Low-Speed Electric Vehicle (LSEV) is powered by an electric motor which gains its power through a collector system. The power is normally obtained from the electricity from off-vehicle sources or self-started with solar panels, battery or a power generator.
The global low-speed electric vehicle market was USD 2.87 billion in 2018 and is estimated to reach USD 6.46 billion in 2025 at a CAGR of 12.27% during the forecast period
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Growth by Region
Asia-Pacific region leads the market with more than 60% of the market share owing to the early introduction of LSEVs in countries such as China and Japan paired with support from the government in the region. North America and Europe, on the other hand, are also important markets, though the demand for LSEV types of vehicles is small due to the low preference for scooters and motorcycles in these regions
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Drivers vs Constraints
The global low speed electric vehicle market is mainly driven by rising government incentives in the form of subsidies and grants along with growing environmental concerns caused by conventional passenger carriers used for transportation purposes. Also, increasing adoption of 3D printing technology for vehicle customization and faster rollout of products are also anticipated to propel the growth. However, factors like long charging time of electric three-wheelers, inadequate number of charging stations are restraining the market.
Industry Trends and Updates
Bird Ride Inc., a US-based startup firm had raised USD 100 million funding for shared electric scooter services with plans to expand their company to almost 50 new cities in the US. This new round of funding would likely tackle the growth strategy by the time it rolls out its electric scooters in most of the cities of US.
Yogomo, a Chinese-based electric car manufacturer had slowed down the investment in LSEV since almost 150k unit/a LSEV projects especially in Wuxi and Baoya’s 500k unit/a NEV base in Xiangyang mainly do not realize the operation as planned