The future of low speed electric vehicle market looks promising with opportunities in the electric golf carts, personal utility vehicles, light speed off road, and low speed heavy duty vehicles. The global low speed electric vehicle market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $8.83 billion by 2025 with a CAGR of 0% to 2% from 2020 to 2025 . The major drivers for this market are stringent environmental regulations, improvement in electric vehicle R&D, advanced battery technology, and government subsidies.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of low cost lithium ion batteries, adoption of 3D printing technology for LSEV manufacturing, and increasing use of LSEVs as personal transportation vehicles in countries like United States.

A total of 124 figures / charts and 105 tables are provided in this 184 -page report to help in your business decisions. Sample figures with some insights are shown below. To learn the scope of, benefits, companies researched and other details of LSEV market report download the report brochure.

Global LSEV opportunities have evolved through number of stages as presented in figure below:

Evolution of LSEV Opportunities

In this market, 48V is the largest market by voltage type, whereas golf carts is largest by product type. Growth in Various segments in the LSEV market are given below:

LSEV Market by Segments

The study includes the LSEV market size and forecast for the LSEV market through 2025, segmented by product type, voltage, and the region as follows:

LSEV Market by Voltage [$M shipment analysis from 2014 to 2025]:

  • 24V
  • 36V
  • 48V
  • 60V
  • 72V

LSEV Market by End Use Industry [$M shipment analysis from 2014 to 2025]:

  • Personal Utility Vehicles
  • Golf Carts
  • Low Speed Heavy Duty
  • Low Speed Off Road

LSEV Market by Region [$M shipment analysis for 2014 to 2025]:

  • North America
  • United States
  • Canada
  • Mexico
  • Europe
  • United Kingdom
  • Germany
  • Asia Pacific
  • Japan
  • China
  • The Rest of the World

Some of the LSEV companies profiled in this report include Polaris Industries Inc., LIGIER Group, Renault Group, Yogomo Motors Co. Ltd., Textron Inc., Shifeng Group Co. and others.

Lucintel forecasts that 48 Volt powered LSEV will remain the largest segment as it provides optimal power to price ratio. Lucintel predicts that 72 Volt powered LSEV is expected to witness the highest growth over the forecast period due to rising demand for high performance LSEVs.

Within the LSEV market, golf cart will remain the largest application and it is also expected to witness the highest growth over the forecast period due to rise in the popularity of golf sports and development of new golf courses across the globe.

APAC will remain the largest region and it is also expected to witness the highest growth over the forecast period due to government initiatives to reduce carbon emission and increasing traffic congestion.

Some of the features of this report:

  • Market size estimates: LSEV market size estimation in terms of value ($M) and volume (Thousand Units) shipment.
  • Trend and forecast analysis: Market trend (2014-2019) and forecast (2020-2025) by end use industry.
  • Segmentation analysis: LSEV market size by product and voltage in terms of value shipment.
  • Regional analysis: LSEV market breakdown by key regions such as North America, Europe, and Asia & Rest of World.
  • Growth opportunities: Analysis on growth opportunities in different applications and regions of LSEV in the LSEV market.
  • Strategic analysis: This includes M&A, new product development, and competitive landscape of LSEV in the LSEV market.
  • Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

This report answers the following 11 key questions:

Q.1 What are some of the most promising potential, high-growth opportunities for the LSEV market by voltage (24V, 36V, 48V, 60v, and 72V), product type (personal utility vehicles, golf carts, low speed heavy duty, and low speed off road), and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting LSEV market dynamics? What are the drivers and challenges of the LSEV market?
Q.5 What are the business risks and threats to the LSEV market?
Q.6 What are the emerging trends in this LSEV market and the reasons behind them?
Q.7 What are some changing demands of customers in the LSEV market?
Q.8 What are the new developments in the LSEV market? Which companies are leading these developments?
Q.9 Who are the major players in this LSEV market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this LSEV area and how big of a threat do they pose for loss of LSEV market share via product substitution?
Q.11 What M&A activity has occurred in the last 5 years in this LSEV market?

Report scope
Key Features Description
Base Year for Estimation 2019
Trend Period
(Actual Estimates) 2014-2019
Forecast Period 2020-2025
Pages 184
Market Representation / Units Revenue in US $ Billion
Report Coverage Market Trends & Forecasts, Competitor Analysis, New Product Development, Company Expansion, Merger Acquisitions & Joint Venture, and Company Profiling
Market Segments By voltage (24V, 36V, 48V, 60V, and 72V), By end use industry (personal utility vehicles, golf carts, low speed heavy duty, and low speed off road)
Regional Scope North America (The United States, Canada, and Mexico), Europe (the UK and Germany), Asia Pacific (Japan and China), and RoW
Customization 10% Customization Without any Additional Cost