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Electric Low Speed Vehicles Market Size Forecast Trends and Segmentation

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(Free Press Release) Sustainable Development Revolution in Automotive industry: Electric Low Speed Vehicles Market to surpass 7 Billion By 2024.

Electric Low Speed Vehicles Market Size Forecast Trends and Segmentation


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 low speed vehicles 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 electric low speed vehicles market all across the globe. 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. The global electric low speed vehicles (LSV) market segmentation has been carried out on the basis of 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. Asia Pacific electric low speed vehicles market has witnessed strong growth in past few years. China is the dominating region in terms for electric LSVs production in the region. The growth of china electric charging infrastructure is propelling the production units in the region.

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Market Segmentation

· By Vehicle Type

o Neighborhood electric vehicles (NEV)

o Electric golf carts

o Electric personal utility vehicles

o Off road electric vehicles

o Commercial electric vehicles

· By End Users

o Golf courses

o Airports

o Hotels and resorts

o Residential premises

o Other (Tourist spots etc)

· By Geography

o North America (US, Canada)

o Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe)

o Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa)

o Latin America (Brazil, Mexico and Rest of Latin America)

o Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific)

o Rest of the World

“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 electric low speed vehicles (LSV) 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 electric (LSVs) low speed vehicles market trends 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.

About Goldstein Research

Based in the US, Goldstein Research currently has a strong presence in the American and Asian countries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions.

Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear cut forecasts. Backed up by reliable research and impactful statistics, our business solutions empower our clients to grow at a fast pace despite unsettling fluctuations in the market. We believe in vigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.

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Electric Low Speed Vehicles Market Size Forecast Trends and Segmentation

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