian light electric vehicle market is predicted to grow at 7.0% CAGR during the forecast period with the market size reaching USD 52.8 billion by 2024.

The Asia light electric vehicle market is driven by factors such as technological advancements, government support, rapid urbanization and low maintenance requirements of these vehicles.

Auto rickshaws are the major mode of transport in the major urban cities of these countries such as India and Thailand. Auto rickshaw provides a cheaper and faster intracity transport in these countries; therefore, the large population depends on it for transport.

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Conventional autorickshaw owners are adopting these e-rickshaw and e-auto for public transport as it saves the cost of maintenance. The urban population in Asia prefers scooters and motorcycle for their daily commute as it saves them time and cost, which fuels the growth of the Asian market.

Based on product, the market is categorized into two-wheeler, three-wheeler, and four-wheelers, of which two-wheelers hold the largest share in the Asian light electric vehicle market. Due to the congestion in traffic of major cities or urban areas two-wheeler are mostly preferred by consumers, and with the shifting trend to electric vehicles, consumers are rapidly adopting electric two-wheelers.

Light electric three-wheelers market is segmented into e-rickshaw, e-auto, and others. Most of the manufacturers are producing low-speed rickshaws with the top speed of 25km/hr. The high cost of development of high power/high-speed electric auto still leaves the category at the nascent stage.

Market players in the light electric vehicle industry are investing capital to develop low-cost light electric vehicles with better performance to provide them the distinctive advantage. Most of the manufacturers use brushless DC motors in these vehicles as these motors require less maintenance and higher efficiency.

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Some of the key players in the light electric vehicles market are AIMA Technology co., Ltd., Clean Motion AB, Eclimo Sdn. Bhd., Ningbo MYWAY Intelligent Technology Co. Ltd., UDA Motor Co. Ltd., Xiaomi Inc., Changzhou Yufeng Vehicle Co. Ltd., Zhejiang Luyuan Electric Vehicle Co., Ltd., Electrotherm India Ltd., Honda Motor Company Ltd., Jiangsu East YonslandVehicle Manufacturing Co., Ltd., Jiangsu Xinri E-Vehicle Co.,Ltd. (SUNRA), Viar Motor Indonesia, Yadea Technology Group, STAR 8 AUSTRALIA PTY LTD, Jiangsu Kingbon Vehicle Co., Ltd, Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation, and TukTuk Factory.

Source: VynZ Research
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Last Updated August 31, 2019