North America Low-Speed Electric Vehicle Market Forecast to 2030 - Regional Analysis

Description

List of Tables

The North America low-speed electric vehicle market was valued at US$ 2,577.70 million in 2022 and is expected to reach US$ 3,777.38 million by 2030; it is estimated to register a CAGR of 4.9% from 2022 to 2030.

Growing Concerns Regarding Greenhouse Gas Emission Drive North America Low-Speed Electric Vehicle Market

A key contributor of GHG (greenhouse gas) emissions that lead to climate change is fossil fuel-driven vehicles. Hence, the utilization of electric vehicles is increasing due to the rising need for vehicles that are sustainable and provide minimalzero carbon emission, growing climate change concerns, and government initiatives toward mitigating the usage of fossil fuels across the globe. Governments of various nations realize the significance of switching to the electrification of devices and vehicles to meet the future low to zero carbon emission targets. For instance, the US government aims to reduce net GHG emissions by 50-52% compared to 2005 levels by 2030 and attain net zero emissions by 2050. The rising use of electric vehicles can help control the air pollution caused by fossil fuels as they do not emit any carbon or other harmful emissions. For road transport, low-speed vehicles are utilized in airports, resorts, golf courses, or any other private premises, contributing substantially to environmental pollution. EVs help reduce pollution, thereby allowing countries to meet the net zero carbon emission targets. Thus, the growing concerns regarding greenhouse gas emissions and environmental pollution are boosting the demand for electric vehicles, which drives the North America low-speed electric vehicles market.

North America Low-Speed Electric Vehicle Market Overview

North America is one of the early adopters of electric vehicles, owing to higher technological adoption and the presence of key electric vehicle market players such as Tesla Inc., Ford Motor Company, The General Motors Company, and Lucid Group Inc. These players drive the automotive industry's growth through various strategic initiatives such as new product launches, new product development, partnerships, and collaborations. Though global automation production is witnessing a declining trend, the North American automotive market is showing a positive sign with the rising automotive production. According to the data published by Scotiabank, the annual production of light vehicles in North America was increased by 11% in 2022, which was valued at 17.6 million in 2021 and is expected to increase by 7% by the end of 2023. As the automotive industry is witnessing a rapid transition toward electrification, such data shows that North America is one of the lucrative markets for the growth of electric vehicles over the forecast period.

North America Low-Speed Electric Vehicle Market Revenue and Forecast to 2030 (US$ Million)

North America Low-Speed Electric Vehicle Market Segmentation

The North America low-speed electric vehicle market is bifurcated based on product, end user, vehicle type, and country. Based on product, the North America low-speed electric vehicle market is bifurcated into passenger vehicle and utility vehicle. The passenger vehicle segment held a larger market share in 2022.

In terms of end user, the North America low-speed electric vehicle market is segmented into golf courses, hotels & resorts, airports, residential & commercial, premises, and others. The golf courses segment held the largest market share in 2022.

By vehicle type, the North America low-speed electric vehicle market is segmented into golf carts, commercial turf utility vehicles, industrial utility vehicles, and personal mobility vehicles. The golf carts segment held the largest market share in 2022.

Based on country, the North America low-speed electric vehicle market is segmented into the US, Canada, and Mexico. The US dominated the North America low-speed electric vehicle market share in 2022.

Cushman, Navya SA, Westward Industries Ltd, LVTong USA Golf Cars LLC, Aetric Electric Vehicles, American Custom Golf Cars Inc, Waev Inc, Yamaha Motor Co Ltd, Arcimoto Inc, Goggo Inc, Hawthorne Pacific Corp, Cruise Car Inc, Eli Electric Vehicles Inc, ELVY Inc, Yamaha Golf-Car Co, Xiamen Dalle Electric Car Co Ltd, Tomberlin, Club Car LLC, Renault SA, Deere & Co, The Toro Co, Crown Carts LLC, eTrikeCo Corp, Canadian Electric Vehicles Ltd, HDK Electric Vehicle Corp, Lohr SA, Daedong-USA Inc KIOTI Tractor Division, AGT Electric Cars, American Landmaster LLC, EV Titan LLC, Wink Motors Inc, Polaris Inc, Star EV Corp, EasyMile SAS, Momentum MotorWerks LLC, Martex Global Enterprise LLC, Atomic Cool Kartz USA Inc, Evolution Electric Vehicles Inc, Vitacci Motorcycles Inc, E-Z-Go, Prairie Turf Pros LLC, Moto Electric Vehicle and More LLC, Movex Innovation Inc, ICON EV LLC, King of Carts LLC, Moke America LLC, Quickie Products LLC, United Smart EV America LLC, Vantage Tag Systems Inc, and Columbia Vehicle Group Inc are some of the leading companies operating in the North America low-speed electric vehicle market.

