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The future of low speed electric vehicle market looks promising with opportunities in the electric golf carts, personal utility vehicles, light speed off road, and low speed heavy duty vehicles. The global low speed electric vehicle market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $8.83 billion by 2025 with a CAGR of 0% to 2% from 2020 to 2025 . The major drivers for this market are stringent environmental regulations, improvement in electric vehicle R&D, advanced battery technology, and government subsidies.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of low cost lithium ion batteries, adoption of 3D printing technology for LSEV manufacturing, and increasing use of LSEVs as personal transportation vehicles in countries like United States.
A total of 124 figures / charts and 105 tables are provided in this 184 -page report to help in your business decisions. Sample figures with some insights are shown below. To learn the scope of, benefits, companies researched and other details of LSEV market report download the report brochure.
Global LSEV opportunities have evolved through number of stages as presented in figure below:
Evolution of LSEV Opportunities