Low Speed Electric Vehicle (LSEV) Market size to grow by 10,540.84 thousand units, Driven by the adoption – Benzinga

NEW YORK , April 24, 2023 The low speed electric vehicle (LSEV) market size is forecast to increase by USD 10,540.84 thousand units from 2022 to 2027, at a CAGR of 26.89%, according to the recent market study by Technavio. The growth of the market will be driven by the 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, and relaxation in legal age limit and driver licensing for LSEVs. For Comprehensive analysis on the market size of historic period(2017 to 2021) and forecast period (2023-2027) – View Sample PDF Report.

Global low speed electric vehicle (LSEV) market Vendor Analysis: Vendor Offerings –

The global LSEV market is fairly fragmented. Factors such as tremendous opportunities across different countries and intense competition among equal-sized players have heightened the competition in the global LSEV market. Countries such as India have a considerable presence of cost-sensitive customers and are allowing the sale of motorized quadricycles, which will enable the prominent LSEV manufacturers to compete for a greater market share.

Charts & data tables about market and segment sizes for a historic period (2017-2021)
and forecast period (2023-2027) have been covered in this
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Technavio has extensively analyzed 15 major vendors, including ACG Inc., AGT Electric Cars, Automobiles Chatenet, Citytransformer Ltd., Hebei Yudea New Energy Technology Group Co. Ltd., Honda Motor Co. Ltd., ICON Electric Vehicles, Jiangsu Jinpeng Group Co., Ltd., Kandi Technologies Group Inc., LIGIER GROUP, Moto Electric Vehicles, Polaris Inc., Renault SAS, Shandong Shifeng Group Co. Ltd., Tata Motors Ltd., Tazzari Group, Toyota Motor Corp., Tropos Technologies Inc., XEV Ltd., and Xinxiang Hezon Xinhui Vehicle Co. Ltd.

Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Customer Landscape – Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
• Furthermore, market adoption rates for all regions have been covered.

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LSEV Market – Market Segmentation:

This report extensively covers market segmentation by application (golf courses, tourist destination, hotel and resort, airport, and residential and commercial premises), product (passenger vehicle and utility vehicle), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

• The market share growth by the golf courses segment will be significant for the market growth during the forecast period. The market for LSEVs on golf courses is driven in part by increased environmental awareness and awareness. Many golf courses are often located in green neighborhoods, aiming to minimize environmental impact and reduce carbon footprint. LSEVs have zero emissions and are much quieter than petrol-powered carts, making them a greener option for use on the golf course. Rising fuel prices are also driving the market for his LSEVs on golf courses. In addition, LSEVs run on electricity only, so they have much lower running costs. Over time, this can lead to significant cost savings for golf courses. Technological advancements are also fueling the low speed golf course electric vehicle market during the forecast period. 

LSEV Market – Market Dynamics:

Key DRIVERS:

• One of the major factors driving the growth of the global LSEV market is the adoption of 3D printing technology for vehicle customization and faster adoption of LSEV. 
• Smaller LSEVs and engines have reduced vehicle ownership costs, making LSEVs a relatively safe and economical alternative.
• China is the world’s leading user of his LSEV. The growing demand for custom LSEVs in the country is prompting the automaker to use advanced technology such as his 3D printing technology to support the launch of new models. 
• In 2016, Honda Motor unveiled a micro commuter electric car made with a 3D printer at CEATEC, Japan’s largest consumer electronics trade show. XEV used a 3D printer to 3D print his LSEV in China.
• Such technological advancements and their adoption by vendors are expected to have a positive impact on the featured market during the forecast period. 

Major Trends:

• Another key factor driving the growth of the global LSEV market is the development of foldable LSEVs. 
• One of the many developments aimed at solving this mass transit problem is the introduction of foldable LSEVs, which are gaining momentum in developed countries.
• However, the Hiroko Driving Mobility Consortium released a prototype of his Hiroko Fold in 2012 and began production in 2013. The Hiroko Fold has a top speed of 50 km/h/31 mph and a range of 120 km/75 miles.
• The collapsible body reduces the 2.5m long car to 1.5m which can be conveniently parked in standard street parking spaces. 

