Based on product, the LSEV market is categorized into two-wheelers, three-wheelers, and four-wheelers. Two-wheeler is the most preferred category due to the popularity of electric bicycles and electric scooters, and their comparatively high use in personal transport than other electric vehicles. In addition, the fastest growth during the forecast period is expected from the two-wheeler category.

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Global LSEV market is projected to reach $68 billion by 2025.The growth of the market is majorly driven by rising environmental awareness and increasing government support.

By type of two-wheeler, the LSEV market is categorised into electric scooter, motorcycle, bikes, kick scooter, and mono wheel. Among these, electric bikes held the highest revenue share in the market, valuing over 50% in 2017. Electric scooters can reach top-speeds of 25-50km/hr, and are comfortable for long distance commuting.

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Globally, Asia-Pacific is the largest market for low speed electric vehicles, followed by North America and Europe. The Asia-Pacific market is led by China, which accounted for the largest share in terms of revenue in 2017, valued at more than 90%.Europe is the second largest LSEV market in the world.

Some of the major players operating in the LSEV industry are Terra Motors Corporation, Zero Motorcycles Inc., Changzhou Yufeng Vehicle Co. Ltd., Jiangsu Kingbon Vehicle Co. Ltd., Hero Electric Vehicles Pvt. Ltd., Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd., ZHIDOU Electric.