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The global light electric vehicle (LEV) market is projected to grow from USD 78.5 billion in 2022 to USD 122.7 billion by 2027, registering a CAGR of 9.4%. E-ATV/UTV, E-Bike, E-Scooter, E-motorcycle, Neighborhood Electric vehicles, E-Lawn Mowers, and Electric industrial vehicles were mapped as part of this research. Factors such as improved government push for the electrification of electric commercial vehicles for agricultural and warehousing use, easy access to charging points, and increased user preference for zero-emission transport will increase the demand for electric utility vehicles. Factors Leading original equipment manufacturers (OEMs) have begun investing in R&D for electric utility vehicles as a result of factors like rising demand for zero-emission vehicles and strong governmental support. The demand for electric utility cars will expand in practically every sector as a result of rising petroleum prices around the world. The efficiency of these batteries is probably going to increase as EV batteries develop. Users of electric utility cars will be able to easily charge their vehicles (so they can be switched out via battery swapping) and drive great distances thanks to the rapid charging infrastructure set up in several countries: Over the past ten years, LEV technology has experienced rapid expansion as consumer demand for these cars has grown. To increase the efficiency of LEVs, important technologies are being developed, including the internet of things (IoT), 5G linked cars, artificial intelligence (AI), and smart charging systems. These technologies can be used to greatly improve the efficiency of LEVs. IoT is a network of computing systems that allows for data transport. Businesses use this technology to transfer files over a single network. Similar to how smart warehouses using autonomous guided vehicles (AGVS) require real-time communication, 5G, the fifth generation of wireless technology, can improve the efficiency of smart warehouse operations. For instance, since May 2018, Toyota Material Handling has been engaged in four Al development initiatives.

ATVs, snowmobiles, and other electric vehicles are the companys main areas of design and production. They are situated in the US. It works largely in the US and Canada. It has 20 manufacturing facilities and 30 distribution centres, including third-party distributors, throughout the world, compared to 10 manufacturing facilities and 2 R&D centres in the US. It had more than 15,000 workers across the globe as of 2021. Numerous UTV models, including those from the RZR, Ranger, General, Sportsman, Polaris Commercial, Polaris Government, and Defense brands, are offered. Designing, producing, and marketing electric utility cars, Goupil is a car firm that Polaris purchased. It offers solutions for a variety of organisations, including municipal governments, businesses, and the hotel sector. More than 40 nations, including the UK, Germany, Israel, Russia, and more, sell Goupil automobiles. The firm currently produces the G2, G4, and G6 versions of cars. A 10-year agreement between Polaris and Zero Motorcycles was announced in September 2020. In order to produce the best-in-class off-road and snowmobile vehicles, this cooperation will take use of the size and dominance of the Polaris Powersports sector and Zero Motorbikes expertise in electric motorcycle powertrains. The result of this partnerships initial product is RANGER XP Kinetic. There are two models of this all-electric UTV: Ultimate and Premium.

To know about the assumptions considered for the study download the pdf brochure

The US-based company Club Car produces gas- and electric-powered golf carts and utility vehicles. Additionally, it provides extras like toolboxes, storage, brush guards, and seat covers: Ingersoll Rand purchased Club Car in 1995. Then again, Platinum Equity bought it in 2021. It has a global network of more than 350 distributors and dealers. Club Cars subsidiary Garia creates and produces electric cars, CUVs, accessories, and other things. Three series—utility park, utility city, and utility urban—are used to market and sell its electric utility vehicles. Club Car and AYRO INC. formed a strategic alliance in May 2019. Both businesses will benefit from this relationship by having access to all-electric utility vehicles. Both firms will profit from AYROs experience producing and designing premium electric vehicles as well as Club Cars extensive dealer network for electric cars.

The Japanese OEM Toyota Industries Corporation was established in 1926. A division of Toyota Industries Corporation is Toyota Material Handling (TMH). The Raymond, Toyota, and BT names are used to market the material handling equipment that TMH specialises in. It provides a comprehensive range of forklifts, warehousing equipment, and logistical solutions that are sold all over the world, including in Asia, Latin America, Oceania, the Middle East, and Africa. A strategic alliance between TMH and VIA Technologies was announced in August 2022. Through this collaboration, the two businesses will jointly advertise the VIA Mobile360, a safety system that includes Al.

Some other leading suppliers in this industry include John Deere (US), Textron (US), BYD (China), KION Group (Germany), Columbia Vehicle Group (US), Marshell (China), and Ari Motors (Germany). They have collaborated with other businesses in the ecosystem for electric utility vehicles. For instance, John Deere introduced its AutoTrac assisted steering system for their TE 4x2 Electric Gator Utility Vehicle in June 2022. Work on smaller fields will be simpler and more accessible as a result of this. Similar to this, BYD unveiled their brand-new forklift, the ECB 70/80, in May 2022. It has a cutting-edge charging technology that allows it to operate for up to 9 hours on a single charge.

Further, in January 2022, Toyota Material Handling announced the launch of 22 new LEVs in the electric industrial utility vehicles segments across all applications and environments. Out of these, 12 new reach truck models are cast with 24V, 36V, and 48V power options. Similarly, in June 2021, Club Car revealed its current EVI, an electric utility truck available in three different configurations: pickup, flatbed, and van box. This vehicle is ideal for low-speed logistics and cargo services.

Related Reports:

Light Electric Vehicles (LEVs) Market by Vehicle Category, Application (Personal Mobility, Shared Mobility, Recreation & Sports, Commercial), Power Output (Less than 6 kW, 6-9 kW, 9-15 kW), Component Type, Vehicle Type Region - Global Forecast to 2027

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