psalexa

Low Speed Electric Vehicle (LSEV) Market by Product (Two-wheeler [Scooter, Motorcycle, Bikes, Kick Scooter, Mono Wheel], Three-wheeler, Four-wheeler), by Voltage (24V, 36V, 48V, 60V, 72V), by Geography (China, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Philippines, Thailand) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2017–2025

  • Published: June 2018
  • Report Code: AT11485
  • Available Format: PDF
  • Pages: 258

The global low-speed electric vehicle (LSEV) market was valued at $35.2 billion in 2017, which is expected to reach $68.0 billion by 2025, growing at a CAGR of 8.7% during 2018–2025. The growth of the market is mainly driven by increasing government support toward the adoption of these vehicles, coupled with environmental concerns across the world.

APAC was the largest LSEV market, and held the highest share in 2017. China is the leading market for LSEVs in the region. The early introduction of LSEVs in the country and support from the government have made China the largest LSEV industry, both globally and in APAC.

Low Speed Electric Vehicle (LSEV) Market

Dynamics of LSEV Market

Shift from sealed lead acid (SLA) batteries to lithium-ion (Li-ion) batteries is a major trend witnessed in the LSEV market. Players in the industry are leaning toward the use of Li-ion batteries in LSEVs, overlooking the SLA batteries, which were being used in such types of vehicles until recently. As compared to Li-ion batteries, the SLA batteries have considerably lower initial cost and are still the preferred choice for consumers. But in the long run, the Li-ion batteries are better than SLA batteries. The Li-ion batteries are lighter in weight and smaller in size as compared to SLA batteries, making these the preferred choice for use in electric vehicles.

Key growth driver for the LSEV market is government support in the form of subsidies and grants, in addition to growing environmental concerns. Governments, especially in APAC, aim to completely electrify passenger vehicles in public transport system. In an effort toward this, they are providing support in the form of incentives to encourage the adoption of electric vehicles.

Low Speed Electric Vehicle (LSEV) Market

LSEV Market Segmentation Analysis

Based on product, the two-wheeler category held the largest share in the LSEV market in 2017 and the category witnessed the fastest growth during the historical period. This is majorly due to high use of these vehicles in personal transportation as well as in shared mobility services.

In terms of voltage, 48 V category held the largest revenue and volume share in the LSEV market in 2017, due to its popularity in electric scooters. Whereas, the fastest growth during the forecast period is expected from 72 V category, owing to increasing demand for high-speed microcars and electric scooters, as this is being preferred for these vehicles.

Global Scenario of LSEV Market

Globally, the APAC LSEV market, led by China, accounted for the largest revenue share in 2017. The size of the country, population, technological advancements, and government support in the form of subsidies and regulations have made China a big market for LSEVs in the region. China is also the largest exporter of LSEVs in APAC. Whereas, the fastest growth during the forecast period is expected from the Indian market in the region, owing to low penetration of LSEVs in the country.

Competitive Landscape of the LSEV Market

Some of the major players operating in the global LSEV market are Terra Motors Corporation, Zero Motorcycles Inc., Changzhou Yufeng Vehicle Co. Ltd., Jiangsu Kingbon Vehicle Co. Ltd., Hero Electric Vehicles Pvt. Ltd., Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd., and ZHIDOU Electric Vehicle Co. Ltd.

Recent Strategic Developments of Major LSEV Market Players

In recent years, major players in the LSEV market have taken several strategic measures, such as product launches, mergers and acquisitions, and facility expansions, to gain a competitive edge in the industry. For instance, in May 2018, Hero Electric Vehicles Pvt. Ltd. launched new Li-ion battery-based electric scooter, City Speed NXY e5, in Chandigarh, India. Further, in October 2017, Yadea Technology Group Co. Ltd. globally launched a new electric two-wheeler, Yadea Z3S, at the China National Convention Center in Beijing, China.

Key Questions Addressed/Answered in the Report

  • What is the current scenario of the global LSEV market?
  • What is the present size of the market segments and their future potential?
  • Who are the major original equipment manufacturers (OEMs) operating in different countries across regions?
  • What are the top selling models of the major OEMs and who are their components (motors and batteries) suppliers?
  • What are the major catalysts for the market and their impact during the short, medium, and long terms?
  • What are the market size and growth opportunities in Southeast Asian countries?
  • What are the evolving opportunities for players in the market?
  • Which are the key regions from the investment perspective?
  • What are the shares of key players in the market?
  • What are the key strategies being adopted by major players to expand their market shares?
Place An Order
USD 4900 USD 5900 USD 7500
Customized Report Solution

Get a bespoke market intelligence solution

 
We are committed to ensuring the highest level of client satisfaction
Quality Acknowledgement
Quality Acknowledgement

Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you

Unmatched Standards
Unmatched Standards

Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights

Reach Us
Reach Us Whenever You Need Us

With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required

Data Security
Complete Data Security

We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws