Low-Speed Electric Vehicle Market Size, Share & Industry Analysis, By Vehicle Type (Passenger vehicle, Heavy-duty vehicle, Utility vehicle, Off-road vehicle), By End-User (Golf Courses, Tourist Destinations, Hotels & Resorts, Airports, Residential & Commercial Premises) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Past few days, demand for Low-Speed Electric Vehicles Market (LSEVM) is growing rapidly. These low-speed electric vehicles market aim to provide an easy solution for last-mile cargo delivery that is inherently more efficient. These LSEVs are lighter than other vehicles and leave more energy to move the objects that provide value. It also operates at low speed and is specially used in hotels, golf courses, residential, and airports to carry lightweight luggage and 2 or 3 passengers.
The Low-speed electric vehicle is a four-wheeled motor vehicle, and the maximum speed range is between 20kmph to 40kmph, which could load 3-4people. This LSEV is very convenient for daily travel, shopping. It is just the ideal means of transportation.
The low-speed electric vehicle is a new energy vehicle such as of cart and other cars. These vehicles have more comfort and are safer than other golf carts in this market. Passenger vehicles by vehicle type dominate the global market, and the golf course is the most significant contributor by end-user segment. For example, rise in demand for electric vehicles.
The market growth of Low-speed electric vehicles is driven by the stringent government rules and regulations toward vehicle emission and increase in fuel costs. The rise in technological, pollution, advancements, surge in the automobile industry, and decrease in fossil fuel reserves have fueled the development and production of Low Seed Electric Vehicle (LSEV). The High vehicle cost and lack of proper charging infrastructure are some of the major restraining factors of this market.
Key Market Driver -
• Stringent government rules and regulations toward vehicle emission. • Improvement in electric vehicles R&D & battery technology • Proactive government initiatives • Increase in fuel costs
Key Market Restraint -
• High cost of electric vehicles • Lack of infrastructure support
Key Players:
Key players operating in the global low-speed electric vehicle market are Bintelli Electric Vehicles and Ligier Group, HDK Electric Vehicles, AGT Electric Cars, Bradshaw Electric Vehicles, Textron Inc., Polaris Industries, Yamaha Motors Co. Ltd., Ingersoll Rand, Inc., and Speedway Electric.
Key Insights:-
- Low-speed Electric Vehicle (Class-B) is defined as a low-speed electric vehicle capable of traveling at greater than 25 mph but less than 45 mph. A Class-B Low-Speed Electric Vehicle is operated on a roadway with a speed limit of 45mph.
- This low electric vehicle was primarily designed to replace conventional ways of travel as they lead to environmental pollution.
- Many countries have imposed a complete lockdown for more than two months due to the COVID-19 epidemic, which has impacted vehicle production. Manufacturing facilities worldwide have been shut down, and vehicle sales have taken a huge hit. However, the low-speed vehicle resumed production with limited output and necessary measures. Conditions improved in the latter months, but EV manufacturers did not suffer much as demand for zero-emission cars increased during the later months of 2021.
Regional Analysis:
North America accounted for the highest share in the global low-speed electric vehicle market. The trend and outlook of the North American (NA) market are forecast in an optimistic, balanced, and conservative view by taking into account COVID-19.
Europe is the second-largest Low-Speed Electric Vehicles market in the world. The European low-speed electric vehicle market is owing to stringent environmental regulations, improvement in electric vehicle Research & Development, Government subsidies, and advanced battery technology.
Asia-Pacific is the largest market for low-speed electric vehicles. China leads the Asia-Pacific market, In terms of revenue, which has accounted for the highest part. Because of its size, population, technological advancements, and government support in subsidies and regulations, the country has become a significant player in the region's low-speed electric vehicle market.
The Asia Pacific will remain the largest region. It is also expected to witness the highest growth over the forecast period due to government initiatives to reduce carbon emissions and increase traffic congestion.
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Segmentation
ATTRIBUTE | DETAILS |
By Vehicle Type |
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By End-User |
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By Region |
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- Ongoing
- 2023
- 2019-2022
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