Light Electric Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 01/20/2016 -- A new report from Transparency Market Research, titled "Light Electric Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", states that the global light electric vehicle market is expected to grow rapidly due to the performance benefits, reduced energy consumption, and environmental benefits offered by light electric vehicles.
Lightweight electric vehicles are two-wheelers or three-wheelers weighing below 100 kg and running on electricity. Light electric vehicles are battery operated and are available in many varieties in the global light electric vehicle market. Earlier, electric vehicles used traditional batteries, due to which they weighed more than the ones currently available in the market. The light weight of the vehicle improves the endurance and balances the weight of batteries for electric vehicles. Light electric vehicles not only provide strong acceleration and smooth operation but also require less maintenance.
Light electric vehicles gained global acceptance due to concerns such as future availability of fossil fuels, increasing air pollution, and increasing greenhouse gas emissions. As electric vehicles are considered to be zero-emission vehicles, they help prevent environmental pollution. Increased environmental concerns are diverting the choices of people from heavy vehicles to lightweight electric vehicles.
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The global light electric vehicle market is segmented on the basis of region into North America, Asia Pacific, Europe, and Rest of the World. By 2019, Asia Pacific is predicted to be the largest market in the global light electric vehicle market. Increasing prices of fuel and rapid industrialization are the major factors expected to drive the Asia Pacific light electric vehicle market in the years to come. Some of the prominent players in the global light electric vehicle market are Tesla, CODA, Nissan Leaf, Smart 4-2 EV, Opel, Prius EV, Focus EV, Checy Volt, PSA Peugeot Citroen, Mini E, and Mitsubishi iMiEV.
One of the most important advantages of electric vehicles is that the rechargeable batteries used in light electric vehicles can be recycled readily, thus eliminating the problem of disposal. The light electric vehicle market is expected to compete with petroleum-powered vehicles in the years to come.
Fully discharged electric vehicles require a significant amount of time to get fully charged and remain out of use till fully charged. This is the only major factor expected to restrict the growth of the global light electric vehicle market in the years to come. However, with the introduction of long-lasting batteries, leading players are expected to create growth opportunities for the global light electric vehicle market in the years to come.
The introduction of new varieties of batteries for light electric vehicles is expected to propel the global market for light electric vehicles. Innovations from new entrants are also predicted to make the market highly competitive. Being light in weight, these electric vehicles are easy to operate and simple to maintain. The shift from petroleum-operated vehicles to electric vehicles is primarily expected to propel the global electric vehicles market in the coming years.
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