The Business Research Company’s report on the Low Speed Electric Vehicle Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the low speed electric vehicle market’s growth in recent years?
Increasing fuel costs are expected to drive the growth of the low-speed electric vehicle market going forward. Fuels are substances that provide chemical or thermal energy when burned. This energy is required to carry out a variety of tasks and is either used in its natural state or converted to a usable form of energy with the help of machinery. Due to the increasing demand for vehicle fuel and supply chain concerns precipitated by Russia’s invasion of Ukraine, the cost of fuel is increasing day by day, which creates an opportunity for electric vehicle manufacturers. For instance, according to the report published by BBC (British Broadcasting Company), a UK-based broadcasting network, in February 2022, the cost of petrol reached 148.02 pounds per liter ($1.869 a liter), while diesel hit a new record high of 151.57 pounds per liter ($1.914 a liter) in the UK, which is a significant increase compared to the September 2021 petrol price of 140 pounds ($1.76) and diesel price of 144 pounds ($1.81). Thus, the increasing fuel costs are driving the demand for the low-speed electric vehicle market.
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How does the future projection of the low speed electric vehicle market size compare to its historical growth?
The low speed electric vehicle market size has grown rapidly in recent years. It will grow from $9.03 billion in 2024 to $10.49 billion in 2025 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to increasing investments by governments, increasing occurrences of vehicle theft, reducing the cost of electric vehicle (EV) batteries, emerging market growth, and a rise in domestic manufacturing.
The low speed electric vehicle market size is expected to see rapid growth in the next few years. It will grow to $18.19 billion in 2029 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to an increase in fuel prices, rapid growth in e-commerce, growing demand for autonomous and electric vehicles, urbanization, and growing demand for driverless vehicles. Major trends in the forecast period include new product launches, technological advancement, use of electric vehicles in logistics, adoption of lithium-ion batteries, and use of 3d printing in electric vehicles.
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Which key players are shaping the future of the low speed electric vehicle market?
Major companies operating in the low speed electric vehicle market include Textron Inc, Club Car, The Toro Company, Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, Tomberlin Automotive Grp, Moto Electric Vehicles, Bradshaw Electric Vehicles, HDK Electric Vehicles, Speedways Electric, Shandong Shifeng Group Company Limited, Ingersoll Rand Inc, Ligier Group, Polaris Inc, Yamaha Motors Company Limited, Hitachi Automotive, Honda Motor Company Limited, ICON Electric Vehicles, Geely, Byton, Enovate, Zhiji, Dongfeng Motor, Chang’an Automobile, Guangzhou Automobile, Chery Automobile, FAW Group, Evergrande, BYD Auto, BAIC Motor, Great wall motor, EasyMile, AGT Electric Cars, Bintelli Electric Vehicles, Byvin, Groupe Renault, Via Motors, Ford, General Motors, Bravo Motor, Kia Motors, iPedal, Daimler AG, Energica Motor Company, Mahindra, Bozankaya, EVT motor, Car4future, Tata Motors Limited, Infinity, Schneider, Melex Electrovehicles, GridCars, Mazibuko Motor Company, El Nasr Automotive Manufacturing Company, Eleksa
What trends will propel the growth and evolution of the low speed electric vehicle market?
Product innovations have emerged as the key trend gaining popularity in the low-speed electric vehicle market. Major companies operating in the low-speed electric vehicle market are focused on developing technologically advanced products to strengthen their market position. For instance, in May 2022, Odysse, an India-based electric vehicle company, launched a new electric scooter with a waterproof battery and motor. With the help of research and development, it would improve the EV’s durability and significantly reduce maintenance and repairs for the customers. The newly launched scooter comes with two water-resistant IP 67 certified battery options, allowing for 150km of continuous travel on a single charge.
Which regions are expected to become dominant players in the low speed electric vehicle market?
North America was the largest region in the low-speed electric vehicle market in 2024. The regions covered in the low-speed electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the emerging key segments in the low speed electric vehicle market, and how are they evolving?
The low speed electric vehicle market covered in this report is segmented –
1) By Type: Electric Passenger Vehicle, Electric Personal Utility Vehicle, Electric Low Speed Off-Road Vehicle, Electric Low Speed Heavy Duty Vehicle
2) By Battery: Lithium-Ion Battery LSEV, Lead-Acid Battery LSEV, Other Batteries
3) By Voltage: 24V, 36V, 48V, 60V, 72V
4) By Application: Personal Use, Commercial Use, Public Utilities
5) By End-User: Golf Courses, Hotels And Resorts, Tourist Destinations, Airports, Residential And Commercial Premises, Other End-Users
Subsegments:
1) By Electric Passenger Vehicle: Electric Golf Carts, Electric Shuttles
2) By Electric Personal Utility Vehicle: Electric Scooters, Electric Mopeds
3) By Electric Low-Speed Off-Road Vehicle: Electric All-Terrain Vehicles (ATVs), Electric UTVs (Utility Task Vehicles)
4) By Electric Low-Speed Heavy Duty Vehicle: Electric Trucks, Electric Delivery Van
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How is the low speed electric vehicle market defined, and what are its core characteristics?
Low-speed electric vehicles operate on an electric motor instead of an internal combustion engine and generate power by burning a mix of fuel and gases. The low-speed electric vehicle consists of a motor vehicle with four wheels, a gross vehicle weight rating of 3,000 pounds or less, and can achieve a minimum speed of 20 miles per hour (MPH) and a maximum speed of 25 mph. They are used for the transport of people and goods.
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