The China light electric vehicle market is driven by factors such as increasing support from the policymakers, full-scale research centers, the presence of large manufacturing units, and technological advancements.
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The decline in electric vehicle battery cost has an overall impact on the cost of an electric vehicle. OEMs are investing capital in research and development to further increase the efficiency of the electric battery along with reducing their cost. Most of the light electric vehicles run on lithium-ion batteries, for which manufacturers are researching to increase its charging capacity.
Based on product, the market is categorized into two-wheeler, three-wheeler, and four-wheelers, of which two-wheelers hold the largest share in the Chinese light electric vehicle market. The Chinese light electric two-wheelers market is further categorized into e-scooters, e-bikes, e-motorbikes, and others. E-scooters hold the largest share in the Chinese market.
On the basis of voltage, the market is 24V, 36V, 48V, 60V, 72V. Of all, 48V light electric vehicle hold the largest share in the Chinese light electric vehicle market. Most of the e-rickshaws and e scooters run with a battery of 48V which provides it optimum power to perform well in the major metropolitan cities.
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Market players in the Chinese light electric vehicle industry are investing capital to develop low costlight electric vehicles with better performance to provide them distinctive advantages.
Jiangsu East YonslandVehicle Manufacturing Co., Ltd. and Jiangsu Kingbon Vehicle Co., Ltd lead the light electric vehicles market in China. Some of the other key players include AIMA Technology Group Co. Ltd, Zhejiang Luyuan Electric Vehicle Co., Ltd., Changzhou Yufeng Vehicle Co. Ltd., Jiangsu Xinri E-Vehicle Co., Ltd. (SUNRA) and Yadea Technology Group.
Source: VynZ Research