Product Code: BMIRE00030012

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. North America Low-Speed Electric Vehicles Market Landscape

4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
- 4.3.1 Raw Material Suppliers/Component Suppliers:
- 4.3.2 Low-Speed Electric Vehicles Manufacturers:
- 4.3.3 End Users:

5. North America Low-Speed Electric Vehicles Market - Key Industry Dynamics

5.1 Market Drivers
- 5.1.1 Growing Concerns Regarding Greenhouse Gas Emission
- 5.1.2 Increasing Government Support for Electric Vehicles
- 5.1.3 Rising Affordability of Electric Vehicles
- 5.1.4 Phasing Out of Internal Combustion Engines
5.2 Restraints
- 5.2.1 Operational Limitations of Battery-operated Electric Vehicles
- 5.2.2 High Initial Expenditure
5.3 Opportunities
- 5.3.1 Usage of Low-speed Electric Vehicles in Different Sectors
- 5.3.2 Increasing Job Opportunities in EV Manufacturing Facilities
5.4 Future Trends
- 5.4.1 Advent of Lithium-ion Phosphate and Sodium-ion Batteries for Electric Vehicles
5.5 Impact of Drivers and Restraints:

6. Low-Speed Electric Vehicles Market - North America Market Analysis

6.1 North America Low-Speed Electric Vehicles Market Revenue (US$ Million), 2022 - 2030
6.2 North America Low-Speed Electric Vehicles Market Forecast and Analysis

7. North America Low-Speed Electric Vehicles Market Analysis - Product

7.1 Overview
- 7.1.1 Low-Speed Electric Vehicles Market, by Product (2022 and 2030)
7.2 Passenger Vehicle
- 7.2.1 Overview
- 7.2.2 Passenger Vehicle Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Utility Vehicle
- 7.3.1 Overview
- 7.3.2 Utility Vehicle Market, Revenue and Forecast to 2030 (US$ Million)

8. North America Low-Speed Electric Vehicles Market Analysis - End User

8.1 Overview
- 8.1.1 North America Low-Speed Electric Vehicles Market, by End User (2022 and 2030)
8.2 Golf Courses
- 8.2.1 Overview
- 8.2.2 Golf Courses Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Hotels & Resorts
- 8.3.1 Overview
- 8.3.2 Hotels & Resorts Market Revenue, and Forecast to 2030 (US$ Million)
8.4 Airports
- 8.4.1 Overview
- 8.4.2 Airports Market Revenue, and Forecast to 2030 (US$ Million)
8.5 Residential & Commercial Premises
- 8.5.1 Overview
- 8.5.2 Residential & Commercial Premises Market Revenue, and Forecast to 2030 (US$ Million)
8.6 Others
- 8.6.1 Overview
- 8.6.2 Others Market Revenue, and Forecast to 2030 (US$ Million)

9. North America Low-Speed Electric Vehicles Market Analysis - Vehicle Type

9.1 Overview
- 9.1.1 North America Low-Speed Electric Vehicles Market, by Vehicle Type (2022 and 2030)
9.2 Golf Carts
- 9.2.1 Overview
- 9.2.2 Golf Carts Market Revenue, and Forecast to 2030 (US$ Million)
9.3 Commercial Turf Utility Vehicles
- 9.3.1 Overview
- 9.3.2 Commercial Turf Utility Vehicles Market Revenue, and Forecast to 2030 (US$ Million)
9.4 Industrial Utility Vehicles
- 9.4.1 Overview
- 9.4.2 Industrial Utility Vehicles Market Revenue, and Forecast to 2030 (US$ Million)
9.5 Personal Mobility Vehicles
- 9.5.1 Overview
- 9.5.2 Personal Mobility Vehicles Market Revenue, and Forecast to 2030 (US$ Million)

