Low Speed Electric Vehicle (LSEV) Market to Witness Steady Expansion during 2025 Low Speed Electric Vehicle (LSEV) Market to Witness Steady Expansion during 2025
BriefingWire.com, 4/20/2021 - Low-Speed Electric Vehicle (LSEV) is powered by an electric motor which gains its power through a collector system. The power is normally obtained from the electricity from off-vehicle sources or self-started with solar panels, battery or a power generator.
Demand Scenario
The global low-speed electric vehicle market was USD 2.87 billion in 2018 and is estimated to reach USD 6.46 billion in 2025 at a CAGR of 12.27% during the forecast period
Growth by Region
Asia-Pacific region leads the market with more than 60% of the market share owing to the early introduction of LSEVs in countries such as China and Japan paired with support from the government in the region. North America and Europe, on the other hand, are also important markets, tho