According to Goldstein Research, “Rising need to curb air pollution and growing demand for fuel efficient vehicles are the major factors driving the growth of electric LSVs market." According to World Health Organization (WHO) estimate more than 8.2 million deaths are directly associated to airborne pollution. Unfortunately, the death toll is still rising, which is pushing the global leaders to introduce stringent vehicle emission norms and hence, driving the low speed vehicles market.
The global electric low speed vehicles (LSV) market is segmented based on products and by distribution channel. Product segment is further bifurcated into neighborhood electric vehicles (NEV), electric golf carts, electric personal utility vehicles, off road electric vehicles and commercial electric vehicles. Golf carts accounts for largest share in global electric LSV market with more than 43% share. Rising number of golf courses and number of airports will boost the growth of golf carts market in coming years.
The global electric low speed vehicles (LSV) market is accounted for roughly USD 2.3 billion in 2016 and expected to expand at compound annual growth rate of 15.7% over the forecast period i.e. 2016-2024. Further, the market is anticipated to surpass USD 7.4 billion by the end of 2024. The market is expected to grow significantly over the forecast period owing to rising awareness among consumers and growing demands in hotels and golf courses.
Asia Pacific region is the fastest growing market for electric low speed vehicles. China is the dominating region in terms for LSVs production in the region. With production of more than 200 million two wheelers and with more than one third of global electric vehicle cars stock China became the global leader in manufacturing of electric LSVs. China has successfully developed the public and privately access charging infrastructure with increasing number of electric vehicles. Aforementioned factors expected to dominate the market over the forecast period.
Consumer Attitudes and Perceptions: Major Challenge
Consumer attitude and preference for low speed vehicles must be considered in developing market share in this area. Electric low speed vehicles not only have to overcome technological challenges from high cost of batteries but also social issues related to consumers to achieve commercial success of electric LSVs. Consumer acceptance is one of the crucial factors to the continuing success of sustainable transportation sector. According to Goldstein Research, the common barriers to the adoption of new technology include lack of awareness by potential buyers, high initial costs and low risk tolerance.
“Global Electric Low Speed Vehicles (LSV) Market Outlook 2024” contains detailed overview of the global electric low speed vehicles (LSV) market in terms of market segmentation by product type and by distribution channel.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Electric Low Speed Vehicles (LSV) Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Textron Global Electric Motors (GEM), Reva, Zenn Motors, Hitachi Chemicals, Ingersoll Rand, Yamaha motors, Polaris, Star EV, Dongfeng Electric Vehicles Co. Ltd., Bradshaw Electric Vehicles etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global electric low speed vehicles (LSV) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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