Opportunities for global LSEV market is expected to reach $11.7 billion by 2024

According to a new market report published by Lucintel, the future of global low speed electric vehicle market looks promising with opportunities in the electric golf carts, personal utility vehicles, light speed off road, and low speed heavy duty vehicles. The global LSEV market is expected to reach an estimated $11.7 billion by 2024 with a CAGR of 6.6% from 2019 to 2024. The major drivers for this market are stringent environmental regulations, improvement in electric vehicle R&D, advanced battery technology, and government subsidies.

Low speed electric vehicles are powered by rechargeable batteries with voltage range from 24 Volt to 72 Volt. Lucintel forecasts that 48 Volt powered LSEV will remain the largest segment as it provides optimal power to price ratio. Lucintel predicts that 72 Volt powered LSEV is expected to witness the highest growth over the forecast period due to rising demand for high performance LSEVs.

Within the LSEV market, golf cart will remain the largest application and it is also expected to witness the highest growth over the forecast period due to rise in the popularity of golf sports and development of new golf courses across the globe.

APAC will remain the largest region and it is also expected to witness the highest growth over the forecast period due to government initiatives to reduce carbon emission and increasing traffic congestion.

Emerging trends, which have a direct impact on the dynamics of the industry, include development of low cost lithium ion batteries, adoption of 3D printing technology for LSEV manufacturing, and increasing use of LSEVs as personal transportation vehicles in countries like United States. BYVIN, Yogomo, Textron, Shandong Shifeng (Group), Polaris, Groupe Renault, LIGIER GROUP, Yujie Group, Terra Motors, Changzhou Yufeng Vehicle, Jiangsu Kingbon Vehicle, Jiangsu East Yonsland Vehicle, and  ZHIDOU are the major LSEV manufacturers.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities for Global LSEV market by application, by voltage and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities for Global LSEV Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for global LSEV market by application, voltage and region as follows:

By Application [Volume (Thousand Units) and $M shipment analysis for 2013 – 2024]:

• Golf cart
• Personal utility vehicles
• Low speed heavy duty vehicles
• Low speed off road vehicles                        

By Voltage [Volume (Thousand Units) and $M shipment analysis for 2013 – 2024]:

• 24V
• 36V
• 48V
• 60V
• 72V

                  

By Region [Volume (Thousand Units) and $M shipment analysis for 2013 – 2024]:

• North America
• US
• Canada
• Mexico

• Europe
• Germany
• Russia
• France
• United Kingdom
• Italy

• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia

• The Rest of the World
• Brazil
• Turkey

This 225-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at helpdesk@lucintel.com. Lucintel offerings include Mass Transportation, Transportation Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Analysis.

About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

This report answers the following 11 key questions:

Q.1.     What are some of the most promising, high-growth opportunities for global LSEV market by application (Golf cart, personal utility vehicles, low speed off road vehicle, low speed heavy duty vehicle) by voltage (24V, 36V, 48V, 60V and 72V) and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2.     Which segments will grow at a faster pace and why?

Q.3.     Which region will grow at a faster pace and why?

Q.4.     What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?

Q.5.     What are the business risks and competitive threats in this market?

Q.6.     What are the emerging trends in this market and the reasons behind them?

Q.7.     What are some of the changing demands of customers in the market?

Q.8.     What are the new developments in the market? Which companies are leading these developments?

Q.9.     Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?

Q.10.   What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?

Q.11.   What M&A activity has occurred in the last 5 years and what has its impact been on the industry?