IMARC Group's latest report, titled "Low Speed Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," finds that the global low speed electric vehicle market size reached US$ 3.94 Billion in 2021. Electric vehicles (EVs) run on electric motors instead of internal combustion engines, which produce power by burning a mixture of fuels and gases. The electric motor is powered by batteries and connected to a wall outlet or electric vehicle supply equipment (EVSE). They have fewer moving parts that require maintenance and are highly efficient and cost-effective. They are eco-friendly as they do not generate greenhouse gases, such as ozone (O3), methane (CH4), nitrous oxide (N2O), carbon dioxide (CO2), hydrochlorofluorocarbons (HCFCs), and hydrofluorocarbons (HFCs). At present, low-speed electric vehicles (LSEVs) are gaining immense traction across the globe as they can be charged from electrical outlets at home, eliminating the need for charging stations.
Global Low Speed Electric Vehicle Market Trends:
The rapid expansion in the automobile industry and the surging adoption of 3D printing technology for vehicle customization represent the primary factors driving the market growth. Moreover, the rising awareness regarding the benefits of using LSEV as a low-cost and eco-friendly transportation option is positively influencing the market growth. Additionally, governments of numerous countries are taking favorable initiatives for offering relaxation in legal age limits and driver licensing for LSEVs. In line with this, the provision of lucrative purchase subsidies and vehicle purchase and registration tax rebates for promoting EV use has catalyzed market growth. Besides this, the rising demand for high-performance and fuel-efficient vehicles is another major growth-inducing factor. Furthermore, several key players are investing in research and development (R&D) activities to develop low-cost lithium-ion batteries. Along with this, the shifting consumer inclination toward autonomous vehicles and recent innovations in battery technology are propelling the market growth. Other factors, including technological advancements in EVs, depleting fossil fuel reserves, inflating fuel prices, and rising pollution levels, are also anticipated to provide a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 9.12 Billion by 2027, expanding at a CAGR of 14.20% during 2022-2027.
- On the basis of the product, the market has been divided into two, three, and four-wheelers.
- Based on the vehicle type, the market has been categorized into passenger, heavy-duty, utility, and off-road LSEVs.
- The market has been classified based on the voltage into 24V, 36V, 48V, 60V, and 72V.
- Based on the battery, the market has been categorized into lithium-ion, lead-acid, and other batteries.
- On the basis of the end user, the market has been segmented into golf courses, tourist destinations, hotels and resorts, airports, residential and commercial premises, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being AGT Electric Cars, Bintelli Electric Vehicles, Bradshaw Electric Vehicles, HDK Electric Vehicle, Hero Electric Vehicles Pvt Ltd, Polaris Inc., Speedways Electric, Terra Motors Corporation, and Textron Inc.
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