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Low Speed Electric Vehicle Market Size To Cross $ 41 Billion by 2025 : P & S Market Research
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 categorized 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 .
Based on product , the lowspeed 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 , techno-
logical advancements , and government support in the form of subsidies and regulations have made the country a big lowspeed 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 lowspeed 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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JULY 2018 27