Global LSEV market is projected to reach $68 billion by 2025
LONDON, Nov. 13, 2018 /PRNewswire/ -- Asia-Pacific (APAC ) Low-Speed Electric Vehicle (LSEV) Market by Product (Two-Wheeler [Scooter, Motorcycle, Bike, Kick Scooter, Mono Wheel], Three-Wheeler, Four-Wheeler), By Voltage (24 V, 36 V, 48 V, 60 V, 72 V), By Country (China, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Philippines, Thailand) - Market Size, Share, Development, Growth, and Demand Forecast, 2017-2025
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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.
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.
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.
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.
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.
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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