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The Low Speed Electric Vehicle (LSEV) Market Size is forecast to increase by 10,540.84 thousand units, at a CAGR of 26.89% between 2022 and 2027. The growth of the market depends on several factors, including the adoption of 3D printing technology for vehicle customization and faster LSEVs roll-out, the growing awareness of LSEVs as a low-cost and eco-friendly transportation option, and the relaxation in legal age limit and driver licensing for LSEVs. The report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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This report extensively covers market segmentation by application (golf courses, tourist destination, hotel and resort, airport, and residential and commercial premises), product (passenger vehicle and utility vehicle), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
The market share growth by the golf courses segment will be significant during the forecast period. The market for LSEVs on golf courses is being driven in part by rising environmental awareness and concern. Many golf courses aim to minimize their environmental impact and reduce their carbon footprint because they are frequently situated in environmentally sensitive areas. LSEVs are a more environmentally friendly option for use on golf courses because they have no emissions and are much quieter than gas-powered carts. Rising fuel prices are also driving the market for LSEVs on golf courses. Moreover, LSEVs have much lower operating costs because they only need electricity to operate. Over time, this could result in significant cost savings for golf courses. Technology advancements are also fueling the LSEV market on golf courses during the forecast period.
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The golf courses segment was valued at 635.21 thousand units in 2017 and continue to grow by 2021. The market for LSEVs on golf courses is expected to grow significantly over the course of the forecast period due to a variety of factors, including environmental concerns, cost savings, and technological advancements. In the future, it is likely that more golf course operators will switch to LSEVs as these vehicles become more common on golf courses. These factors are expected to augment the demand for golf courses, which will drive the growth of the low speed EV market during the forecast period.
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APAC is estimated to contribute 84% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is the most dominant contributor to the global LSEV market owing to the growing adoption of LSEVs in China. China has been the world's leading adopter of LSEVs since 2016 when the Chinese government granted legal status to LSEVs. The governing bodies across various countries in APAC are following suit by focusing on legalizing motorized quadricycle vehicles. Moreover, in India, the Automotive Research Association and the Government of India are defining a distinct set of emission test limits, crash-test, and other norms for motorized quadricycles. As the Indian government is also focused on pushing the adoption of EVs, LSEVs will be an ideal option for the government to drive the transition from ICE-based vehicles to EVs. Also, low car ownership in India is also a crucial driver for the adoption of EVs. Thus, the nation offers tremendous opportunities for making the electrification leap with fewer challenges and cost factors faced by nations with high car ownership, which is expected to be a major growth driver for the low vehicle market in the country during the forecast period.
The Market is gaining traction amidst stringent pollution norms and the rising demand for fuel-efficient transportation solutions. LSEVs boast low emissions, leveraging innovative battery technologies like molten salt, zinc-air, and nickel-based designs, including lithium-ion batteries. These advancements align with the global push towards reducing vehicle emissions and mitigating pollution, gradually phasing out conventional ICE engines notorious for emitting carbon dioxide and greenhouse gases. Electric motors power LSEVs, eliminating the need for crude oil and reducing dependence on combustion engines. Automation plays a vital role in LSEV manufacturing, ensuring cost savings, quality control, and proactive maintenance scheduling to prevent impending failures. Real-time visibility facilitated by microcontrollers enables efficient management of LSEV fleets, minimizing unplanned downtime and optimizing operations within shipping containers equipped with necessary tools for maintenance and repairs. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The Market is experiencing significant growth, driven by the adoption of innovative technologies like 3D printing for customization and faster roll-out. LSEVs offer a safer and more economical alternative, with reduced operating costs due to their smaller size and efficient motors. China leads global LSEV adoption, fueled by the demand for customized models, prompting manufacturers to embrace advanced solutions like 3D printing. Honda Motor showcased its Micro Commuter electric car crafted using 3D printing, highlighting the potential for technological innovation. Companies like XEV in China are leveraging 3D printing to produce LSEVs efficiently. This trend underscores the market's evolution towards sustainability, with a focus on low emissions and cost-effective transportation solutions.
