PUBLISHER: The Business Research Company | PRODUCT CODE: 1429856
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429856
Low-speed electric vehicles are powered by an electric motor rather than an internal-combustion engine, utilizing a mix of fuel and gases for power generation. These vehicles are characterized by having four wheels, a gross vehicle weight rating of 3,000 pounds or less, and the capability to achieve speeds ranging from a minimum of 20 miles per hour (mph) to a maximum of 25 mph. They are commonly employed for the transportation of people and goods.
The primary types of low-speed electric vehicles include electric passenger vehicles, electric personal utility vehicles, electric low-speed off-road vehicles, and electric low-speed heavy-duty vehicles. Electric passenger vehicles rely on electric motors and use electricity stored in batteries for propulsion. These vehicles operate at various voltages such as 24v, 36v, 48v, 60v, 72v, and utilize different types of batteries, including lithium-ion battery LSEV and lead-acid battery LSEV, among others. Applications of low-speed electric vehicles span personal use, commercial use, and public utilities, with end-users including golf courses, hotels and resorts, tourist destinations, airports, as well as residential and commercial premises.
The low speed electric vehicle market research report is one of a series of new reports from The Business Research Company that provides low speed electric vehicle market statistics, including low speed electric vehicle industry global market size, regional shares, competitors with a low speed electric vehicle market share, detailed low speed electric vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the low speed electric vehicle industry. This low-speed electric vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The low speed electric vehicle market size has grown rapidly in recent years. It will grow from $7.83 billion in 2023 to $9.14 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The expansion observed in the historical period can be attributed to increasing government investments, a rise in vehicle theft occurrences, cost reduction of electric vehicle (EV) batteries, growth in emerging markets, and an increase 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 $16.07 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The anticipated growth in the forecast period can be attributed to an increase in fuel prices, rapid growth in e-commerce, a growing demand for autonomous and electric vehicles, urbanization, and an increasing demand for driverless vehicles. Key trends expected in the forecast period involve new product launches, technological advancements, the use of electric vehicles in logistics, the adoption of lithium-ion batteries, and the use of 3D printing in electric vehicles.
The low-speed electric vehicle market is poised for growth due to the anticipated rise in fuel costs. Fuels, which provide chemical or thermal energy when burned, are essential for various tasks and can be used in their natural state or converted to usable energy forms through machinery. Escalating demand for vehicle fuel and supply chain disruptions triggered by Russia's invasion of Ukraine have led to a daily increase in fuel costs. This situation presents an opportunity for electric vehicle manufacturers. According to a February 2022 report by the British Broadcasting Company (BBC), petrol costs in the UK reached 148.02 pounds per liter ($1.869 a liter), and diesel reached a record high of 151.57 pounds per liter ($1.914 a liter), a significant increase compared to September 2021 prices of 140 pounds ($1.76) for petrol and 144 pounds ($1.81) for diesel. Consequently, the surging fuel costs are fueling the demand for low-speed electric vehicles.
The growth of the low-speed electric vehicle market during the forecast period will also be driven by the increasing demand for autonomous and electric vehicles. Autonomous vehicles, which operate with minimal or no human intervention, and electric vehicles, which use electric motors instead of internal combustion engines, are experiencing rising demand. Advanced driver-assistance systems, commonly employed in autonomous and electric cars, contribute to their popularity. In August 2022, China, with the world's largest and fastest-growing electric vehicle market, witnessed the delivery of 2.4 million electric vehicles to customers in mainland China during the first half of 2022, accounting for 26% of all car sales. This marked a significant increase from the 10% share in the first half of 2021. Additionally, data from the International Energy Agency in May 2022 revealed a substantial surge in electric vehicle sales, reaching a new high of 10.2 million units in 2022, nearly doubling the previous year's sales. The global sales projection for electric cars in 2023 is 14 million units, indicating a remarkable growth rate of 35%. Thus, the growing demand for autonomous and electric vehicles is propelling the low-speed electric vehicle market.
Product innovation stands out as a prominent trend in the low-speed electric vehicle market, with major companies focusing on developing technologically advanced products to enhance their market position. In May 2022, Odysse, an India-based electric vehicle company, introduced a new electric scooter featuring a waterproof battery and motor, enhancing durability and reducing maintenance and repair needs. The scooter offers two water-resistant IP 67 certified battery options, enabling 150km of continuous travel on a single charge.
Major players in the low-speed electric vehicle market are actively pursuing technological advancements to reinforce their market standing. For example, in November 2021, Iso, an Italian automotive brand under the Tonino Lamborghini umbrella, collaborated with India's Kinetic Green to launch a new range of electric golf carts. The Iso Divo Golf Carts, available in Strada and Golf versions, are designed in Italy, manufactured in India, and positioned for global exports.
In August 2021, Kaixin Auto Holdings, a China-based provider of used luxury and imported new cars, acquired Henan Yujie Times Automobile Company Limited, marking its entry into China's small-size electric vehicle market. Yujie forecasts the market to reach a 10 million vehicle scale over the next five years. Henan Yujie Times Automobile Company Limited specializes in manufacturing small-size multi-function electric vehicles.
Major companies operating in the low speed electric vehicle market report 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, Byton, Enovate, Zhiji, Dongfeng Motor, Chang'an Automobile, Guangzhou Automobile, Chery Automobile, FAW Group, Evergrande, BYD Auto, BAIC Motor, Great wall motor, Volkswagen, Audi, BMW, Hyundai, Mercedes Benz Motors, MAN Germany, DAF Trucks, Effigear EP Tender, Ze-Watt, Ecovelo, SeaBubbles, EasyMile, AGT Electric Cars, Bintelli Electric Vehicles, Byvin, Groupe Renault, VinFast, Via Motors, Tesla Inc., Proterra, Hyliion, 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
North America was the largest region in the low-speed electric vehicle market in 2023. 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.
The countries covered in the low speed electric vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The low-speed electric vehicle market consists of sales all-electric, plug-in hybrid electric and fuel cell electric vehicles. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Low Speed Electric Vehicle Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on low speed electric vehicle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for low speed electric vehicle? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The low speed electric vehicle market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.