10. North America Low-Speed Electric Vehicles Market - Country Analysis

10.1 North America
- 10.1.1 Overview
- 10.1.2 North America Low-Speed Electric Vehicles Market Revenue and Forecasts and Analysis - By Country
  - 10.1.2.1 North America Low-Speed Electric Vehicles Market Revenue and Forecasts and Analysis - By Country
  - 10.1.2.2 US Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.2.2.1 United States Low-Speed Electric Vehicles Market Breakdown by Product
    - 10.1.2.2.2 United States Low-Speed Electric Vehicles Market Breakdown by End User
    - 10.1.2.2.3 United States Low-Speed Electric Vehicles Market Breakdown by Vehicle Type
  - 10.1.2.3 Canada Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.2.3.1 Canada Low-Speed Electric Vehicles Market Breakdown by Product
    - 10.1.2.3.2 Canada Low-Speed Electric Vehicles Market Breakdown by End User
    - 10.1.2.3.3 Canada Low-Speed Electric Vehicles Market Breakdown by Vehicle Type
  - 10.1.2.4 Mexico Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.2.4.1 Mexico Low-Speed Electric Vehicles Market Breakdown by Product
    - 10.1.2.4.2 Mexico Low-Speed Electric Vehicles Market Breakdown by End User
    - 10.1.2.4.3 Mexico Low-Speed Electric Vehicles Market Breakdown by Vehicle Type

