About Low-Speed Electric Vehicle (LSEV)
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.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
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. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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 that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Low-Speed Electric Vehicle (LSEV) market by Type (Passenger Vehicle, Off-Road Vehicle, Utility Vehicle and Heavy Duty Vehicle), Application (Tourist Places, Hotels & Resorts, Airports, Commercial Premises, Playgrounds and Others) 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).
If we see Market by , the sub-segment i.e. will boost the Low-Speed Electric Vehicle (LSEV) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
Enhancing approach for Low Speed EV at Storage Warehouses
Market Growth Drivers:
Rising Demand for Electric Vehicle over Fuel Consuming Vehicle and Increasing Need for Safer and Efficient Automotive Vehicles with the Higher Environmental Concerns
Challenges:
Lack of Standardised Charging infrastructure and Least Awareness regarding Electric Vehicle in Middle East and Africa
Restraints:
High Cost over Commercial Vehicle and Longer Recharge Time Requirement
Opportunities:
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 and Growing demand at Hotels & Restaurants for Low Speed EVs
Market Leaders and their expansionary development strategies
In April 2022, Club Car announced the signing of a definitive agreement to acquire Garia A/S, a Denmark-based manufacturer of electric low-speed vehicles for the utility, consumer and golf markets, from Lars Larsen Group. Financial terms were not disclosed. The transaction is expected to close in the second quarter.
In December 2023, Speedways Electric, an innovative leader in the electric vehicle (EV) sector, introduced the Emigo UT4, a groundbreaking Low-Speed Electric Vehicle (LSEV) that sets a new standard in performance, design, and sustainability. This cutting-edge EV promises an unmatched driving experience and reflects Speedways Electric’s commitment to originality and delivering unique products to the market, further reinforced by securing a patent for its design.
Key Target Audience
Low-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
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.