Key Challenges:

• One of the major challenges to the growth of the global LSEV market is the lack of a safety index for LSEV.
• Many countries have not set mandatory safety standards for these vehicles, making it easy for vehicle manufacturers to manufacture and sell these vehicles without complying with strict safety regulations.
• The European New Car Assessment Programme (Euro NCAP) crash-tested popular motorized quadricycle models in Europe in 2014 and 2016 and reported that these vehicles offered minimal occupant protection in frontal and side crash tests.
• Hence, such factors are expected to hamper the demand for these vehicles, thereby limiting the growth of the market in focus during the forecast period. 

To get detailed insights about inclusions and exclusions

What are the key data covered in this Low Speed Electric Vehicle (LSEV) Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Low Speed Electric Vehicle (LSEV) Market between 2023 and 2027
• Precise estimation of the size of the Low Speed Electric Vehicle (LSEV) Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Low Speed Electric Vehicle (LSEV) Market across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Low Speed Electric Vehicle (LSEV) Market vendors

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Table Of Contents:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (thousand units)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (thousand units)
• Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global low speed electric vehicle (LSEV) market 2017 – 2021 
• Exhibit 18: Historic Market Size – Data Table on Global low speed electric vehicle (LSEV) market 2017 – 2021 (thousand units)

• 4.2 Application Segment Analysis 2017 – 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 – 2021 (thousand units)

• 4.3 Product Segment Analysis 2017 – 2021 
• Exhibit 20: Historic Market Size – Product Segment 2017 – 2021 (thousand units)

• 4.4 Geography Segment Analysis 2017 – 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (thousand units)

• 4.5 Country Segment Analysis 2017 – 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (thousand units)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application – Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Golf courses – Market size and forecast 2022-2027 
• Exhibit 34: Chart on Golf courses – Market size and forecast 2022-2027 (thousand units)
• Exhibit 35: Data Table on Golf courses – Market size and forecast 2022-2027 (thousand units)
• Exhibit 36: Chart on Golf courses – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Golf courses – Year-over-year growth 2022-2027 (%)

• 6.4 Tourist destination – Market size and forecast 2022-2027 
• Exhibit 38: Chart on Tourist destination – Market size and forecast 2022-2027 (thousand units)
• Exhibit 39: Data Table on Tourist destination – Market size and forecast 2022-2027 (thousand units)
• Exhibit 40: Chart on Tourist destination – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Tourist destination – Year-over-year growth 2022-2027 (%)

• 6.5 Hotel and resort – Market size and forecast 2022-2027 
• Exhibit 42: Chart on Hotel and resort – Market size and forecast 2022-2027 (thousand units)
• Exhibit 43: Data Table on Hotel and resort – Market size and forecast 2022-2027 (thousand units)
• Exhibit 44: Chart on Hotel and resort – Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Hotel and resort – Year-over-year growth 2022-2027 (%)

• 6.6 Airport – Market size and forecast 2022-2027 
• Exhibit 46: Chart on Airport – Market size and forecast 2022-2027 (thousand units)
• Exhibit 47: Data Table on Airport – Market size and forecast 2022-2027 (thousand units)
• Exhibit 48: Chart on Airport – Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Airport – Year-over-year growth 2022-2027 (%)

• 6.7 Residential and commercial premises – Market size and forecast 2022-2027 
• Exhibit 50: Chart on Residential and commercial premises – Market size and forecast 2022-2027 (thousand units)
• Exhibit 51: Data Table on Residential and commercial premises – Market size and forecast 2022-2027 (thousand units)
• Exhibit 52: Chart on Residential and commercial premises – Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Residential and commercial premises – Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by Application 
• Exhibit 54: Market opportunity by Application (thousand units)

7 Market Segmentation by Product

• 7.1 Market segments
• Exhibit 55: Chart on Product – Market share 2022-2027 (%)
• Exhibit 56: Data Table on Product – Market share 2022-2027 (%)

• 7.2 Comparison by Product 
• Exhibit 57: Chart on Comparison by Product
• Exhibit 58: Data Table on Comparison by Product

• 7.3 Passenger vehicle – Market size and forecast 2022-2027 
• Exhibit 59: Chart on Passenger vehicle – Market size and forecast 2022-2027 (thousand units)
• Exhibit 60: Data Table on Passenger vehicle – Market size and forecast 2022-2027 (thousand units)
• Exhibit 61: Chart on Passenger vehicle – Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Passenger vehicle – Year-over-year growth 2022-2027 (%)

