Low Speed Electric Vehicle Market to Witness an 8.7% CAGR During 2018-2025

The congestion on the roads is rising because of the surging number of cars and the rapidly increasing population across the world. Moreover, urbanization is also contributing significantly to this issue; for example, as per a report of the World Bank, about 57% of the total population in China was living in urban regions in 2016, and the number is further projected to rise in the coming years. The emergence of ride sharing, car sharing, and ride hailing services has resulted in decreased congestion, to some extent. However, there is still a persisting need for a better solution to take care of this problem.

One such solution is micro mobility, which is offered via low-speed electric vehicles (LSEV). These vehicles run solely on electric energy and do not have an internal combustion engine. As per a study conducted by P&S Intelligence, in 2017, the global LSEV market generated a revenue of $35.2 billion and is projected to attain $68.0 billion in 2025, advancing at an 8.7% CAGR during the forecast period (2018-2025). LSEVs include two-wheelers, three-wheelers, and four wheelers, among which the largest demand is expected to be created for two-wheelers in the coming years. Low-speed electric two-wheelers are further of different types: motorcycle, kick scooter, scooter, bikes, and mono wheel.

Make Enquiry Before Buying the Report@ https://www.psmarketresearch.com/send-enquiry?enquiry-url=low-speed-electric-vehicle-market

Government incentives and environmental concerns are the primary factors driving the demand for electric three-wheelers in the LSEV market. Governments, primarily of the APAC countries, are aiming toward utilizing electric vehicles in the public transport system. They are increasingly focusing on encouraging the adoption of electric vehicles by providing support in the form of incentives. For example, the government of India is providing subsidies ranging from $370 (INR 25,000) to $910 (INR 61,000) under its FAME-India electric mobility scheme. Moreover, since vehicular emissions are a major cause for the surging air pollution, environmental authorities in the region are taking several initiatives for spreading awareness regarding sustainability and encouraging the adoption of emission-free electric vehicles.

Now, one of the major growth drivers for the LSEV market across the world is rising government support in the form of incentives, subsidies, and grants, owing to increasing environmental concerns. Governments, especially of APAC countries, are mainly focusing on making their public transport system electricity-driven. For instance, the Government of India is offering subsidies between $370 (INR25,000) and $910 (INR61,000) under its FAME scheme.

Request to Get the Sample Report@ https://www.psmarketresearch.com/market-analysis/low-speed-electric-vehicle-market/report-sample

Conventional passenger carriers heavily affect the environment by causing an increase in air pollution. Many environmental authorities in APAC are spreading awareness on sustainable practices and encouraging people to adopt emission-free electric vehicles. Since, in Asian countries, such as China and India, three-wheelers are heavily used as public transport, replacing conventional ones with electrical variants can really help in curbing air pollution, thus boosting the growth of the low-speed electric vehicle market in the future.

Therefore, it is clear that governments and environmental authorities are playing a significant part in the growth of the market by offering subsidies and spreading awareness on the benefits of such vehicles, respectively.

GLOBAL LSEV MARKET

By Product - Two-wheeler [Scooter, Motorcycle, Bikes, Kick Scooter, Mono Wheel], Three-wheeler, and Four-wheeler

By Voltage - 24V, 36V, 48V, 60V, and 72V

By Region -Asia-Pacific, ASEAN, North America, and Europe

Browse More Reports on Automotive Industry by P&S Intelligence:

Mobility as a Service (MaaS) Market Research Report:
https://www.psmarketresearch.com/market-analysis/maas-market

Electric Vehicle Component Market Research Report:
https://www.psmarketresearch.com/market-analysis/electric-vehicle-component-market

Contact:
P&S Intelligence
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.