According to Goldstein Research, “Rising need to curb air pollution and growing demand for fuel efficient vehicles are the major factors driving the growth of electric low speed vehicles market." According to World Health Organization (WHO) estimate more than 8.2 million deaths are directly associated to airborne pollution. Unfortunately, the death toll is still rising, which is pushing the global leaders to introduce stringent vehicle emission norms and hence, driving the electric low speed vehicles market all across the globe. The global electric low speed vehicles (LSV) market is accounted for roughly USD 2.3 billion in 2016 and expected to expand at compound annual growth rate of 15.7% over the forecast period i.e. 2016-2024. Further, the market is anticipated to surpass USD 7.4 billion by the end of 2024. The market is expected to grow significantly over the forecast period owing to rising awareness among consumers and growing demands in hotels and golf courses. The global electric low speed vehicles (LSV) market segmentation has been carried out on the basis of products and by distribution channel. Product segment is further bifurcated into neighborhood electric vehicles (NEV), electric golf carts, electric personal utility vehicles, off road electric vehicles and commercial electric vehicles. Golf carts accounts for largest share in global electric LSV market with more than 43% share. Rising number of golf courses and number of airports will boost the growth of golf carts market in coming years. Asia Pacific electric low speed vehicles market has witnessed strong growth in past few years. China is the dominating region in terms for electric LSVs production in the region. The growth of china electric charging infrastructure is propelling the production units in the region.
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Market Segmentation
• By Vehicle Type
o Neighborhood electric vehicles (NEV)
o Electric golf carts
o Electric personal utility vehicles
o Off road electric vehicles
o Commercial electric vehicles
• By End Users
o Golf courses
o Airports
o Hotels and resorts
o Residential premises
o Other (Tourist spots etc)
• By Geography
o North America (US, Canada)
o Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe)
o Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa)
o Latin America (Brazil, Mexico and Rest of Latin America)
o Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific)
o Rest of the World
“Global Electric Low Speed Vehicles (LSV) Market Outlook 2024” contains detailed overview of the global electric low speed vehicles (LSV) market in terms of market segmentation by product type and by distribution channel.
Further, for the in-depth analysis, the electric low speed vehicles (LSV) report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Electric Low Speed Vehicles (LSV) Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Textron Global Electric Motors (GEM), Reva, Zenn Motors, Hitachi Chemicals, Ingersoll Rand, Yamaha motors, Polaris, Star EV, Dongfeng Electric Vehicles Co. Ltd., Bradshaw Electric Vehicles etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents electric (LSVs) low speed vehicles market trends that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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