The Low-speed Electric Vehicle (LSEV) Market is expected to grow from USD 4,496.9 million in 2020 to USD 8,619.4 million by 2026 at a CAGR of 18.6% from 2020 to 2026.
Low speed electric vehicles are light weight vehicles driven by the electric motors for momentum which are fuel efficient and silent. These vehicles are designed, to overcome the rising prices of fossil fuels, to minimize pollution and its impact on nature. The low speed electric vehicles earlier were introduced to meet the requirements of short distance transportation such as golf carts and neighborhood electric vehicles (NEV). The low speed electric vehicles range from small two wheel vehicle to a heavy duty electric truck. The vehicles are typically built to have a speed range amidst 20mph (32km/h) to 25mph (40km/h) since these vehicles don't have to follow the stringent safety road vehicle acts. Increasing oil prices and rising air pollution in developed regions are some of the primary factors which are boosting the trend for low speed electric vehicles. The electric low speed vehicle manufacturers such as Speedway Electric, Hitachi Automotive, Textron Inc., and other such companies are majorly emphasizing on launching innovative products at lower prices and are emphasized on extending their distribution network across the world. The surging demands for fuel efficient and low maintenance LSV’s is generating a huge burden on the low speed vehicles manufacturers to improve the technology of low speed vehicles. Key players have also launched solar powered low speed vehicles which have minimum maintenance costs and additional benefits compared to gasoline vehicles. The market is also rising on the back of technological advancements in these vehicles. It has been observed that the population all over the world is inclining towards economic transportation vehicles owing to the cost saving attributes. In addition, the stringent government norms to minimize harmful tailpipe emissions is projected to further surge the demand for low speed electric vehicles in the near future. These low speed electric vehicles can be used for various purposes, such as utility purposes, as heavy-duty vehicles and for off-road. This is anticipated to propel the growth of the low speed electric vehicles market in coming years. However, the factors such as dearth of government regulation on manufacturing of low speed electric vehicles will limit the market growth.
Moreover, a low speed electric passenger car operates on two sources of energy: an internal combustion engine and an electric battery and motor or generator. It is a traditional internal combustion engine (ICE) vehicle with a large starter motor which can also be used as a generator, commonly known as integrated starter-generator (ISG) or a belted alternator starter (BAS), and a large size battery which powers the vehicle, which is recharged by the motor. Utilizing gasoline diesel injection in vehicles can further reduce the emissions of hybrid vehicles, making it a zero-emission vehicle. Incorporation of GDI systems in hybrid vehicles creates several opportunities for leading players in the future.
The global Low-speed Electric Vehicle (LSEV) Market is segregated on the basis of Vehicle Type as Passenger vehicle, Heavy duty vehicle, Utility vehicle and Off-road vehicle. Based on End User the global Low-speed Electric Vehicle (LSEV) Market is segmented in Golf Courses, Tourist Destinations, Hotels & Resorts, Airports and Residential & Commercial Premises.
The global Low-speed Electric Vehicle (LSEV) Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Low-speed Electric Vehicle (LSEV) Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
HDK Electric Vehicles, Ligier Group, Yamaha Motors Co. Ltd., Speedway Electric, Evergreen Electric Vehicles and others are among the major players in the global Low-speed Electric Vehicle (LSEV) Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Low-speed Electric Vehicle (LSEV) Market has been segmented as below:
Low-speed Electric Vehicle (LSEV) Market, By Vehicle Type
Low-speed Electric Vehicle (LSEV) Market, By End User
Low-speed Electric Vehicle (LSEV) Market, By Region
Low-speed Electric Vehicle (LSEV) Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Low-speed Electric Vehicle (LSEV) Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Low-speed Electric Vehicle (LSEV) Market share. Major industry players with significant revenue share include HDK Electric Vehicles, Ligier Group, Yamaha Motors Co. Ltd., Speedway Electric, Evergreen Electric Vehicles, Bajaj Auto Ltd. and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Low-speed Electric Vehicle (LSEV) Market, By Vehicle Type
5.1. Key Points
5.2. Passenger vehicle
5.3. Heavy duty vehicle
5.4. Utility vehicle
5.5. Off-road vehicle
6. Low-speed Electric Vehicle (LSEV) Market, By End User
6.1. Key Points
6.2. Golf Courses
6.3. Tourist Destinations
6.4. Hotels & Resorts
6.5. Airports
6.6. Residential & Commercial Premises
7. Competitive Landscape
7.1. Introduction
7.2. Start-up companies- Low-speed Electric Vehicle (LSEV) Market
7.3. Recent Developments
7.3.1. Mergers & Acquisitions
7.3.2. New Product Developments
7.3.3. Portfolio/Production Capacity Expansions
7.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
7.3.5. Others
8. Company Profile
8.1. HDK Electric Vehicles
8.2. Ligier Group
8.3. Yamaha Motors Co. Ltd.
8.4. Speedway Electric
8.5. Evergreen Electric Vehicles
8.6. Bajaj Auto Ltd.
8.7. Aixam-Mega
8.8. Renault SA
8.9. Textron Inc.
8.10. Polaris Industries
8.11. CitEcar Electric Vehicles
8.12. AGT Electric Cars
8.13. Bintelli Electric Vehicles
8.14. Bradshaw Electric Vehicles
8.15. Ingersoll-Rand plc
8.16. Xiamen Dalle Electric Car Co., Ltd
8.17. Yujie Group
8.18. Byvin
8.19. Toro Company
8.20. Garia A/S
8.21. ZHIDOU Electric Vehicle Co. Ltd.
8.22. Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd.
Low-speed Electric Vehicle (LSEV) Market, By Vehicle Type
Low-speed Electric Vehicle (LSEV) Market, By End User
Low-speed Electric Vehicle (LSEV) Market, By Company