Low Speed Electric Vehicle Market is anticipated to grow at a CAGR of 5.1% during 2021-2027

The global low speed electric vehicle market is projected to reach $13.1 billion by 2027, at a CAGR of 5.1% during 2021-2027. The growth of low speed electric vehicle market is driven by stringent environmental regulations, improvement in electric vehicle R&D, advanced battery technology, and government subsidies.

Some of the Key Questions answered in this exclusive report are:

Q.1 What are some of the most promising, high-growth opportunities for the low speed electric vehicle 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 What are the business risks and threats to the low speed electric vehicle market?

Q.4 What are some changing demands of customers in the low speed electric vehicle market?

Q.5 What are the new developments in the low speed electric vehicle market? Which companies are leading these developments?

Q.6 What strategic initiatives are being implemented by key players for business growth?

Q.7 What are some of the competitive products and processes in this low speed electric vehicle area and how big of a threat do they pose for loss of market share via product substitution?

Q.8 What M&A activity has occurred in the last 5 years in this low speed electric vehicle market?

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.

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Market Segmentation:

Based on voltage, the low speed electric vehicle market is segmented into 24V, 36V, 48V, 60V and 72V. The 48 Volt powered LSEV segment accounted for the largest share of the market in 2021 and is expected to register the highest CAGR during the forecast period, due to rising demand for high performance LSEVs.

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.

Key Players in the low speed electric vehicle market are BYVIN, Yogomo, Textron, Shandong Shifeng, Polaris, Groupe Renault, LIGIER GROUP, Yujie Group, Terra Motors, Changzhou Yufeng Vehicle, Jiangsu Kingbon Vehicle, Jiangsu East Yonsland Vehicle, and ZHIDOU.

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The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.

To read more about this market please click on https://www.lucintel.com/low-speed-electric-vehicle-market.aspx.

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.

Brandon Fitzgerald
Lucintel
Dallas, Texas, USA
Email: brandon.fitzgerald@lucintel.com
Tel. 972.636.5056
Cell: 303.775.0751

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