The light electric vehicle market is segmented on the basis of product into two-wheelers, three-wheelers, and four-wheelers. The three-wheelers are expected to witness the fastest growth during the forecast period, owing to the rise in demand for an affordable and sustainable alternative to conventional fuel vehicles.
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Of all these two-wheelers, electric bikes are observed to have the highest adoption rate in the light electric vehicle market. The cost efficiency and innovation in lithium-ion (Li-on) batteries have led to the largest share of electric bikes. Three-wheeler light electric vehicles include e-rickshaw, e-auto and others whereas four-wheeler light electric vehicles include electric quad, golf carts, and others.
The light electric vehicle market based on voltage range is segmented into 24V, 36V, 48V, 60V, and 72V. The highest revenue generation in 2017 was from 48V light electric vehicles, majorly used in electric bikes and scooters. However, the rise in demand for use of 72V electric microcars as a substitute to cars and public vehicle among city-dwellers is expected to drive the fast growth of 72V battery pack light electric vehicles during the forecast period.
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Some of the 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.
Source: VynZ Research