According to a new market report published by Lucintel, the future of low speed electric vehicle market looks promising with opportunities in the electric golf carts, personal utility vehicles, light speed off road, and low speed heavy duty vehicles. The LSEV market is expected to reach an estimated $11.7 billion by 2024 with a CAGR of 6.6% from 2019 to 2024. The major drivers for this market are stringent environmental regulations, improvement in electric vehicle R&D, advanced battery technology, and government subsidies.
Browse 105 market data tables and 124 figures spread through 184 pages and in-depth TOC on “Low Speed Electric Vehicle Market"
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Low speed electric vehicles are powered by rechargeable batteries with voltage range from 24 Volt to 72 Volt. Lucintel forecasts that 48 Volt powered LSEV will remain the largest segment as it provides optimal power to price ratio. Lucintel predicts that 72 Volt powered LSEV is expected to witness the highest growth over the forecast period due to rising demand for high performance LSEVs.
Within the LSEV market, golf cart will remain the largest application and it is also expected to witness the highest growth over the forecast period due to rise in the popularity of golf sports and development of new golf courses across the globe.
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APAC will remain the largest region and it is also expected to witness the highest growth over the forecast period due to government initiatives to reduce carbon emission and increasing traffic congestion.
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Emerging trends, which have a direct impact on the dynamics of the industry, include development of low cost lithium ion batteries, adoption of 3D printing technology for LSEV manufacturing, and increasing use of LSEVs as personal transportation vehicles in countries like United States. BYVIN, Yogomo, Textron, Shandong Shifeng (Group), Polaris, Groupe Renault, LIGIER GROUP, Yujie Group, Terra Motors, Changzhou Yufeng Vehicle, Jiangsu Kingbon Vehicle, Jiangsu East Yonsland Vehicle, and ZHIDOU are the major LSEV manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities for LSEV market by application, by voltage and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities for LSEV Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for LSEV market by application, voltage and region as follows:
By Application [Volume (Thousand Units) and $M shipment analysis for 2013 – 2024]
- Golf cart
- Personal utility vehicles
- Low speed heavy duty vehicles
- Low speed off road vehicles
By Voltage [Volume (Thousand Units) and $M shipment analysis for 2013 – 2024]
- 24V
- 36V
- 48V
- 60V
- 72V
By Region [Volume (Thousand Units) and $M shipment analysis for 2013 – 2024]
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Russia
- France
- United Kingdom
- Italy
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- The Rest of the World
- Brazil
- Turkey
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This 184-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/low-speed-electric-vehicle-market.aspx or helpdesk@lucintel.com
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com
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