11. Industry Landscape

11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions

12. Company Profiles

12.1 Cushman
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 Navya SA
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
12.3 Westward Industries Ltd
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
12.4 LVTong USA Golf Cars LLC
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
12.5 Aetric Electric Vehicles
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
12.6 American Custom Golf Cars Inc
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
12.7 Waev Inc
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
12.8 Yamaha Motor Co Ltd
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
12.9 Arcimoto Inc
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments
12.10 Goggo Inc
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis
- 12.10.6 Key Developments
12.11 Hawthorne Pacific Corp
- 12.11.1 Key Facts
- 12.11.2 Business Description
- 12.11.3 Products and Services
- 12.11.4 Financial Overview
- 12.11.5 SWOT Analysis
- 12.11.6 Key Developments
12.12 Cruise Car Inc
- 12.12.1 Key Facts
- 12.12.2 Business Description
- 12.12.3 Products and Services
- 12.12.4 Financial Overview
- 12.12.5 SWOT Analysis
- 12.12.6 Key Developments
12.13 Eli Electric Vehicles Inc
- 12.13.1 Key Facts
- 12.13.2 Business Description
- 12.13.3 Products and Services
- 12.13.4 Financial Overview
- 12.13.5 SWOT Analysis
- 12.13.6 Key Developments
12.14 ELVY Inc
- 12.14.1 Key Facts
- 12.14.2 Business Description
- 12.14.3 Products and Services
- 12.14.4 Financial Overview
- 12.14.5 SWOT Analysis
- 12.14.6 Key Developments
12.15 Yamaha Golf-Car Co
- 12.15.1 Key Facts
- 12.15.2 Business Description
- 12.15.3 Products and Services
- 12.15.4 Financial Overview
- 12.15.5 SWOT Analysis
- 12.15.6 Key Developments
12.16 Xiamen Dalle Electric Car Co Ltd
- 12.16.1 Key Facts
- 12.16.2 Business Description
- 12.16.3 Products and Services
- 12.16.4 Financial Overview
- 12.16.5 SWOT Analysis
- 12.16.6 Key Developments
12.17 Tomberlin
- 12.17.1 Key Facts
- 12.17.2 Business Description
- 12.17.3 Products and Services
- 12.17.4 Financial Overview
- 12.17.5 SWOT Analysis
- 12.17.6 Key Developments
12.18 Club Car LLC
- 12.18.1 Key Facts
- 12.18.2 Business Description
- 12.18.3 Products and Services
- 12.18.4 Financial Overview
- 12.18.5 SWOT Analysis
- 12.18.6 Key Developments
12.19 Renault SA
- 12.19.1 Key Facts
- 12.19.2 Business Description
- 12.19.3 Products and Services
- 12.19.4 Financial Overview
- 12.19.5 SWOT Analysis
- 12.19.6 Key Developments
12.20 Deere & Co
- 12.20.1 Key Facts
- 12.20.2 Business Description
- 12.20.3 Products and Services
- 12.20.4 Financial Overview
- 12.20.5 SWOT Analysis
- 12.20.6 Key Developments
12.21 The Toro Co
- 12.21.1 Key Facts
- 12.21.2 Business Description
- 12.21.3 Products and Services
- 12.21.4 Financial Overview
- 12.21.5 SWOT Analysis
- 12.21.6 Key Developments
12.22 Crown Carts LLC
- 12.22.1 Key Facts
- 12.22.2 Business Description
- 12.22.3 Products and Services
- 12.22.4 Financial Overview
- 12.22.5 SWOT Analysis
- 12.22.6 Key Developments
12.23 eTrikeCo Corp
- 12.23.1 Key Facts
- 12.23.2 Business Description
- 12.23.3 Products and Services
- 12.23.4 Financial Overview
- 12.23.5 SWOT Analysis
- 12.23.6 Key Developments
12.24 Canadian Electric Vehicles Ltd
- 12.24.1 Key Facts
- 12.24.2 Business Description
- 12.24.3 Products and Services
- 12.24.4 Financial Overview
- 12.24.5 SWOT Analysis
- 12.24.6 Key Developments
12.25 HDK Electric Vehicle Corp
- 12.25.1 Key Facts
- 12.25.2 Business Description
- 12.25.3 Products and Services
- 12.25.4 Financial Overview
- 12.25.5 SWOT Analysis
- 12.25.6 Key Developments
12.26 Lohr SA
- 12.26.1 Key Facts
- 12.26.2 Business Description
- 12.26.3 Products and Services
- 12.26.4 Financial Overview
- 12.26.5 SWOT Analysis
- 12.26.6 Key Developments
12.27 Daedong-USA Inc KIOTI Tractor Division
- 12.27.1 Key Facts
- 12.27.2 Business Description
- 12.27.3 Products and Services
- 12.27.4 Financial Overview
- 12.27.5 SWOT Analysis
- 12.27.6 Key Developments
12.28 AGT Electric Cars
- 12.28.1 Key Facts
- 12.28.2 Business Description
- 12.28.3 Products and Services
- 12.28.4 Financial Overview
- 12.28.5 SWOT Analysis
