Electric vehicles uses one or more electric motors for propulsion, instead of gasoline. Electric vehicles are more energy efficient, environment friendly, and requires lesser maintenance, as compared to conventional vehicles with internal combustion engines (ICEs). However, the weight of electric vehicles increased considerably by usage of traditional heavy batteries. Thus, light weight electric vehicle were introduced in the market. Globally demand for light electric vehicle is being driven by growing environmental concerns, stringent emission regulations and financial assistance provided by government, and performance benefits. However, the dive in oil prices that began in mid-2014 has negatively affected the market.
This report identifies the global light electric vehicle market size in for the year 2014-2016, and forecast of the same for year 2021. It also highlights the potential growth opportunities in the coming years, while also reviewing the market drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape, and other key aspects with respect to light electric vehicle market.
Geographically, Europe & North America dominated the global light electric vehicle market, owing to the proper infrastructure such as charging station have been developed in this region, along with various government initiatives to promote the sales of electric vehicles. Asia Pacific will grow at the fastest rate, owing to rising environmental concerns, and vehicle emission norms getting stringent. Plug-in Hybrid Electric Vehicle (PHEV) electronics had the largest market in 2015 among all types, and is expected to grow at a highest CAGR between 2016 and 2022.
This report segments global light electric vehicle market on the basis of type, and regional market as follows:
- On the basis of types of light electrical vehicle, this report on global light electric vehicle market is segmented into three major types as follows: Hybrid Electric Vehicle(HEV), Plug-in Hybrid Electric Vehicle(PHEV) and Battery Electric Vehicle(BEV)
- This report has been further segmented into major regions, which includes detailed analysis of each region such as: North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) covering all the major country level markets for light electrical vehicles in each of the region.
This report identifies all the major companies operating in the Light Electric Vehicle market. Some of the major companies’ profiles in detail are as follows:
- Tesla Motors, Inc.
- CODA Automotive Inc.
- Nissan Motor Company Ltd
- General Motors Company
- Toyota Motor Corporation
- The Ford Motor Company