Albany, New York (PRWEB) August 25, 2014
Low-speed electric vehicle (LSEV) embraces two-wheeled electric vehicle (electric bicycle, electric motorcycle, etc.), three-wheeled electric vehicle and four-wheeled electric vehicle (all-terrain vehicle, low-speed electric vehicle, etc.). In 2013, China produced 25.29 million two-wheeled electric vehicles, 4.72 million three-wheeled electric vehicles, 302,000 low-speed electric vehicles and 1.162 million all-terrain vehicles (ATV), up 26.3%, 32.2%, 46.6% and 10.1%, respectively, on a year-on-year basis. Although the low speed electric vehicle industry is experiencing a rapid growth, the market competition is extremely fierce due to the low entry barriers. Meanwhile, the market segments are showing different characteristics as below:
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Two-wheeled Electric Vehicle Market: after several rounds of reshuffles, the brand concentration has been improved, the top three companies – Yadea Technology Group Co., Ltd., Aima Technology Co., Ltd. and Jiangsu Xinri E-Vehicle Co., Ltd. enjoy a combined market share of 28%.
Three-wheeled Electric Vehicle Market: the price is very close on account of the serious product homogeneity, there is no branding formed yet. Currently, about ten companies namely Jiangsu Huaihai Vehicle Manufacturing Co., Ltd., Jiangsu Kingbon Vehicle Co., Ltd., Changzhou Yufeng Vehicle Co., Ltd., Henan Bubuxian Electric Tricycle Factory, Zipstar Motor Tricycle Manufacturing Co., Ltd., etc. achieve annual output of more than 100,000 vehicles.
Low-speed Electric Vehicle Market has entered the fast lane of development, accompanied by a growing number of manufacturers and intensifying competition. At present, domestic LSEV producers concentrate their production bases mainly in Shandong Province, whose LSEV output rose from 16,300 in 2009 to 175,000 in 2013 at a CAGR of 81.0%. Key players there are Shifeng Group, Shandong Baoya New Energy Vehicle Co. Ltd., Shandong Tangjun Ouling Automobile Manufacture Co., Ltd., and so on. At the same time, spurred by the robust downstream demand for LSEV, Chery and BYD have also ventured into this field.
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