Electric Low Speed Vehicles (LSV) Market is expected to reach $7.5 Billion Growing at a CAGR of 15.7% by Planet Market Reports
Global Electric Low Speed Vehicles LSV Market Outlook
The Global Electric Low Speed Vehicle Market accounted for USD 2.3 billion in 2015 and expected to reach USD 7.4 billion by the end of forecast period i.e. 2024. Further the market is anticipated to expand at compound annual growth rate of 15.7% over the forecast period.
Market Overview
Low speed vehicles are light weight vehicles powered by the electric motors for momentum which are fuel efficient and quiet. These vehicles are introduced, to overcome the increasing prices of fossil fuels, to reduce pollution and its impact on nature. The LSV s in beginning were introduced to meet the needs of short distance transportation like golf carts and neighborhood electric vehicles NEV . The LSV s can range from small two wheeled vehicle to a heavy duty electric truck.
The vehicles are usually built to have a speed ranging between 20mph 32km/h to 25mph 40km/h as these vehicles don t have to follow the strict safety road vehicle acts. These vehicles are designed to drive in safe and low speed environment. Big market players Nikola and Global electric motor GEM already introduced the solar cars which run on completely renewable source of energy.
Continuous pressure from the global leaders on both developed and developing countries to reduce emission of greenhouse gases is also significantly pushing the LSV market growth. Deployment of Electric vehicles on roads is one of the initiatives taking by the various governments globally coupled with the aim to reduce the conventional fossil fuel consuming vehicles fleet. Rio summit, Earth summit and Kyoto protocol for instance, are some major initiative taken by global leaders to reduce the carbon footprint and to deploy more electric vehicles. However, lack of strong policies and awareness among people in developing countries is expected to hinder the electric LSV market growth.
Report: https://www.planetmarketreports.com/reports/global-electric-low-speed-vehicles-lsv-market-1198
Market Segmentation
By Vehicle Type
By End Users
By Geography
Growth Drivers and Challenges
Growing demand for non-polluting and low speed electric vehicles in hotels, airports, public transportation and golf courses is one of the key factors driving the growth of global electric LSV market. Globally there are more than 34,000 golf courses excluding the number of under construction project. APAC and North America accounted for more than 200 ongoing projects of golf courses which will significantly result in high demand for new electric golf carts.
Rising awareness among people in developed countries towards greenhouse gas mitigation and its harmful effects on environment and health expected to impel the growth of low speed vehicles market. Zero emission from LSV and their low maintenance also attracting the new consumer base in developed countries.
Government initiatives in countries such as China, Brazil and India for the deployment of electric LSV in public transport also expected to drive the market growth. Huge investments over research, development and deployments RD&D and mass production by major players are the major factors leading to battery decline cost and rise in energy density of batteries. Continuous developments to improve technologies will narrow down the competitiveness gap between electric LSVs and conventional internal combustion engines ICEs.
Low speed vehicle manufacturers facing many challenges owing to consumer perception of the practicality, functionality and advantages of electric LSVs largely mixed with the areas as cost, travel range, convenience and charging infrastructure. To get succeed in current scenario, OEMs need to implement new strategies to realize the full potential of evolving E-Mobility market.
Market Size and Forecast
Electric Low Speed Vehicle Market accounted for USD 2.3 billion in 2015 and expected to reach USD 7.4 billion by the end of forecast period i.e. 2024. Further the market is anticipated to expand at compound annual growth rate of 15.7% over the forecast period.
Geographically, North America region accounted for the largest revenue share in global electric LSVs market and shares more than 28% of total revenue in global electric LSVs market. North America electrical LSV’’s market is expected to reach USD 2.07 billion by 2024. The growth of electric LSVs is majorly driven by the flourishing golf industry and awareness among people regarding environment-friendly technologies. North America region is closely collectively followed by the Asia Pacific and Europe. Collectively, these regions hold revenue share of more than 40% in global electric LSVs market.
Report: https://www.planetmarketreports.com/report-sample/global-electric-low-speed-vehicles-lsv-market-1198
Key Market Players
Market Synopsis
Market Segmentation
Global electric low speed vehicles LSV market is segmented as follows:
Market Dynamics: Growth Drivers, Restraints and Opportunities
Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks
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