The global low speed electric vehiclemarket size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.4 Billion by 2028, exhibiting a growth rate (CAGR) of 13.8% during 2023-2028.
Electric vehicles (EVs) operate on an electric motor without using an internal-combustion engine that generates power by burning a mixture of gases and fuels. They rely on batteries to power the electric motor, which is connected to a wall outlet or electric vehicle supply equipment (EVSE). They are highly efficient and cost-effective as EVs have fewer moving parts that require maintenance. In addition, EVs are environment-friendly as they do not emit greenhouse gases, such as carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrochlorofluorocarbons (HCFCs), hydrofluorocarbons (HFCs), and ozone (O3). At present, there is a rise in the demand for low-speed electric vehicles (LSEVs) across the globe, as they can be charged from home electrical outlets without the need for charging stations.
Low Speed Electric Vehicle Market Trends:
The rising awareness among the masses about the benefits of using LSEV as a low-cost and eco-friendly transportation option represents one of the key factors influencing the market. Besides this, there is an increase in the adoption of 3D printing technology for vehicle customization around the world. This, along with the expanding automobile industry, is strengthening the growth of the market. Moreover, governments of several countries are providing relaxation in legal age limits and driver licensing for LSEVs. They are also promoting the use of EVs by offering purchase subsidies and vehicle purchase and registration tax rebates, which is contributing to the growth of the market. In addition, key market players are extensively investing in research and development (R&D) activities to introduce low-cost lithium-ion batteries. In line with this, the increasing utilization of LSEVs as personal vehicles across the globe is offering a favorable market outlook. Apart from this, the escalating demand for fuel-efficient and high-performance vehicles worldwide is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global low speed electric vehiclemarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, vehicle type, voltage, battery and end user.
Breakup by Product:
Breakup by Vehicle Type:
Breakup by Voltage:
Breakup by Battery:
Breakup by End User:
Hotels and Resorts
Residential and Commercial Premises
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles 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.
Base Year of the Analysis
Product, Vehicle Type, Voltage, Battery, End User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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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Key Questions Answered in This Report
The global low speed electric vehicle market was valued at US$ 4.6 Billion in 2022.
We expect the global low speed electric vehicle market to exhibit a CAGR of 13.8% during 2023-2028.
The rising demand for fuel-efficient and high-performance vehicles, such as Low-Speed Electric Vehicles (LSEVs), as they can be charged from home electrical outlets without the need for separate charging stations, is primarily driving the global low speed electric vehicle market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for low speed electric vehicles.
Based on the vehicle type, the global low speed electric vehicle market has been segregated into passenger LSEV, heavy-duty LSEV, utility LSEV, and off-road LSEV. Among these, off-road LSEV currently holds the largest market share.
Based on the end user, the global low speed electric vehicle market can be bifurcated into golf courses, tourist destinations, hotels and resorts, airports, residential and commercial premises, and others. Currently, golf courses exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global low speed electric vehicle market include 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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