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Low Speed Electric Vehicle Market Report: Trends, Forecast and Competitive Analysis

  • ID: 4960363
  • Report
  • December 2019
  • Region: Global
  • 184 Pages
  • Lucintel


  • LIGIER Group
  • Polaris Industries Inc.
  • Renault Group
  • Shifeng Group Co. Ltd.
  • Textron Inc.
  • Yogomo Motors Co. Ltd.
The future of low speed electric vehicle market looks promising with opportunities in the electric golf carts, personal utility vehicles, light speed off road, and low speed heavy duty vehicles. The LSEV market is expected to reach an estimated $11.7 billion by 2024 with a CAGR of 6.6% from 2019 to 2024. The major drivers for this market are stringent environmental regulations, improvement in electric vehicle R&D, advanced battery technology, and government subsidies.

Emerging trends, which have a direct impact on the dynamics of the industry, include development of low cost lithium ion batteries, adoption of 3D printing technology for LSEV manufacturing, and increasing use of LSEVs as personal transportation vehicles in countries like United States.

A total of 124 figures/charts and 105 tables are provided in this 184 page report to help in your business decisions.

The study includes the LSEV market size and forecast for the LSEV market through 2024, segmented by product type, voltage, and the region as follows:

LSEV Market by Voltage [$M shipment analysis from 2013 to 2024]:
  • 24V
  • 36V
  • 48V
  • 60V
  • 72V

LSEV Market by End Use Industry [$M shipment analysis from 2013 to 2024]:
  • Personal Utility Vehicles
  • Golf Carts
  • Low Speed Heavy Duty
  • Low Speed Off Road

LSEV Market by Region [$M shipment analysis for 2013 to 2024]:
  • North America
  • United States
  • Canada
  • Mexico
  • Europe
  • United Kingdom
  • Germany
  • Asia Pacific
  • Japan
  • China
  • The Rest of the World

Some of the LSEV companies profiled in this report include Polaris Industries Inc., LIGIER Group, Renault Group, Yogomo Motors Co. Ltd., Textron Inc., Shifeng Group Co. and others.

The analyst forecasts that 48 Volt powered LSEV will remain the largest segment as it provides optimal power to price ratio. The analyst predicts that 72 Volt powered LSEV is expected to witness the highest growth over the forecast period due to rising demand for high performance LSEVs.

Within the LSEV market, golf cart will remain the largest application and it is also expected to witness the highest growth over the forecast period due to rise in the popularity of golf sports and development of new golf courses across the globe.

The APAC will remain the largest region and it is also expected to witness the highest growth over the forecast period due to government initiatives to reduce carbon emission and increasing traffic congestion.

Some of the features of “LSEV Report: Trends, Forecast and Competitive Analysis” include:
  • Market size estimates: LSEV market size estimation in terms of value ($M) and volume (Thousand Units) shipment.
  • Trend and forecast analysis: Market trend (2013-2018) and forecast (2019-2024) by end use industry.
  • Segmentation analysis: LSEV market size by product and voltage in terms of value shipment.
  • Regional analysis: LSEV market breakdown by key regions such as North America, Europe, and Asia & Rest of World.
  • Growth opportunities: Analysis of growth opportunities in different applications and regions of LSEV in the LSEV market.
  • Strategic analysis: This includes M&A, new product development, and competitive landscape of LSEV in the LSEV market.
  • Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

This report answers the following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for the LSEV market by voltage (24V, 36V, 48V, 60v, and 72V), product type (personal utility vehicles, golf carts, low speed heavy duty, and low speed off road), and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting LSEV market dynamics? What are the drivers and challenges of the LSEV market?
Q.5 What are the business risks and threats to the LSEV market?
Q.6 What are the emerging trends in this LSEV market and the reasons behind them?
Q.7 What are some changing demands of customers in the LSEV market?
Q.8 What are the new developments in the LSEV market? Which companies are leading these developments?
Q.9 Who are the major players in this LSEV market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this LSEV area and how big of a threat do they pose for loss of LSEV market share via product substitution?
Q.11 What M&A activity has occurred in the last 5 years in this LSEV market?
Note: Product cover images may vary from those shown


  • LIGIER Group
  • Polaris Industries Inc.
  • Renault Group
  • Shifeng Group Co. Ltd.
  • Textron Inc.
  • Yogomo Motors Co. Ltd.

