BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research examines the global market for light electric vehicles (LEVs), providing a detailed analysis of the market opportunities, applications, drivers and challenges, and associated technology trends.
Increasing urbanization and a desire to move away from full-sized cars for motorized transportation is setting the stage for a fast-growing LEV market. Globally, LEVs allow for improved personal mobility in terms of affordability and flexibility and help to reduce pollution from the transportation sector. Click to tweet: According to a new report from @NavigantRSRCH, LEV sales are expected to generate $9.3 billion in revenue in 2017 and more than double to a $23.9 billion market by 2026.
“The global LEV market holds significant opportunities for manufacturers and component suppliers, but they are highly varied by geography and technology,” says Ryan Citron, research analyst with Navigant Research. “Low speed EV (LSEV) sales are exploding in China, while the e-scooter industries in Asia Pacific (excluding China) and Europe are poised to expand significantly over the next 10 years as major manufacturers enter new markets and strong regulations on urban transport emissions are implemented.”
A combination of purchase incentives, regulation, and high population densities is currently driving sales of LEVs in Asia Pacific and Europe, which represent the regions with the most opportunity for LEV growth, according to the report. In North America, e-motorcycles are expected to have the largest potential growth due to the region’s huge motorcycle market and a demand for recreational vehicles. However, without competitive products from major manufacturers, consumer awareness is likely to remain low—along with sales. As Li-ion battery costs continue to decrease, Navigant Research expects more e-motorcycle products from major manufacturers to be released into the market.
The report, Light Electric Vehicles, analyzes the global market for LEVs, with a focus on LSEVs, also referred to as neighborhood EVs (NEVs), and e-PTW vehicles such as electric motorcycles (e-motorcycles) and electric scooters (e-scooters). The study provides a detailed analysis of the market opportunities, key market drivers and challenges, and technology trends associated with LEVs. Global market forecasts extend through 2026 and are segmented by technology, region, and three peak motor output categories. The report also provides profiles of key LEV manufacturers and suppliers and analyzes the use of LEVs by private consumers and fleets in mobility, commercial, and recreational applications. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Light Electric Vehicles, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.