Global Low Speed Electric Vehicle (24V, 36V, 48V, 60V, and 72V) Market 2017-2025
DUBLIN, Aug 8, 2018 /PRNewswire/ --
The "Low Speed Electric Vehicle Market by Product, by Voltage, by Geography - Global Market Size, Share, Development, Growth, and Demand Forecast, 2017 - 2025" report has been added to ResearchAndMarkets.com's offering.
Global LSEV 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.
Insights into market segments
On the basis of voltage, the global LSEV market has been categorised into 24V, 36V, 48V, 60V, and 72V. Of these, 48V is the most preferred voltage category due to its preference in electric scooters as it provides an optimal power to price ratio. However, the fastest growth during the forecast period is expected from the 72V category, due to the rising demand for high-speed LSEVs which use this voltage level.
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. These characteristics of electric scooters, coupled with their lower price when compared to electric motorcycles, would continue to drive their market growth during the forecast period.
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.
Several European Union member countries such as France, have set up subsidy schemes for the purchase of e-bikes, benefiting the sales of this electric vehicle category. Technological developments in batteries, lower costs, and change in social perception is resulting in increased sales of e-bikes in the region. The sales of other LSEVs such as electric scooter and electric motorcycle is less in the European LSEV market.
Electric Motorcycles is expected to witness the fastest growth in North America
E-bikes account for the majority of electric vehicle sales in the North American LSEV market. The markets for kick scooters and mono wheels are at a nascent stage in the region. However, these categories are increasingly being seen as convenient modes of transportation for short trips. In 2018, Bird Rides Inc, a U.S. based start-up firm, raised $100 million funding for shared electric scooter services. The company plans to expand to 50 new cities in the U.S. by the end of 2018.
The LSEV market for electric scooters and motorcycles in the region is relatively small due to their high price compared to the conventional scooters. Electric motorcycle is expected to be the fastest growing category in North America during the forecast period, due to increasing demand for powerful electric motorcycles in the region.
Market Dynamics
Two-Wheelers
Trends
- Shift from sealed lead acid (SLA) batteries to lithium ion (Li-ion) batteries
Drivers
- Increasing Urbanization
- Affordability of the electric two-wheelers
- Impact Analysis of Drivers on Market Forecast
Restraints
- Lack of proper charging infrastructure
- Inadequate government support
- Impact Analysis of Restraints on Market Forecast
Opportunities
- Battery improvement
Three-Wheelers
Trends
- Increasing penetration of electric three-wheelers in APAC
Drivers
- Government incentives and environmental concerns
- Investment toward development and expansion
- Impact Analysis of Drivers on Market Forecast
Restraints
- Long charging time
- Impact Analysis of Restraints on Market Forecast
Opportunities
- Improved range and charging time
Four-Wheelers (Micro-Electric Cars)
Trends
- Advancements in battery technology
- Use as a delivery vehicle
Drivers
- Urbanization and need for micro mobility
- Support by the government and local authorities
- Impact analysis of drivers on market forecast
Restraints
- Lack of infrastructure
- High cost
- Impact analysis of restraints on market forecast
Opportunities
- High demand from emerging economies
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
Chapter 5. OEM Analysis
Chapter 6. Global Market Size and Forecast
Chapter 7. APAC Market Size and Forecast
Chapter 8. Europe Market Size and Forecast
Chapter 9. North America Market Size and Forecast
Chapter 10. Competitive Landscape
Chapter 11. Company Profiles
- 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 Vehicle Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/research/pzgt9m/global_low_speed?w=5
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article