Light Electric Vehicle Market Expected to Reach € 29 Billion by 2026
AMSTERDAM, the Netherlands – In the next decade the market for small manned electric vehicles, including e-bikes up to car-like micro Electric Vehicles (EVs), is expected to expand rapidly. According to market research agency IDTechEx the global market will amount up to € 29 billion by 2026.
IDTechEX reports in its study that in 2026 e-scooters will dominate the small electric vehicle business followed by 3-wheel micro EVs. Close behind, 4-wheel car-like versions and e-bikes are also set for robust sales.
Small manned electric vehicles
According to the study, “The ‘small manned electric vehicles’ ranging from e-bikes to car-like micro EVs, are closely related and often sell in the largest numbers. The wide offering of brand names obscures the fact that they are closely related and add up to a very large market. Although car-like micro EVs are usually lower in cost than regular cars, together with 2-wheel EVs, they will reach over € 29 billion in 2026.”
Differentiating 8 sub-categories
The IDTechEx analysis differentiates 8 sub-categories mentioning numbers and value from 2016-2026. These include golf cars, e-motorcycles, mobility vehicles for the disabled, ‘Neighbourhood EVs’ as well as all kinds of car-like micro EVs which help emerging nations to be mobile and to prevent air pollution. Many of these small electric vehicles act as the missing affordable transition product between an e-bike and an e-car.