Another key factor driving the global LSEV market growth is the development of foldable LSEVs. One of the several developments aimed at solving this mass-transit issue is the launch of foldable LSEVs, which are gaining traction in developed economies. The foldable EV concept was shaped in a 2003 design workshop hosted by the Media Lab. However, Hiriko Driving Mobility Consortium launched a prototype — Hiriko Fold — in 2012, which went into production in 2013. Hiriko Fold has a maximum speed of 50 kph/31 mph with a mile range of 120km/ 75 miles. The fold-up body shrinks the 2.5m car to 1.5m and allows for comfortable parking in a standard parking space on the streets.
Furthermore, in 2018, the Tel Aviv municipality announced that they will launch a pilot program in 2019 with 50 vehicles being tested on the streets. Other developed countries such as Germany and the US are leading the adoption of foldable LSEVs through car-sharing schemes. We expect this development to be crucial for the growing adoption of the LSEVs worldwide, particularly in emerging economies that are facing a parking space crunch in urban areas.
One of the key challenges to the global LSEV market growth is the lack of safety quotient in LSEVs. Many countries do not have prescribed safety standards for these vehicles that make it easy for vehicle manufacturers to build these vehicles and offer them for sale without having to adhere to stringent safety regulations. The European New Car Assessment Programme (Euro NCAP) crash-tested popular motorized quadricycle models in Europe in 2014 and 2016 and reported that these vehicles offered minimal occupant protection in frontal and side crash tests.
Moreover, in dominant markets like China, small manufacturers are building LSEVs to circumvent the legal vehicle registration process. However, these vehicles do not offer the same level of protection as compared to regular four-wheelers. Such factors are expected to hamper the demand for these vehicles, thereby limiting the growth of the market in focus during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acg Cars - The company offers electric vehicles such as T sport. Also, the company offers different types of vehicles such as low speed vehicles, neighborhood electric vehicles, and others.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The low-speed electric vehicle market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The Market is witnessing significant growth, driven by increasing concerns over pollution norms and the demand for fuel-efficient vehicles with low emissions. LSEVs, powered by batteries such as lithium-ion, zinc-air, and nickel-based designs, offer zero emissions, marking a paradigm shift from traditional ICE engines. These vehicles leverage electric motors for propulsion, reducing reliance on crude oil and mitigating greenhouse gases. Urbanization trends and government subsidies further accelerate their adoption, aligning with sustainability goals. The market also emphasizes efficiency improvements through data collection, sensors, and cloud-based platforms, ensuring optimal performance and proactive maintenance scheduling. LSEVs contribute to smart cities' initiatives, integrating with environmental monitoring systems and promoting environmental risk minimization.
The market is witnessing significant growth driven by factors such as rising concerns over vehicle emissions and the quest for alternative fuels like lithium-ion batteries. As combustion engine vehicles face scrutiny due to carbon dioxide emissions and the fluctuating price of fuel, LSEVs present a sustainable alternative. Moreover, with a focus on battery recycling and reducing dependence on gasoline and diesel, LSEVs align with efforts toward environmental conservation. Enhanced electrical and electronic components, along with innovations in tires, cables, and lubricants, optimize vehicle performance and equipment health. Automation and real-time visibility ensure quality control, prevent anomalies, and mitigate unplanned downtime. In hazardous environments like oil refineries and chemical plants, LSEVs equipped with advanced safety features provide worker health protection, monitoring temperature, pressure, and gas levels to prevent accidents. Additionally, leveraging data-driven decisions and wearable devices enhances workplace safety and productivity, facilitating fleet management and personalized healthcare services.
Low Speed Electric Vehicle (LSEV) Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 26.89% |
Market growth 2023-2027 |
10,540.84 thousand units |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
23.45 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 84% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ACG Inc., AGT Electric Cars, Automobiles Chatenet, Citytransformer Ltd., Hebei Yudea New Energy Technology Group Co. Ltd., Honda Motor Co. Ltd., ICON Electric Vehicles, Jiangsu Jinpeng Group Co., Ltd., Kandi Technologies Group Inc., LIGIER GROUP, Moto Electric Vehicles, Polaris Inc., Renault SAS, Shandong Shifeng Group Co. Ltd., Tata Motors Ltd., Tazzari Group, Toyota Motor Corp., Tropos Technologies Inc., XEV Ltd., and Xinxiang Hezon Xinhui Vehicle Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our market research report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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