Global Electric Low Speed Vehicles (LSV) Market Outlook —
Low speed vehicles are light weight vehicles powered by the electric motors for momentum which are fuel efficient and quiet. These vehicles are introduced, to overcome the increasing prices of fossil fuels, to reduce pollution and its impact on nature. The LSV's in beginning were introduced to meet the needs of short distance transportation like golf carts and neighborhood electric vehicles (NEV). The LSV's can range from small two wheeled vehicle to a heavy duty electric truck. The vehicles are usually built to have a speed ranging between 20mph (32km/h) to 25mph (40km/h) as these vehicles don't have to follow the strict safety road vehicle acts. These vehicles are designed to drive in safe and low speed environment. Big market players Nikola and Global electric motor (GEM) already introduced the solar cars which run on completely renewable source of energy.
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Continuous pressure from the global leaders on both developed and developing countries to reduce emission of green house gases is also significantly pushing the LSV market growth. Deployment of Electric vehicles on roads is one of the initiatives taking by the various governments globally coupled with the aim to reduce the conventional fossil fuel consuming vehicles fleet. Rio summit, Earth summit and Kyoto protocol for instance, are some major initiative taken by global leaders to reduce the carbon footprint and to deploy more electric vehicles. However, lack of strong policies and awareness among people in developing countries is expected to hinder the electric LSV market growth.
Key Market Players
o Business Strategy
o Product Portfolio
o SWOT Analysis
• Global Electric Motors (GEM)
• Zenn Motors
• Hitachi Chemicals
• Ingersoll Rand
• Yamaha motors
• Star EV
• Dongfeng Electric Vehicles Co. Ltd.
• Bradshaw Electric Vehicles
The global electric low speed vehicle market accounted for USD 2.3 billion in 2015 and expected to reach USD 7.4 billion by the end of forecast period i.e. 2024. Further the market is anticipated to expand at compound annual growth rate of 15.7% over the forecast period.
Geographically, North America region accounted for the largest revenue share in global electric LSVs market and shares more than 28% of total revenue in global electric LSVs market. North America electrical LSV’’s market is expected to reach USD 2.07 billion by 2024. The growth of electric LSVs is majorly driven by the flourishing golf industry and awareness among people regarding environment-friendly technologies. North America region is closely collectively followed by the Asia Pacific and Europe. Collectively, these regions hold revenue share of more than 40% in global electric LSVs market.
Market Dynamics: Growth Drivers, Restraints and Opportunities
• Risk Factors
• Regional Variations
• Recent Trends and Developments
Key Market Players
• Business Strategy
• Product Portfolio
• SWOT Analysis
Porter’s Five Force Model
Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
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