• 7.4 Utility vehicle – Market size and forecast 2022-2027 
• Exhibit 63: Chart on Utility vehicle – Market size and forecast 2022-2027 (thousand units)
• Exhibit 64: Data Table on Utility vehicle – Market size and forecast 2022-2027 (thousand units)
• Exhibit 65: Chart on Utility vehicle – Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Utility vehicle – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Product 
• Exhibit 67: Market opportunity by Product (thousand units)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 69: Chart on Market share by geography 2022-2027 (%)
• Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 71: Chart on Geographic comparison
• Exhibit 72: Data Table on Geographic comparison

• 9.3 APAC – Market size and forecast 2022-2027 
• Exhibit 73: Chart on APAC – Market size and forecast 2022-2027 (thousand units)
• Exhibit 74: Data Table on APAC – Market size and forecast 2022-2027 (thousand units)
• Exhibit 75: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.4 North America – Market size and forecast 2022-2027 
• Exhibit 77: Chart on North America – Market size and forecast 2022-2027 (thousand units)
• Exhibit 78: Data Table on North America – Market size and forecast 2022-2027 (thousand units)
• Exhibit 79: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.5 Europe – Market size and forecast 2022-2027 
• Exhibit 81: Chart on Europe – Market size and forecast 2022-2027 (thousand units)
• Exhibit 82: Data Table on Europe – Market size and forecast 2022-2027 (thousand units)
• Exhibit 83: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027 
• Exhibit 85: Chart on South America – Market size and forecast 2022-2027 (thousand units)
• Exhibit 86: Data Table on South America – Market size and forecast 2022-2027 (thousand units)
• Exhibit 87: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 89: Chart on Middle East and Africa – Market size and forecast 2022-2027 (thousand units)
• Exhibit 90: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (thousand units)
• Exhibit 91: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 China – Market size and forecast 2022-2027 
• Exhibit 93: Chart on China – Market size and forecast 2022-2027 (thousand units)
• Exhibit 94: Data Table on China – Market size and forecast 2022-2027 (thousand units)
• Exhibit 95: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.9 US – Market size and forecast 2022-2027 
• Exhibit 97: Chart on US – Market size and forecast 2022-2027 (thousand units)
• Exhibit 98: Data Table on US – Market size and forecast 2022-2027 (thousand units)
• Exhibit 99: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.10 Germany – Market size and forecast 2022-2027 
• Exhibit 101: Chart on Germany – Market size and forecast 2022-2027 (thousand units)
• Exhibit 102: Data Table on Germany – Market size and forecast 2022-2027 (thousand units)
• Exhibit 103: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.11 UK – Market size and forecast 2022-2027 
• Exhibit 105: Chart on UK – Market size and forecast 2022-2027 (thousand units)
• Exhibit 106: Data Table on UK – Market size and forecast 2022-2027 (thousand units)
• Exhibit 107: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.12 France – Market size and forecast 2022-2027 
• Exhibit 109: Chart on France – Market size and forecast 2022-2027 (thousand units)
• Exhibit 110: Data Table on France – Market size and forecast 2022-2027 (thousand units)
• Exhibit 111: Chart on France – Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on France – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 113: Market opportunity by geography (thousand units)

10 Drivers, Challenges, and Trends

• 10.3 Impact of drivers and challenges 
• Exhibit 114: Impact of drivers and challenges in 2022 and 2027

11 Vendor Landscape

• 11.2 Vendor landscape
• Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 116: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 117: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 118: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 119: Matrix on vendor position and classification

• 12.3 ACG Inc.
• Exhibit 120: ACG Inc. – Overview
• Exhibit 121: ACG Inc. – Product / Service
• Exhibit 122: ACG Inc. – Key offerings

• 12.4 Automobiles Chatenet
• Exhibit 123: Automobiles Chatenet – Overview
• Exhibit 124: Automobiles Chatenet – Product / Service
• Exhibit 125: Automobiles Chatenet – Key offerings

