The global low-speed electric vehicle (LSEV) market generated $35.2 billion in 2017 and is expected to be valued at $68 billion by 2025, advancing at a CAGR of 8.2% during the forecast period (2018–2025), according to P&S Intelligence. Initiatives and subsidies offered by the government, growing environmental awareness, and decreasing electric vehicle battery costs are some of the reasons for the growth of the market, as such vehicles do not use fuel, hence, produce almost no carbon emissions.
On the basis of product, the low-speed electric vehicle market has been classified into three-wheelers, two-wheelers, and four wheelers. Out of these, two-wheelers led the market in 2017 with more than 90.0% revenue share. The reason for such growth has been the fact that two-wheelers are heavily used by people as a personal transport vehicle, which is why this category is expected to be the fastest growing in the coming years as well.
Now, coming to the type of two-wheeler, the low-speed electric vehicle market is categorized into motorcycle, bike, mono wheel, electric scooter, and kick-scooter. Among all, electric bikes accounted for the largest revenue share in 2017, of more than 50.0%. Though the total revenue generated by motorcycle sales will still be higher in the forecast period, the fastest growth will be witnessed by the scooters. As these are cost-effective and can run at up to 50 kmph, these are expected to drive the market growth in the coming years.
On the global ground, Asia-Pacific (APAC) dominated the low-speed electric vehicle market in 2017 with a contribution of more than 65.0% in revenue as well as sales volume. Here, China is leading the market in terms of the LSEV sales as well as revenue. The support from the national government and early introduction of LSEVs were the primary reasons behind China leading the market, both on the global and regional grounds. Further, large population and technological advancements also helped in this regard.
Now, one of the major growth drivers for the LSEV market across the world is rising government support in the form of incentives, subsidies, and grants, owing to increasing environmental concerns. Governments, especially of APAC countries, are mainly focusing on making their public transport system electricity-driven. For instance, the Government of India is offering subsidies between $370 (₹25,000) and $910 (₹61,000) under its FAME scheme.
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Conventional passenger carriers heavily affect the environment by causing an increase in air pollution. Many environmental authorities in APAC are spreading awareness on sustainable practices and encouraging people to adopt emission-free electric vehicles. Since, in Asian countries, such as China and India, three-wheelers are heavily used as public transport, replacing conventional ones with electrical variants can really help in curbing air pollution, thus boosting the growth of the low-speed electric vehicle market in the future.
Therefore, it is clear that governments and environmental authorities are playing a significant part in the growth of the market by offering subsidies and spreading awareness on the benefits of such vehicles, respectively.
On the basis of product, the low-speed electric vehicle market has been classified into three-wheelers, two-wheelers, and four wheelers. Out of these, two-wheelers led the market in 2017 with more than 90.0% revenue share. The reason for such growth has been the fact that two-wheelers are heavily used by people as a personal transport vehicle, which is why this category is expected to be the fastest growing in the coming years as well.
Now, coming to the type of two-wheeler, the low-speed electric vehicle market is categorized into motorcycle, bike, mono wheel, electric scooter, and kick-scooter. Among all, electric bikes accounted for the largest revenue share in 2017, of more than 50.0%. Though the total revenue generated by motorcycle sales will still be higher in the forecast period, the fastest growth will be witnessed by the scooters. As these are cost-effective and can run at up to 50 kmph, these are expected to drive the market growth in the coming years.
Now, one of the major growth drivers for the LSEV market across the world is rising government support in the form of incentives, subsidies, and grants, owing to increasing environmental concerns. Governments, especially of APAC countries, are mainly focusing on making their public transport system electricity-driven. For instance, the Government of India is offering subsidies between $370 (₹25,000) and $910 (₹61,000) under its FAME scheme.
Make Enquiry Before Buying the Report@ https://www.psmarketresearch.com/send-enquiry?enquiry-url=low-speed-electric-vehicle-market
Conventional passenger carriers heavily affect the environment by causing an increase in air pollution. Many environmental authorities in APAC are spreading awareness on sustainable practices and encouraging people to adopt emission-free electric vehicles. Since, in Asian countries, such as China and India, three-wheelers are heavily used as public transport, replacing conventional ones with electrical variants can really help in curbing air pollution, thus boosting the growth of the low-speed electric vehicle market in the future.
Therefore, it is clear that governments and environmental authorities are playing a significant part in the growth of the market by offering subsidies and spreading awareness on the benefits of such vehicles, respectively.
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