What is Low-Speed Electric Vehicle (LSEV) Market?
Low speed electric vehicle is categorised as Non-motorised vehicles (NMV). Its speed ranges from 20kmph to 40kmph along. However, speed regulations are vary as per Federals and States. The motor of low speed EV require continuous energy supply from batteries to operate. The demand for EV is continue to rise owing to growing environmental concerns. The wide adoption of low speed EV at hotels, restaurants and playgrounds places propelling market growth. Geographically, North America region is expected to grow with the highest market share over the forecast period followed By Asia Pacific and Europe. Presence of leading market players creating industrial hub for Low speed electric vehicle across the North American region which is further impacting on industrial profitability in better manner.
The market study is being classified by Type (Passenger Vehicle, Off-Road Vehicle, Utility Vehicle and Heavy Duty Vehicle), by Application (Tourist Places, Hotels & Resorts, Airports, Commercial Premises, Playgrounds and Others) and major geographies with country level break-up.
Ingersoll Rand, Inc. (United States), HDK Electric Vehicles (United States), Shifeng Group (China), Bradshaw Electric Vehicles (United Kingdom), ZhiDou Electric Vehicles (China), Textron Inc. (United States), Terra Motors (Japan), Polaris Industries (United States), Yamaha Motors Co. Ltd. (Japan), Lichi New Energy Technology (China), Speedway Electric (India), AGT Electric Cars (Canada), Bintelli Electric Vehicles (United States), Ligier Group (France) and Dezhou Fulu Vehicle Industry Co., Ltd. (China) are some of the key players profiled in the study.
Market players are focusing on providing Low-speed Electric Vehicle (LSEV) with smart mechanisms to fascinate more customer. They are also focusing on the introduction of numerous advanced & attractive features with better offering to reach a newer consumer base. The market is fragmented owing to the presence of several international and local suppliers. The high focus on the offering cost effective installation services and technological advancements has led to vital production across country. Besides, the industry profitability has led the entry of new players, in turn, increasing the level of rivalry in the already competitive market.
Analyst at AMA have segmented the market study of Global Low-Speed Electric Vehicle (LSEV) market by Type, Application and Region.
On the basis of geography, the market of Low-Speed Electric Vehicle (LSEV) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Demand for Electric Vehicle over Fuel Consuming Vehicle
- Increasing Need for Safer and Efficient Automotive Vehicles with the Higher Environmental Concerns
- Enhancing approach for Low Speed EV at Storage Warehouses
- High Cost over Commercial Vehicle
- Longer Recharge Time Requirement
- Demand For Zero-Emission Vehicles has increased in the Personal and Public Transportation has Created Growth Opportunity
- Increasing OEM Service Provider for EV Charging Infrastructure
- Growing demand at Hotels & Restaurants for Low Speed EVs
- Lack of Standardised Charging infrastructure
- Least Awareness regarding Electric Vehicle in Middle East and Africa
Key Target AudienceLow-speed Electric Vehicle (LSEV) Manufacturers, Low-speed Electric Vehicle (LSEV) Providers, Raw Material Suppliers, New Entrants/Investors, Strategic Business Planners, Governments and End Use Industry
Frequently Asked Questions (FAQ):
1. Which factors would majorly drive the Low-Speed Electric Vehicle (LSEV) Market?
"Rising Demand for Electric Vehicle over Fuel Consuming Vehicle
" is seen as one of major growth factors of Low-Speed Electric Vehicle (LSEV) Market in years to come.
2. Can we have customized study for Low-Speed Electric Vehicle (LSEV) Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. Which region will lead the Global Low-Speed Electric Vehicle (LSEV) Market?
will lead Low-Speed Electric Vehicle (LSEV) Market in coming years.