The low-speed electric vehicle market will grow at a good rate in the future. The growth of the industry is majorly driven by the increasing government support toward the acceptance of these vehicles, together with environmental concerns all over the world.
Shift from SLA batteries to Li-ion batteries is a major industrial trend. Major industrial names are leaning toward the usage of Li-ion batteries in low-speed electric vehicles, dominating SLA batteries, which were until recently used in these vehicles. Comparing with to Lithium-ion batteries, the SLA batteries have significantly low primary cost and still pretty strong as the first choice of consumers.
But talking about the long run, the Li-ion batteries are much improved than SLA batteries. Li-ion batteries are much lighter and smaller in comparison to SLA batteries, making these the favored choice for installation in the electric vehicles.
Two-wheelers dominated the LSEV market in the past and they had the fastest growth. This has a lot to do with due to high use of these vehicles in personal transportation along with shared mobility services.
48 V battery vehicles held the largest share both in terms of volume and revenue in the past. This has a lot to do with its popularity in e-scooters. While, the fastest growth will be experienced by the 72V category, because of snowballing requirement for high-speed microcars and e-scooters, as this is favored for these vehicles.
In the APAC region, the industry was led by China in the past. The population, size, tech- advancements, and support from the government as subsidies and regulations have helped China to boom in the region. The country is also the biggest LSEV exporter in APAC.
While, the fastest growth in the future is likely from the Indian market, because of LSEV penetration in the nation.
Report Description@ https://www.psmarketresearch.com/market-analysis/low-speed-electric-vehicle-market