• 12.5 Citytransformer Ltd.
• Exhibit 126: Citytransformer Ltd. – Overview
• Exhibit 127: Citytransformer Ltd. – Product / Service
• Exhibit 128: Citytransformer Ltd. – Key offerings

• 12.6 Hebei Yudea New Energy Technology Group Co. Ltd. 
• Exhibit 129: Hebei Yudea New Energy Technology Group Co. Ltd. – Overview
• Exhibit 130: Hebei Yudea New Energy Technology Group Co. Ltd. – Product / Service
• Exhibit 131: Hebei Yudea New Energy Technology Group Co. Ltd. – Key offerings

• 12.7 Honda Motor Co. Ltd.
• Exhibit 132: Honda Motor Co. Ltd. – Overview
• Exhibit 133: Honda Motor Co. Ltd. – Business segments
• Exhibit 134: Honda Motor Co. Ltd. – Key news
• Exhibit 135: Honda Motor Co. Ltd. – Key offerings
• Exhibit 136: Honda Motor Co. Ltd. – Segment focus

• 12.8 ICON Electric Vehicles 
• Exhibit 137: ICON Electric Vehicles – Overview
• Exhibit 138: ICON Electric Vehicles – Product / Service
• Exhibit 139: ICON Electric Vehicles – Key offerings

• 12.9 Jiangsu Jinpeng Group Co., Ltd. 
• Exhibit 140: Jiangsu Jinpeng Group Co., Ltd. – Overview
• Exhibit 141: Jiangsu Jinpeng Group Co., Ltd. – Product / Service
• Exhibit 142: Jiangsu Jinpeng Group Co., Ltd. – Key offerings

• 12.10 Kandi Technologies Group Inc. 
• Exhibit 143: Kandi Technologies Group Inc. – Overview
• Exhibit 144: Kandi Technologies Group Inc. – Product / Service
• Exhibit 145: Kandi Technologies Group Inc. – Key offerings

• 12.11 LIGIER GROUP
• Exhibit 146: LIGIER GROUP – Overview
• Exhibit 147: LIGIER GROUP – Product / Service
• Exhibit 148: LIGIER GROUP – Key offerings

• 12.12 Moto Electric Vehicles 
• Exhibit 149: Moto Electric Vehicles – Overview
• Exhibit 150: Moto Electric Vehicles – Product / Service
• Exhibit 151: Moto Electric Vehicles – Key offerings

• 12.13 Polaris Inc.
• Exhibit 152: Polaris Inc. – Overview
• Exhibit 153: Polaris Inc. – Business segments
• Exhibit 154: Polaris Inc. – Key offerings
• Exhibit 155: Polaris Inc. – Segment focus

• 12.14 Renault SAS
• Exhibit 156: Renault SAS – Overview
• Exhibit 157: Renault SAS – Product / Service
• Exhibit 158: Renault SAS – Key news
• Exhibit 159: Renault SAS – Key offerings

• 12.15 Shandong Shifeng Group Co. Ltd. 
• Exhibit 160: Shandong Shifeng Group Co. Ltd. – Overview
• Exhibit 161: Shandong Shifeng Group Co. Ltd. – Product / Service
• Exhibit 162: Shandong Shifeng Group Co. Ltd. – Key offerings

• 12.16 Tata Motors Ltd.
• Exhibit 163: Tata Motors Ltd. – Overview
• Exhibit 164: Tata Motors Ltd. – Business segments
• Exhibit 165: Tata Motors Ltd. – Key news
• Exhibit 166: Tata Motors Ltd. – Key offerings
• Exhibit 167: Tata Motors Ltd. – Segment focus

• 12.17 Toyota Motor Corp.
• Exhibit 168: Toyota Motor Corp. – Overview
• Exhibit 169: Toyota Motor Corp. – Business segments
• Exhibit 170: Toyota Motor Corp. – Key news
• Exhibit 171: Toyota Motor Corp. – Key offerings
• Exhibit 172: Toyota Motor Corp. – Segment focus

13 Appendix

• 13.2 Inclusions and exclusions checklist 
• Exhibit 173: Inclusions checklist
• Exhibit 174: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 175: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 176: Research methodology
• Exhibit 177: Validation techniques employed for market sizing
• Exhibit 178: Information sources

• 13.5 List of abbreviations 
• Exhibit 179: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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