Global Low Speed Electric Vehicle Market Industry Growth 2019-2023
Posted by sarahbennu on November 5th, 2019
The global low-speed electric vehicle (LSEV) market to grow at a CAGR of nearly 33% during the forecast period, according to their latest market research report. The development of foldable LSEVs is one of the major trends being witnessed in the global low-speed electric vehicle market 2019-2023. Rising traffic congestion in major cities worldwide is promoting numerous developments in the automotive ecosystem. One of the major developments that focus on solving this mass-transit issue is the launch of foldable LSEVs which is gaining traction in developed economies.
According to Technavio analysts, one of the key factors contributing to the growth of the global low speed electric vehicle market is the adoption of 3D printing technology for vehicle customization and faster LSEV roll-out:
Global low-speed electric vehicle market: Adoption of 3D printing technology for vehicle customization and faster LSEV roll-out
The rising demand for low-cost modes of personal transportation has been driving the sales of LSEVs globally. LSEVs provide a relatively safer alternative to two-wheelers for short-distance commuting. Furthermore, the small size of the LSEVs and presence of a small motor has led to a reduction in the operating cost of the vehicle. Thus, LSEVs are an affordable option for personal transport. Customers are also demanding customized LSEVs to suit their requirements.
According to a senior research analyst at Technavio, “China is the leading adopter of LSEVs globally and the increasing demand for LSEVs in the country is pushing vehicle manufacturers to adopt advanced technologies to support the launch of new models. For instance, 3D printing technology has been gaining prominence in the market as it will reduce research and development time and provide customized options to the customers.”
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Global low speed electric vehicle market: Segmentation analysis
The global low speed electric vehicle market research report provides market segmentation by product (passenger vehicles and utility vehicles) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The passenger vehicles segment held the largest low speed electric vehicle market share in 2018, accounting for nearly 98% of the market. This product segment is expected to dominate the global market throughout the forecast period.
The APAC region held the largest share of the market in 2018, followed by EMEA and the Americas respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.
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About the Authorsarahbennu
Joined: July 1st, 2019
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