Low Speed Electric Vehicle Market Share, Statistics Report 2025

Low Speed Electric Vehicle Market
COVID-19 Impact Analysis By
Segmentations, Key Company Profiles &
Demand
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As the environmental concerns across the globe are rising, the adoption of electric vehicles is
increasing as well. Since vehicles are among the major factors responsible for the deckling air
quality, it is highly imperative that alternative solutions instead of conventional fuel-based
vehicles are utilized more. The general public is becoming aware regarding these concerns
and hence, people are now more inclined towards electric vehicles. Governments of several
countries as well are offering support in the form of grants and subsidies to encourage the
adoption of such vehicles. In Asia-Pacific (APAC) specifically, governments are aiming
towards electrifying passenger vehicles in the public transport system.
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Due to all these factors, the demand and adoption of low speed electric vehicles (LSEV) are
growing at a rapid pace. The global LSEV market is projected to attain a value of $68.0
billion in 2025, increasing from $35.2 billion in 2017, and is expected to advance at an 8.7%
CAGR during the forecast period (2018–2025), as per a report by P&S Intelligence. A LSEV
is faster than an e-bike or a bicycle, is easy to park and charge, and is available at a low cost.
These features make these vehicles optimum for short travelling distances, which is why they
are increasingly becoming popular in the public transport fleet.
LSEVs are of three types, namely four-wheeler, two-wheeler, and three-wheelers. Out of
these, two-wheeler LSEVs were the most in demand in the past and are expected to register
highest demand in the coming years as well. This is ascribed to the growing utilization of
these vehicles in shared mobility services and in personal transportation. Types of twowheeler
LSEVs are mono wheel, scooter, kick scooter, motorcycle, and bike. LSEVs have
different voltages— 24V, 36V, 48V, 60V, and 72V. The demand for LSEVs with the voltage
48V was the highest in the past; however, the adoption of LSEVs with 72V is predicted to
increase significantly in the near future.
This is because of the rising requirement for high-speed electric scooters and microcars. Both
sealed lead acid and lithium-ion (Li-ion) batteries are used in these vehicles. While the
demand for sealed leas acid batteries was higher in the past, the preference is shifting towards
Li-ion batteries at the present time. Before, the cost of sealed lead acid batteries was lower
than that of Li-ion batteries, however, now owing to technological advancements in the
battery technology, the prices of Li-ion batteries have declined considerably. In addition to
this, Li-ion batteries are smaller in size and lighter in weight in comparison to sealed lead acid
batteries, which is why manufacturers are increasingly making their use.
Geographically, the APAC region emerged as the largest low speed electric vehicle market
in the past, with China leading the regional domain. This is because of the large population
base, increased government support in the form of regulations and subsidies, and
technological advancements in the country. The adoption of these vehicles is also predicted to
grow significantly in India in the years to come.

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Therefore, the demand for LSEVs is rising due to the surging environmental concerns across
the globe.
GLOBAL LSEV MARKET
• By Product – Two-wheeler [Scooter, Motorcycle, Bikes, Kick Scooter, Mono Wheel],
Three-wheeler, and Four-wheeler
• By Voltage – 24V, 36V, 48V, 60V, and 72V
• By Region –Asia-Pacific, ASEAN, North America, and Europe
ASIA-PACIFIC LSEV MARKET
• By Product
• By Voltage
• By country – China, Japan, India, South Korea, ASEAN, and Rest of Asia-Pacific
o China
• By product
• By voltage
o Japan
• By product
• By voltage
o India
• By product
• By voltage
o South Korea
• By product
• By voltage
o Rest of Asia-Pacific
• By product
• By voltage
o ASEAN
• By product
• By voltage
• By Country
• Indonesia
• By product
• By voltage
• Malaysia
• By product
• By voltage
• Singapore
• By product
• By voltage
• Philippines
• By product
• By voltage
• Thailand

• By product
• By voltage
EUROPE LSEV MARKET
• By product
• By voltage
NORTH AMERICA LSEV MARKET
• By product
• By voltage
This study covers
• Historical and the present size of the Low Speed Electric Vehicle (LSEV) Market
• Major factors driving the market and their impact during the short, medium, and long
terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their
comparative future potential
• Potential of on-demand logistics services, so the market players make informed
decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several
regions for uncovering market opportunities for the stakeholders
• Major players operating in the market and their service offerings
• Recent strategic developments by the major players in the market
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