- 12.28.6 Key Developments
12.29 American Landmaster LLC
- 12.29.1 Key Facts
- 12.29.2 Business Description
- 12.29.3 Products and Services
- 12.29.4 Financial Overview
- 12.29.5 SWOT Analysis
- 12.29.6 Key Developments
12.30 EV Titan LLC
- 12.30.1 Key Facts
- 12.30.2 Business Description
- 12.30.3 Products and Services
- 12.30.4 Financial Overview
- 12.30.5 SWOT Analysis
- 12.30.6 Key Developments
12.31 Wink Motors Inc
- 12.31.1 Key Facts
- 12.31.2 Business Description
- 12.31.3 Products and Services
- 12.31.4 Financial Overview
- 12.31.5 SWOT Analysis
- 12.31.6 Key Developments
12.32 Polaris Inc
- 12.32.1 Key Facts
- 12.32.2 Business Description
- 12.32.3 Products and Services
- 12.32.4 Financial Overview
- 12.32.5 SWOT Analysis
- 12.32.6 Key Developments
12.33 Star EV Corp
- 12.33.1 Key Facts
- 12.33.2 Business Description
- 12.33.3 Products and Services
- 12.33.4 Financial Overview
- 12.33.5 SWOT Analysis
- 12.33.6 Key Developments
12.34 EasyMile SAS
- 12.34.1 Key Facts
- 12.34.2 Business Description
- 12.34.3 Products and Services
- 12.34.4 Financial Overview
- 12.34.5 SWOT Analysis
- 12.34.6 Key Developments
12.35 Momentum MotorWerks LLC
- 12.35.1 Key Facts
- 12.35.2 Business Description
- 12.35.3 Products and Services
- 12.35.4 Financial Overview
- 12.35.5 SWOT Analysis
- 12.35.6 Key Developments
12.36 Martex Global Enterprise LLC
- 12.36.1 Key Facts
- 12.36.2 Business Description
- 12.36.3 Products and Services
- 12.36.4 Financial Overview
- 12.36.5 SWOT Analysis
- 12.36.6 Key Developments
12.37 Atomic Cool Kartz USA Inc
- 12.37.1 Key Facts
- 12.37.2 Business Description
- 12.37.3 Products and Services
- 12.37.4 Financial Overview
- 12.37.5 SWOT Analysis
- 12.37.6 Key Developments
12.38 Evolution Electric Vehicles Inc
- 12.38.1 Key Facts
- 12.38.2 Business Description
- 12.38.3 Products and Services
- 12.38.4 Financial Overview
- 12.38.5 SWOT Analysis
- 12.38.6 Key Developments
12.39 Vitacci Motorcycles Inc
- 12.39.1 Key Facts
- 12.39.2 Business Description
- 12.39.3 Products and Services
- 12.39.4 Financial Overview
- 12.39.5 SWOT Analysis
- 12.39.6 Key Developments
12.40 E-Z-Go
- 12.40.1 Key Facts
- 12.40.2 Business Description
- 12.40.3 Products and Services
- 12.40.4 Financial Overview
- 12.40.5 SWOT Analysis
- 12.40.6 Key Developments
12.41 Prairie Turf Pros LLC
- 12.41.1 Key Facts
- 12.41.2 Business Description
- 12.41.3 Products and Services
- 12.41.4 Financial Overview
- 12.41.5 SWOT Analysis
- 12.41.6 Key Developments
12.42 Moto Electric Vehicle and More LLC
- 12.42.1 Key Facts
- 12.42.2 Business Description
- 12.42.3 Products and Services
- 12.42.4 Financial Overview
- 12.42.5 SWOT Analysis
- 12.42.6 Key Developments
12.43 Movex Innovation Inc
- 12.43.1 Key Facts
- 12.43.2 Business Description
- 12.43.3 Products and Services
- 12.43.4 Financial Overview
- 12.43.5 SWOT Analysis
- 12.43.6 Key Developments
12.44 ICON EV LLC
- 12.44.1 Key Facts
- 12.44.2 Business Description
- 12.44.3 Products and Services
- 12.44.4 Financial Overview
- 12.44.5 SWOT Analysis
- 12.44.6 Key Developments
12.45 King of Carts LLC
- 12.45.1 Key Facts
- 12.45.2 Business Description
- 12.45.3 Products and Services
- 12.45.4 Financial Overview
- 12.45.5 SWOT Analysis
- 12.45.6 Key Developments
12.46 Moke America LLC
- 12.46.1 Key Facts
- 12.46.2 Business Description
- 12.46.3 Products and Services
- 12.46.4 Financial Overview
- 12.46.5 SWOT Analysis
- 12.46.6 Key Developments
12.47 Quickie Products LLC
- 12.47.1 Key Facts
- 12.47.2 Business Description
- 12.47.3 Products and Services
- 12.47.4 Financial Overview
- 12.47.5 SWOT Analysis
- 12.47.6 Key Developments
12.48 United Smart EV America LLC
- 12.48.1 Key Facts
- 12.48.2 Business Description
- 12.48.3 Products and Services
- 12.48.4 Financial Overview
- 12.48.5 SWOT Analysis
- 12.48.6 Key Developments
12.49 Vantage Tag Systems Inc
- 12.49.1 Key Facts
- 12.49.2 Business Description
- 12.49.3 Products and Services
- 12.49.4 Financial Overview
- 12.49.5 SWOT Analysis
- 12.49.6 Key Developments
12.50 Columbia Vehicle Group Inc
- 12.50.1 Key Facts
- 12.50.2 Business Description
- 12.50.3 Products and Services
- 12.50.4 Financial Overview
- 12.50.5 SWOT Analysis
- 12.50.6 Key Developments

13. Appendix

13.1 About The Insight Partners
13.2 Word Index