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

03-31-2020 09:42 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

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

The congestion on the roads is risingbecause 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 bettersolution to take care of this problem.

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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.

Out of all the regions, namely Europe, Association of Southeast Asian Nations (ASEAN), Asia-Pacific (APAC), and North America, the largest demand for LSEVs in 2017 was created by the APAC region and the situation is going to be the same during the forecast period as well.China accounted for the major share of the market in 2017 due to the large population, government support in the form of regulations and subsidies, and technological advancements. During the forecast period, India is projected to created the largest demand for LSEVs because of the increased sales of electric three-wheeler rickshaws and electric scooters and reduced fuel cost.

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Recent Strategic Developments of Major LSEV Market Players

In recent years, major players in the LSEV market have taken several strategic measures, such as product launches, mergers and acquisitions, and facility expansions, to gain a competitive edge in the industry. For instance, in May 2018, Hero Electric Vehicles Pvt. Ltd. launched new Li-ion battery-based electric scooter, City Speed NXY e5, in Chandigarh, India. Further, in October 2017, Yadea Technology Group Co. Ltd. globally launched a new electric two-wheeler, Yadea Z3S, at the China National Convention Center in Beijing, China.

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.

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