Low Speed Electric Vehicle Market Opportunities Explored
by Rahul Gautam ManagerGlobal Low Speed Electric Vehicle Market is projected to reach
$68 billion by 2025.The growth of the market is majorly driven by rising
environmental awareness and increasing government support.
Based
on product, the LSEV market is categorized into two-wheelers, three-wheelers,
and four-wheelers. Two-wheeler is the most preferred category due to the popularity
of electric bicycles and electric scooters, and their comparatively high use in
personal transport than other electric vehicles. In addition, the fastest
growth during the forecast period is expected from the two-wheeler category.
By
type of two-wheeler, the LSEV market is categorised into electric scooter,
motorcycle, bikes, kick scooter, and mono wheel. Among these, electric bikes
held the highest revenue share in the market, valuing over 50% in 2017. Electric
scooters can reach top-speeds of 25-50km/hr, and are comfortable for long
distance commuting.
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Asia-Pacific is the largest LSEV market
Globally, Asia-Pacific is the largest market for low speed
electric vehicles, followed by North America and Europe. The Asia-Pacific
market is led by China, which accounted for the largest share in terms of
revenue in 2017, valued at more than 90%. The size of the country, population,
technological advancements, and government support in the form of subsidies and
regulations have made the country a big LSEV market in the region. China is
also the largest exporter of these electric vehicles in the world. However, the
fastest growth during the forecast period is expected from India, due to low
penetration of LSEVs in the country.
E-bikes is the largest product category in Europe
Europe is the second largest LSEV market in the world. E-bikes
account for a majority of electric vehicles sold in the region. The e-bike
market in Europe has seen a significant growth during the last few years;
Germany, France, and Italy are the largest e-bike markets in the region.
Some of the major players operating in the LSEV industry 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., ZHIDOU Electric.
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Created on Jun 20th 2019 04:03. Viewed 372 times.