Electric Low Speed Vehicle “Green Revolution in Small Automotive Subsector”
Registration of new electric cars recorded new highs in 2016,, with over 750,000 sales across the globe. With about 29% market share, Norway has effectively achieved the most successful deployment of electric cars in terms of market share. Norway is closely followed by the Netherlands, with a 6.4% electric car market share and Sweden with 3.4 percent. In 2016, in terms of market value and number of car sales China dominated the electric vehicles market and accounted for more than 40% of electric vehicles sold in the world and approximately two folds of the electric vehicles sold in United States.
There are already many manufacturers of electric low speed vehicles powered by internal combustion engines. Together with the electric solutions for transport such as e-bikes, e-golf carts and e-motorcycles, these industries are forming the emerging market for low speed electric vehicles. The low speed electric vehicles have been found to be energy efficient than that of the conventional vehicles. Among the two major options of electric vehicles; the low speed ones have been actively preferred by the electric vehicle adopters, as these require no legal procedures like the high speed variants and most importantly they cost far less than the high speed electric vehicles. Rapid pace of urbanization in developed and growing economies such as U.S., China, Australia, and others further providing the opportunities for the golf cart industry players to fill the need of economic mobility infrastructure. The growing investment in real estate sector in developing countries further augmenting the construction and housing sectors with advanced and luxury facilities. The rising state-of-the-art luxury societies across the globe would likely to boost the demand for golf carts and low speed neighborhood electric vehicle to commute to nearby places. Growth in hospitality sector has been observed owing to encouraging growth of tourism industry across the globe. The rise of hotels and resorts across the globe and rising anticipations of tourists towards the hotels services are inspiring the hotel industry to deliver better services. These factors are expected to generate a huge demand for golf carts over the next five to six years in hospitality sector.
These vehicles are designed to be used within protected environments and on roadways with a maximum posted speed of 25 mph. Currently, these vehicles are not subject to the same federal requirements for occupant protection as passenger cars. For instance, the U.S. and Canadian federal motor vehicle safety agencies have harmonized their regulations and stipulated the maximum operating speed of these vehicles, however state and local roadway authorities have regulated the maximum speed of roadways and intersection characteristics on which these vehicles can operate.
Electric Low Speed Vehicles (LSV) MarketSource: Electric Low Speed Vehicles (LSV) Market