Global Low Speed Electric Vehicle (LSEV) Market 2019-2023
About this market
Development of foldable LSEVs to drive growth in the market. Factors such as growing traffic congestion in major cities across the globe is inspiring various developments in automotive ecosystem. Technavio’s analysts have predicted that the low speed electric vehicle (LSEV) market will register a CAGR of almost 33% by 2023.
Adoption of 3D printing technology for vehicle customization and faster LSEV roll-out
The growing demand for low-cost modes of personal transportation is driving the sales of LSEVs across the world.
Growing availability of substitutes for LSEVs
The growing popularity of microcars, golf carts, and other traditional forms of personal transport poses a major challenge to the growth of the LSEV market.
For the detailed list of factors that will drive and challenge the growth of the low speed electric vehicle market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Byvin and Groupe Renault the competitive environment is quite intense. Factors such as the adoption of 3D printing technology for vehicle customization and faster LSEV roll-out and the development of foldable LSEVs, will provide considerable growth opportunities to low speed electric vehicle manufactures. Byvin, Groupe Renault, LIGIER GROUP, Polaris Industries, Shandong Shifeng (Group), and Yujie Group are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Low Speed Electric Vehicle (LSEV) Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the development of foldable LSEVs.”
According to the report, one of the major drivers for this market is the adoption of 3D printing technology for vehicle customization and faster LSEV roll-out.
Further, the report states that one of the major factors hindering the growth of this market is the growing availability of substitutes for LSEVs.
Shandong Shifeng (Group)
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