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.
According to a new report from Navigant Research, 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.
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.