China is retailing more electric vehicles than the United Sates—and it’s not even adjacent
Global electric low speed vehicles market is expected to expand at a compound annual growth rate (CAGR) of 15.7% over the forecast period i.e. 2016-2024. While the worldwide supply of golf facilities continues to be extremely concentrated among traditional golfing nations, the sport is flourishing across the globe, and new courses are opening majorly developing countries.
Market Landscape
Electric vehicles market is flourishing across the globe on the back of rising need for green infrastructure in developed nations such as United States, Europe, Japan and other countries. Rapid Urbanization and growing hospitality sector across the globe has significantly strengthened the electric low speed vehicles market. Global hotel industry investment continues to gradually increase over the forecast period. The hotel investment exceeds in 2014 to USD 54.2 Billion from USD 52 Billion in 2013. Expansion of hotel industry further increasesthe demand for electric vehicles for guest commuting.
There is already a growing global interest in smaller LSEVs, including foldable EVs in European cities and 3D printable EVs in Japan. But so far, many international cities have been reluctant to adopt them on large scale. As a result, LSEVs have remained a marginal “neighborhood EV”. In 2016, China became the country with the largest electric car stock, with about a third of the global total. With more than 200 million electric two-wheelers, 3 to 4 million low-speed electric vehicles (LSEVs) and more than 300 thousand electric buses, China is also by far the global leader in the electrification of other transport modes.
“Global Electric Low Speed Vehicles Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, competitive analysis includes the in-depth analysis of the major players and leaders in electric low speed vehicle industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, electric vehicle manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall electric low speed vehicle industry.
Global Electric Low Speed Vehicle Market Segmentation can be classified on the basis of:-
- By Vehicle Type
- Neighborhood electric vehicles (NEV)
- Electric golf carts
- Electric personal utility vehicles
- Off road electric vehicles
- Commercial electric vehicles
· By End Users
o o Golf courses
o Airports
o Hotels and resorts
o Residential premises
o Other (Tourist spots etc)
· By Geography
o North America Electric Low Speed Vehicles Market (US, Canada) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Europe Electric Low Speed Vehicles Market (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Middle East and AfricaElectric Low Speed Vehicles Market (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Latin America Electric Low Speed Vehicles Market (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Asia Pacific Electric Low Speed Vehicles Market (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
Market Trends, Drivers and Challenges
Manufacturers of electric low speed vehicles are constantly spending on huge amount over advancement of electric low speed vehicles in order to make them more efficient and cut down their cost of ownership. The trend of constant improvements in technologies to advance the performance and price affordability gap between green fuel powered and conventional vehicles will continue over the next five to six years. In addition to this, consumers in developed nations are inclining towards low running cost and environment friendly vehicles. Golf carts are the major segment of the electric low speed vehicles and the major contributor to the market growth. With growing projects of golf courses in developing regions the demand for new golf carts are set to grow in coming years. Of Asia’s current golf projects 90% are new golf courses, as opposed to additions. Around half of these projects are already under construction. Twelve new Asian courses opened in 2014 while the North American region, which includes the United States, Mexico, Canada, Central America and the Caribbean, comprises around 16% of the world’s land mass, but the region is home to 53% of the world’s golf course supply. The majority of those courses are in North America, namely the US.
“Global Electric Low Speed Vehicles Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global electric low speed vehicles market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.
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