Light weight electric vehicle are usually two or three wheelers, weighing less than 100 kilograms and energy storage device such as fuel cell or battery. They also use light weight metals for their construction. Earlier, weight of electric vehicles increased considerably by usage of traditional heavy batteries. This makes light weight electric vehicle an inevitable option. Light weight electric balances weight and improve the endurance of batteries for automobiles. Electric vehicle provide smooth operations, stronger acceleration and require less maintenance. Light weight electric vehicles have gathered renewed interest due to concerns about future availability and price of fossil fuels, increasing green house gas emissions and air pollution. Electric vehicles are represented as zero-emission vehicles, thus help to prevent environmental pollution.
Some of the key driving factors of this market are increased environmental concerns, performance benefits, and reduced energy dependence. Most important advantage of light electric vehicle is that rechargeable batteries recycle well, thereby eliminating the disposal problem. Thus, light weight electric vehicle market is expected to compete with petroleum powered vehicles over the forecast period. However, fully discharged vehicle would require a long time to get charged completely, so it will be out of service for a long time. This limitation is expected to hinder the growth of light electric vehicle market.
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Rapid industrialization and increasing fuel price concerns in developing economies of Asia Pacific are expected to drive the light weight electric vehicle market over the forecast period. Mature markets of U.S. and Europe continue to be key markets for light electric vehicle industry.
Some of the key players in this industry are Tesla, CODA, Fisker Karma, Nissan Leaf, Chevy Volt, Smart 4-2 EV, PSA Peugeot Citroën, Opel, Mini E, Prius EV, Mitsubishi iMiEV, and Focus EV among others.
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This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include