Low Speed Electric Vehicle Market Trends and Growth Opportunities

1. Low Speed Electric Vehicle Market - World Players Forecast Analysis Till 2030 As the environmental concerns across the globe are rising, the adoption of electric vehicles is increasing as well. Since vehicles are among the major factors responsible for the deckling air quality, it is highly imperative that alternative solutions instead of conventional fuel-based vehicles are utilized more. The general public is becoming aware regarding these concerns and hence, people are now more inclined towards electric vehicles. Governments of several countries as well are offering support in the form of grants and subsidies to encourage the adoption of such vehicles. In Asia-Pacific (APAC) specifically, governments are aiming towards electrifying passenger vehicles in the public transport system. Due to all these factors, the demand and adoption of low speed electric vehicles (LSEV) are growing at a rapid pace. The global LSEV market is projected to attain a value of $68.0 billion in 2025, increasing from $35.2 billion in 2017, and is expected to advance at an 8.7% CAGR during the forecast period (2018– 2025), as per a report by P&S Intelligence. A LSEV is faster than an e-bike or a bicycle, is easy to park and charge, and is available at a low cost. These features make these vehicles optimum for short travelling distances, which is why they are increasingly becoming popular in the public transport fleet. Request to Get the Sample Report@ https://www.psmarketresearch.com/market-analysis/low- speed-electric-vehicle-market/report-sample LSEVs are of three types, namely four-wheeler, two-wheeler, and three-wheelers. Out of these, two- wheeler LSEVs were the most in demand in the past and are expected to register highest demand in the coming years as well. This is ascribed to the growing utilization of these vehicles in shared mobility services and in personal transportation. Types of two-wheeler LSEVs are mono wheel, scooter, kick scooter, motorcycle, and bike. LSEVs have different voltages— 24V, 36V, 48V, 60V, and 72V. The demand for LSEVs with the voltage 48V was the highest in the past; however, the adoption of LSEVs with 72V is predicted to increase significantly in the near future. This is because of the rising requirement for high-speed electric scooters and microcars. Both sealed lead acid and lithium-ion (Li-ion) batteries are used in these vehicles. While the demand for sealed leas acid batteries was higher in the past, the preference is shifting towards Li-ion batteries at the present time. Before, the cost of sealed lead acid batteries was lower than that of Li-ion batteries, however, now owing to technological advancements in the battery technology, the prices of Li-ion batteries have declined considerably. In addition to this, Li-ion batteries are smaller in size and lighter in weight in comparison to sealed lead acid batteries, which is why manufacturers are increasingly making their use. Geographically, the APAC region emerged as the largest low speed electric vehicle market in the past, with China leading the regional domain. This is because of the large population base, increased government support in the form of regulations and subsidies, and technological advancements in the country. The adoption of these vehicles is also predicted to grow significantly in India in the years to come. Therefore, the demand for LSEVs is rising due to the surging environmental concerns across the globe.