NEW YORK, May 31, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global low speed electric vehicle market is projected to reach $41 billion by 2025, the growth of the market is majorly driven by rising environmental awareness and falling LSEV battery prices. On the basis of voltage, the global low speed electric vehicle market has been categorised into 24V, 36V, 48V, 60V, and 72V. Of these, 48V is the most preferred voltage category due to its preference in electric scooters as it provides an optimal power to price ratio. However, the fastest growth during the forecast period is expected from the 72V category, due to the rising demand for high-speed LSEVs which use this voltage level.
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Based on product, the low speed electric vehicle market is categorized into two-wheelers, three-wheelers, and four-wheelers. Two-wheeler is the most preferred category due to the popularity of electric bicycles and electric scooters, and their comparatively high use in personal transport than other electric vehicles. However, the fastest growth during the forecast period is expected from the three-wheeler category.
Globally, Asia-Pacific is the largest market for low speed electric vehicles, followed by North America and Europe. The Asia-Pacific market is led by China, which accounted for the largest share in terms of revenue in 2017, valued at more than 90%. The size of the country, population, technological advancements, and government support in the form of subsidies and regulations have made the country a big low speed electric vehicle market in the region. China is also the largest exporter of these electric vehicles in the world. However, the fastest growth during the forecast period is expected from India, due to low penetration of LSEVs in the country.
Europe is the second largest low speed electric vehicle market in the world. E-bikes account for a majority of electric vehicles sold in the region. The e-bike market in Europe has seen a significant growth during the last few years; Germany, France, and Italy are the largest e-bike markets in the region.
E-bikes account for the majority of electric vehicle sales in the North American low speed electric vehicle market. The markets for kick scooters and mono wheels are at a nascent stage in the region. However, these categories are increasingly being seen as convenient modes of transportation for short trips. In 2018, Bird Rides Inc, a U.S. based start-up firm, raised $100 million funding for shared electric scooter services. The company plans to expand to 50 new cities in the U.S. by the end of 2018.
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Some of the major players operating in the LSEV industry are Yadea Technology Group, AIMA Technology Co. Ltd, Jiangsu Xinri E-Vehicle Co. Ltd, Zhejiang Luyuan Electric Vehicle Co. Ltd, Jiangsu Kingbon Vehicle Co. Ltd, Jiangsu East Vehicle Manufacturing Co. Ltd, Changzhou Yufeng Vehicle Co Ltd, Zhejiang Geely Holding Group, Zotye Holding Group, Hero Electric India Pvt. Ltd, Zero Motorcycles, and Tera Motors Corporation.
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