Latest News- Low Speed Electric Vehicle (LSEV) Market: Golf courses are expected to lead the Application segment during 2023-2027

The Low Speed Electric Vehicle (LSEV) Market is being driven by Adoption of 3D printing technology for vehicle customization and faster LSEVs roll-out

The Low Speed Electric Vehicle (LSEV) Market is expected to grow at a CAGR of 26.89% during 2022 and 2027. During this period, the market is also expected to show a growth of 10540.84 th units. In the automotive industry, the pressing issue of traffic congestion in metropolitan areas has led to innovative solutions. One such development is the emergence of foldable Low Speed Electric Vehicles (LSEVs), which have gained significant attention in advanced economies. This concept was initially conceptualized during a 2003 design workshop at the Media Lab. However, it was the Hiriko Driving Mobility Consortium that brought this idea to fruition with the launch of the Hiriko Fold prototype in 2012. The Hiriko Fold features a distinctive design, with its body folding up around a central pivot. This mechanism allows the front passenger module to elevate and move forward, enabling the rear trunk module to slide beneath it, creating a compact and efficient vehicle. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Golf courses
  • Tourist destination
  • Hotel and resort
  • Airport
  • Residential and commercial premises
• Product
  • Passenger vehicle
  • Utility vehicle
• Geography
  • APAC
    • China
  • North America
    • US
  • Europe
    • Germany
    • UK
    • France
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Adoption of 3D printing technology for vehicle customization and faster LSEVs roll-out
• Growing awareness of LSEVs as a low-cost and eco-friendly transportation option
• Relaxation in legal age limit and driver licensing for LSEVs

However, the market also witnesses some limitations, which are as follows:

• Lack of safety quotient in LSEVs
• Growing availability of substitutes for LSEVs
• Restriction on use of LSEVs in several countries worldwide

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Market Scope in Low Speed Electric Vehicle (LSEV) Market Research Report

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Research Analysis Overview

The Low-speed Electric Vehicle (LSEV) market is witnessing significant growth due to increasing pollution norms and the demand for fuel-efficient, low-emission vehicles. Molten salt, zinc-air, nickel-based designs, and lithium-ion batteries are used in these EVs, offering eco-friendly alternatives to traditional Internal Combustion Engines (ICE). Electric motors reduce vehicle emissions, including carbon dioxide and greenhouse gases. Automation in LSEVs leads to cost savings, improved quality control, and real-time visibility on anomalies and impending failures. Microcontrollers are used for monitoring and managing shipping containers and vehicles, ensuring efficient operations and minimizing unplanned downtime.

Market Research Overview

The Low-Speed Electric Vehicle (LSEV) market is a segment of the larger global automotive industry, as classified by Technavio. This market encompasses businesses specializing in the production of electric vehicles with limited speed capabilities. The automotive industry, which includes manufacturers of passenger cars, commercial vehicles, and all-terrain vehicles, serves as the parent market. Notably, motorcycle, scooter, e-bike, trike, and three-wheeler manufacturers are excluded. The automotive market's growth is influenced by several factors, including the integration of advanced features, such as increased electronic components, secured safety systems, autonomous capabilities, emission standardization, enhanced fuel efficiency through electronic fuel control, and customizable vehicle options. These features contribute significantly to customer appeal and vehicle ownership. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/