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Considering the rapid growth of the low speed electric vehicle market, what are the projections and exciting trends to look forward to?
The low-speed electric vehicle market size has exhibited a significant boom in recent years. It is projected to rise from $7.83 billion in 2023 to $9.14 billion in 2024, displaying a compound annual growth rate CAGR of 16.8%. This growth during the historical period can be attributed to a myriad of factors including increasing investments by governments, a rise in the instances of vehicle theft, a reduction in the cost of electric vehicle ev batteries, emerging markets growth, and a surge in domestic manufacturing.
In the foreseeable future, the market size for low-speed electric vehicles is expected to see a steady incline. Forecasts suggest that it will grow to $16.07 billion in 2028 at a compound annual growth rate CAGR of 15.1%. Factors contributing to this spike in the forecast period include the surge in fuel prices, rapid growth in ecommerce, a growing demand for autonomous and electric vehicles, urbanization, and a rising demand for driverless vehicles. Major trends in this forecast period include new product launches, technological advancements, the use of electric vehicles in logistics, the adoption of lithium-ion batteries, and the utilization of 3D printing in electric vehicles.
What is the key driver influencing the growth of the low-speed electric vehicle market?
Fuel prices are escalating, and this is 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. The energy derived is integral for a multitude of tasks and often exists in its natural state or is converted to a usable form of energy with the aid of machinery. With an increasing demand for vehicle fuel and supply chain concerns arising from Russia’s invasion of Ukraine, the cost of fuel is on a steady rise, thereby creating a profusion of opportunities for electric vehicle manufacturers. According to a report published by the UK-based broadcasting network, BBC, in February 2022, the cost of petrol reached 148.02 pounds per liter $1.869 a liter, while diesel hit a record-breaking high of 151.57 pounds per liter $1.914 a liter in the UK. This marked a significant increase from the September 2021 petrol price of 140 pounds $1.76 and diesel price of 144 pounds $1.81. The increasing fuel costs are, therefore, bolstering the demand for low-speed electric vehicles in the market.
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Which prominent players are leading the growth of the Low Speed Electric Vehicle Market?
Major players operating in the low-speed electric vehicle market are Deere & Company, 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, and various other notable names.
Battle of the trends: What is the latest trend shaping the scene of the low-speed electric vehicle market?
Product innovations are taking center stage as the key trend taking the low-speed electric vehicle market by storm. Players in the market are committed to developing technologically advanced products to consolidate their market position. An example of this trend is the India-based electric vehicle company, Odysse, which launched a new electric scooter with a waterproof battery and motor in May 2022. Such enhancements aim at improving the EV’s durability, reducing maintenance and repairs for customers, and increasing the market appeal of these cost and energy-efficient vehicles.
How is the Low Speed Electric Vehicle Market segmented?
The market is segmented as follows:
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
Regional Insights: Which regions are leading the growth of the low-speed electric vehicle market, and why?
In 2023, North America was the largest regional contributor in the low-speed electric vehicle market. The market report covers various regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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