1. Executive Summary

2. LSEV Market Background and Classifications
2.1: Introduction, Background and Classification
2.2: Supply Chain
2.3: Industry Drivers and Challenges

3. Market Trends and Forecast Analysis from 2013 to 2024
3.1: Macroeconomic Trends and Forecasts
3.2: LSEV Market Trends and Forecast
3.3: LSEV Market by Voltage
3.3.1: 48V
3.3.2: 36V
3.3.3: 24V
3.3.4: 60V
3.3.5: 72V
3.4: LSEV Market by Product Type
3.4.1: Personal Utility Vehicles
3.4.2: Golf Carts
3.4.3: Low Speed Heavy Duty
3.4.4: Low Speed Off Road

4. Market Trend and Forecast Analysis by Region
4.1: LSEV Market by Region
4.2: North American LSEV Market
4.2.1: North American LSEV Market by Voltage
4.2.2: North American LSEV Market by Product Type
4.2.3: The United States LSEV Market
4.2.4: Mexican LSEV Market
4.2.5: Canadian LSEV Market
4.3: European LSEV Market
4.3.1: European LSEV Market by Voltage: 36V, 48V, 24V, 60V and 72V.
4.3.2: European LSEV Market by Product Type
4.3.3: German LSEV Market
4.3.4: Norway LSEV Market
4.3.5: French LSEV Market
4.3.6: The United Kingdom LSEV Market
4.3.7: The Netherlands LSEV Market
4.4. APAC LSEV Market
4.4.1: APAC LSEV Market by Voltage
4.4.2: APAC LSEV Market by Product Type
4.4.3: Chinese LSEV Market
4.4.4: Japanese LSEV Market
4.5: ROW LSEV Market
4.5.1: ROW LSEV Market by Voltage
4.5.2: ROW LSEV Market by Product Type
4.5.3: Brazilian LSEV Market
4.5.4: South African LSEV Market

5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Market Share Analysis
5.3: Geographical Reach
5.4: Porter’s Five Forces Analysis

6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the LSEV Market by Voltage
6.1.2: Growth Opportunities for the LSEV Market by Product Type
6.1.3: Growth Opportunities for the LSEV Market by Region
6.2 Emerging Trends in the LSEV Market
6.3 Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the LSEV Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the LSEV Market

7. Company Profiles of Leading Players
7.1: Polaris Industries Inc.
7.2: LIGIER Group
7.3: Renault Group
7.4: Yogomo Motors Co. Ltd.
7.5: Textron Inc.
7.6: Shifeng Group Co. Ltd.

*Full List of Tables and Figures Available on Enquiry.

Note: Product cover images may vary from those shown
  • Polaris Industries Inc.
  • LIGIER Group
  • Renault Group
  • Yogomo Motors Co. Ltd.
  • Textron Inc.
  • Shifeng Group Co. Ltd.
Note: Product cover images may vary from those shown

The analyst has been in the business of market research and management consulting since 2000 and has published over 600 market intelligence reports in various markets/applications and served over 1,000 clients worldwide. Each study is a culmination of four months of full-time effort performed by the analyst team. The analysts used the following sources for the creation and completion of this valuable report:

  • In-depth interviews of the major players in the market
  • Detailed secondary research from competitors’ financial statements and published data
  • Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
  • A compilation of the experiences, judgments, and insights of professionals, who have analyzed and tracked the market over the years.

Extensive research and interviews are conducted in the supply chain of the market to estimate market share, market size, trends, drivers, challenges and forecasts.

Thus, the analyst compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. The analyst then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process.