Global Low Speed Electric Vehicle (LSEV) Market 2019-2023 | 33% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Dec 11, 2019--
The global low speed electric vehicle (LSEV) market is expected to post a CAGR of almost 33% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global low-speed electric vehicle (LSEV) market 2019-2023. (Graphic: Business Wire)
The increasing demand for LSEVs is prompting vehicle manufacturers to adopt advanced technologies such as 3D printing to support the launch of new models. The adoption of 3D printing technology shortens R&D time and helps manufacturers develop customized parts at reduced costs. The demand for LSEVs is expected to grow significantly across major economies such as China and India. Hence, the adoption of 3D printing technology will play a crucial role in driving the growth of the global low speed electric vehicle (LSEV) market.
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As per Technavio, the development of foldable LSEVs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Low Speed Electric Vehicle (LSEV) Market: Development of Foldable LSEVs
Foldable LSEVs are gaining traction in many developed economies such as the US and Germany. They are launched with an aim to reduce traffic congestion in major cities across the world. Foldable LSEVs also ensure comfortable parking in a standard parking space on the streets. Some vendors have announced their plans to launch pilot programs with foldable LSEVs through car-sharing schemes. Such developments are expected to be a crucial enabler for the adoption of LSEVs during the forecast period.
“Growing demand for LSEVs in car-sharing and advanced battery options for LSEVs are other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Low Speed Electric Vehicle (LSEV) Market: Segmentation Analysis
This market report segments the global low speed electric vehicle (LSEV) market by products (passenger vehicles and utility vehicles) and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the legalization of motorized quadricycle vehicles across various countries in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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SOURCE: Technavio Research
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PUB: 12/11/2019 01:00 PM/DISC: 12/11/2019 01:01 PM