Global Low Speed Vehicle Market is valued approximately at USD 3190.53 Million in 2019 and is anticipated to grow with a healthy growth rate of more than 15.40% over the forecast period 2019-2026. Low velocity vehicle (LSV) is a four-wheeled motor car, other than all-terrain motor automobile, which has a most successful jogging speed of about forty kmph (25 mph). Several international locations have comparable regulation for low speed motors, but different top pace limits, that is less than 40 kmph. Low pace motors are exempt from maximum safety standards that observe to other motor transportation vehicles. Low pace cars weigh much less than 3,000 lbs. and make use of opportunity fuels, which include energy or CNG fuel, for their operation. The outbreak of COVID-19 and its ensuing outcomes such as border lockdowns, shutdowns, travel bans have started out to effect groups across diverse industries. The low pace car marketplace is anticipated to have a medium effect owing to the disruptions in the worldwide supply chains. The Low speed vehicles runs on electricity, that requires a continuous supply of energy from batteries to operate. There is a ramification of batteries utilized in these cars which include lithium ion, molten salt, zinc-air, and various nickel-based designs. the electric car was in the main designed to update traditional approaches of journey as they result in environmental pollutants. Low velocity electric vehicles have received reputation due to several technological advancements. Thus, increasing stringent emission regulations and growing electric vehicle charging infrastructure are the factors driving the growth of market over the forecast years. For instance: According to the Electric Vehicle Initiative, the Japan’s automotive strategy according to co-operative approach, aims to reduce greenhouse emission by 80% from producing electric vehicle by domestic automakers till 2050. Similarly, in China, the State Grid Corporation of China plan to build 1,200,000 charging point by 2020 and automakers such as SAIC Motors targeted to build 20,000 charging point by 2020 whereas BAIC Group and NIO targeted to build 4100 battery-swapping station. However, lack of safety standards are the factor hampering the growth of market over the forecast years.
The regional analysis of global Low Speed Vehicle market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the Growing electric vehicle charging infrastructure. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as increasing stringent emission regulations to raise demand for low-speed electric vehicles would create lucrative growth prospects for the Low Speed Vehicle market across Asia-Pacific region.
Major market player included in this report are:
AGT Electric Cars
Bintelli Electric Vehicles
Bradshaw Electric Vehicles
Polaris Industries, Inc
Xiamen Dalle Electric Car Co., Ltd.
Yamaha Motor Co., Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Vehicle Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Vehicle Type:
Heavy duty vehicle
Hotels & Resorts
Residential & Commercial Premises
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Low Speed Vehicle Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers