Low speed vehicle (LSV) Market Industry Innovation Related News
March 04, 2021 ----DSG Global, Inc. (Canada), an emerging global technology company,
announced signing a distributorship agreement with Auto Supermall, Ltd. through
its automotive division Imperium Motor Corp (IMC), an EV sales and marketing
company offering a wide variety of affordable vehicles, including high speed,
mid-speed, and low-speed electric vehicles.
According to Market Research Future (MRFR),
the global low speed vehicle (LSV) market is expected to garner a valuation of
USD 6.4 BN by 2022, registering a 5% CAGR during the forecast period
(2022-2030). Stricter government regulations to control vehicle emissions and
pollution levels boost the low speed vehicle (LSV) market size.
Why are low speed
vehicles growing in popularity?
A low speed vehicle (LSV) is a type of electric vehicle that has a top
speed of less than 25 mph (40 km/h). LSEVs are typically smaller and lighter
than traditional electric vehicles, and they are designed for short-distance
travel in urban areas.
LSEVs can be powered
by a variety of battery technologies, including lead-acid, lithium-ion, and
nickel-metal hydride batteries. The range of an LSEV will vary depending on the
size of the battery pack and the driving conditions, but most LSEVs have a range
of between 20 and 50 miles.
LSEVs have a number of
advantages over traditional gasoline-powered vehicles. They are more efficient,
produce zero emissions, and are much quieter. LSEVs are also typically less
expensive to purchase and maintain than gasoline-powered vehicles.
LSEVs are becoming
increasingly popular in urban areas, where they can be used for a variety of
tasks, including commuting, running errands, and sightseeing. LSEVs are also
becoming popular for use on college campuses and in other restricted-access
areas.
Here are some of
the benefits of using LSEVs:
- Zero emissions: LSEVs produce zero
emissions, which helps to improve air quality and reduce greenhouse gas
emissions.
- Low operating costs: LSEVs are very
efficient and inexpensive to operate. The cost of electricity to operate
an LSEV is much lower than the cost of gasoline to operate a
gasoline-powered vehicle.
- Reduced noise pollution: LSEVs are
much quieter than gasoline-powered vehicles, which helps to reduce noise
pollution.
What are low speed
vehicles in USA?
Low speed vehicles
(LSVs) in the United States are four-wheeled motor vehicles with a maximum
speed of 25 mph and a gross vehicle weight rating (GVWR) of less than 3,000
pounds. They are typically powered by electricity, but there are also some
gasoline-powered LSVs available.
LSVs can be used on
roads with a speed limit of 35 mph or less. They are not allowed on highways or
other roads with higher speed limits. LSVs must be registered and insured, and
the drivers must have a valid driver's license.
LSVs are becoming
increasingly popular in the United States due to a number of factors,
including:
- Environmental benefits: LSVs
typically produce zero emissions, which makes them a more environmentally
friendly transportation option than traditional gas-powered vehicles.
- Cost-effectiveness: LSVs are
generally less expensive to purchase and operate than traditional
vehicles. This is because they are smaller and lighter, and they require
less energy to operate.
- Versatility: LSVs can be used for a
variety of purposes, including commuting, running errands, and
transporting goods. They are also popular for use in gated communities,
college campuses, and other restricted areas.
- Ease of use: LSVs are easy to drive
and park. They are also relatively safe, thanks to their slow speed and
low center of gravity.
Some examples of
LSVs include:
- Golf carts
- Neighborhood electric vehicles (NEVs)
- Low speed utility vehicles (LSUs)
- Low speed neighborhood vehicles (LSNs)
What is the future
of low speed vehicles?
The future of low
speed vehicles (LSVs) is very promising. LSVs offer a number of advantages over
traditional vehicles, including:
- Environmental benefits: LSVs are
typically powered by electricity, which means they produce zero emissions.
This is a major advantage over traditional gas-powered vehicles, which
contribute to air pollution and climate change.
- Cost-effectiveness: LSVs are
generally less expensive to purchase and operate than traditional
vehicles. This is because they are smaller and lighter, and they require
less energy to operate.
- Versatility: LSVs can be used for a
variety of purposes, including commuting, running errands, and
transporting goods. They are also popular for use in gated communities,
college campuses, and other restricted areas.
- Ease of use: LSVs are easy to drive
and park. They are also relatively safe, thanks to their slow speed and
low center of gravity.
In addition to
these general benefits, LSVs are also becoming more popular due to a number of
specific trends, such as:
- The rise of urban living: As more
people move to cities, there is a growing demand for transportation
solutions that are efficient, affordable, and environmentally friendly.
LSVs fit all of these criteria.
- The increasing popularity of electric
vehicles: Electric vehicles are becoming more popular due to their
environmental benefits and low operating costs. LSVs are a type of
electric vehicle, so they benefit from the same trends.
- The growth of the sharing
economy: Companies like Uber and Lyft are making it easier for people
to get around without owning a car. LSVs could play a role in this sharing
economy, as they could be rented out to people who need them for short
periods of time.
The future of LSVs
is also being shaped by a number of technological advancements, such as:
- Autonomous driving: Autonomous LSVs
could provide a new and convenient way to get around. They could also be
used to provide transportation services to people who are unable to drive
themselves, such as the elderly and disabled.
- Connected vehicles: Connected LSVs
could communicate with each other and with infrastructure to improve
traffic flow and safety. They could also be used to provide information
and services to passengers, such as real-time traffic updates and directions.
The global low speed vehicle (LSV) market is growing rapidly, mainly due to the
rising demand for eco-friendly transport options. Additionally, government
initiatives to promote low speed vehicle (LSV) usages for in-premise purposes create
substantial market demand. The proliferation of electric vehicles (EVs)
positively impacts the growth of the market.
Simultaneously, the government incentive
programs to encourage manufacturers for the production of low-speed electric
vehicles to propel the growth of the market. The advent of electric vehicles to
increase electric mobility at reduced operational costs drives the market
growth.
On the other hand, high manufacturing costs
of low speed vehicle (LSV) s is a major factor impeding the market growth.
Also, low-cost vehicles have a greater lifespan than conventional cars. This
can slow down the growth of the low speed vehicle (LSV) market, minimizing the chances of new models.
Major Players
Players leading the global low speed
vehicle (LSV) market include
Textron (US),
Polaris Industries Inc. (US),
The Toro Company (US),
Deere Company (US),
Yamaha Golf-Car Company (US),
Kubota Corporation (Japan),
Global Low speed vehicle (LSV) Market
- Segments
The LSV market is segmented into power
output, propulsion, application, and regions. The power output segment is
sub-segmented into <8kW, 8-15kW, and >15kW. The propulsion segment is
sub-segmented into diesel, electric, and gasoline. The application segment is
sub-segmented into industrial utility, golf cart, personnel carrier, public
transport vehicle, and others. By regions, the market is sub-segmented into
Asia Pacific, Americas, Europe, and rest-of-the-world.
Global LSV Market - Regional Analysis
North America dominates the global low
speed vehicle (LSV) market. The market
growth is attributed to the massive increase in the production and sales of
e-vehicles in the region. Besides, the increased energy-efficient solutions in
electric vehicles drive market growth. Growing investments from Private and
public organizations and the rise in demand for safety features in vehicles
foster the market's growth. The North American low speed vehicle (LSV) market is projected to retain its dominance
throughout the assessment period.
Asia Pacific stands second in the global low
speed vehicle (LSV) market. The market
growth is driven by the growing demand for electric vehicles with a low
operating cost. Moreover, the increased government backing support for the
low-speed EV vehicle industry in the region. Also, increasing R&D
investments and a large potential consumer base in India and China create a
huge demand for environment-friendly vehicles, contributing to market sales.
Europe is a sizable market for low speed
vehicle (LSV) s. Regulatory laws of the
European Union (EU) to minimize vehicle, emissions influence market growth.
Besides, and timelines for creating zero-emission zones in countries like the
UK and France increase the demand for low-speed electric vehicles to foster
regional market growth. Furthermore, favorable incentives policies propel the
growth of the market in the region.
Low speed vehicle (LSV) Market
- Competitive Analysis
Highly competitive, the low
speed vehicle (LSV) market appears
fragmented due to the presence of several well-established players. To gain a
larger competitive share, players incorporate strategies like mergers &
acquisitions, collaboration, expansion, and technology/product launch. With the
industry, technologies, and EVs changing faster than ever before, research
projects to optimize energy-efficiency has become crucial.
Many researches to integrate low-speed
motor solutions have opened up substantial investment opportunities for the
market players. Industry players are investing substantially to develop
innovative technologies that can ease the challenges of next-generation
mobility solutions.
Read more:
Driver State Monitoring Systems
.png)
.png)
No comments:
Post a Comment