Strengthening government rules and regulations towards vehicle emissions and rise in fuel costs drive the growth of the global low-speed electric vehicle market.
WILMINGTON, Del., Dec. 4, 2023 /PRNewswire/ — Allied Market Research published a report titled, “Low-Speed Electric Vehicle Market by Vehicle Type (Passenger Vehicle, Heavy Duty Vehicle, Utility Vehicle, and Off-Road Vehicles), and End User (Golf Courses, Tourist Destinations, Hotels and Resorts, Airports, Residential and Commercial Premises: Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global Low-Speed Electric Vehicle industry size generated $6,844.0 million in 2022 and is anticipated to generate $27,578.93 million by 2032, witnessing a CAGR of 15.1% from 2023 to 2032.
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132 – Tables
81 – Charts
325 – Pages
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Prime determinants of growth
Strengthening government rules and regulations towards vehicle emissions and rise in fuel costs drive the growth of the global low-speed electric vehicle market. However, the high cost of electric vehicles and lack of proper charging infrastructure restrict the market growth. Moreover, proactive government initiatives and improvement in electric vehicle R&D, and improvement in battery technology present new opportunities in the coming years.
Report Coverage and Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$6844 Million |
|
Low-Speed EV Market Size in 2032 |
$27,578.93 billion |
|
CAGR |
15.1 % |
|
No. of Pages in Report |
324 |
|
Segments Covered |
Vehicle Type, End User, and Region. |
|
Drivers |
Strengthening government rules and regulations towards vehicle emissions Rise in fuel cost |
|
Opportunities |
Proactive government rules and regulations Improvement in electric vehicle R&D and improvement in battery technology |
|
Restraints |
High cost of electric vehicles Lack of proper charging infrastructure |
The passenger vehicle segment to maintain its leadership status throughout the forecast period
Based on vehicle type, the passenger vehicle segment held the highest market share in 2022, accounting for more than one-third of the global low-speed electric vehicle market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to attain a CAGR of 15.1% from 2023 to 2032, owing to the increased demand majorly from developing countries such as China, India, Southeast Asia, and major parts of the European Union.
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The golf course segment to maintain its leadership status throughout the forecast period
Based on end user, the golf course segment held the highest market share in 2022, accounting for more than one-third of the global low-speed electric vehicle market, however, the residential and commercial premises segment is estimated to grow at the fastest CAGR of 17.0% during the forecast period due to the increase in number of golf zones globally. Moreover, there is a rise in demand for low-speed electric vehicles, owing to their affordability in golf courses.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global low-speed electric vehicle market revenue. However, Europe is expected to grow at the fastest CAGR during the review period. In the Asia-Pacific region, more people are moving from rural to urban places. At the same time, car ownership among people has grown due to an increase in disposable income. An increase in the number of vehicles on roadways coupled with rising fuel costs has shifted consumer focus towards more economical modes of transportation, such as low-speed electrical vehicles, especially for intercity and short-distance transportation. Moreover, various technological advancements related to electric vehicles are taking place due to government initiatives, which are further propelling the growth.
Recent Developments:
In May 2022, Wuling Motors, a China-based automobile company, collaborated with SAIC Motor and General Motors to develop the Wuling Mini EV, priced at USD 5,000. The model surpassed the Tesla Model 3 in China in terms of performance.
Similarly, in June 2023, Textron Inc. introduced the street-legal Liberty LSV and an updated model for Freedom RXV. Tailored for golf courses and neighborhood use, both vehicles are designed to meet street-legal standards.
Likewise, in April 2022, Star EV Corporation invested in a new 65,000 sq. feet manufacturing facility, enabling the company to expand production and incorporate a new headquarters building.
Furthermore, in April 2022, GARIA was acquired by the American company Club Car LLC. This strategic merger is expected to facilitate GARIA’s global business expansion.
Similarly, in August 2023, Yamaha Motor Co., Ltd. developed Low-Speed Electric Mobility to address Japan’s national transportation issue, particularly for first- and last-mile transportation. The company is working on vehicles designed for public road use at speeds under 20 km/h, catering especially to local elderly residents.
Key Highlights of the Report:
The report provides an in-depth analysis of low-speed electric vehicles.
The low-speed EV market has been examined for the period from 2022 to 2032.
The research study includes the latest developments in the industry.
Profiles of top companies operating in the low-speed electric vehicle market are featured in the study.
The market analysis encompasses various segments and regions for a comprehensive understanding of the industry landscape.
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Leading Market Players: –
AGT Electric Cars
Bradshaw Electric Vehicles Inc
Columbia Vehicle Group Inc
GARIA
HDK Electric Vehicle
Polaris Inc
SpeedwaysElectric
Star EV Corporation
Textron Inc (Textron Specialized Vehicles Inc.)
Yamaha Motor Co., Ltd.
The report provides a detailed analysis of these key players in the global low-speed electric vehicle market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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