Low Speed Electric Vehicle Market – Global Industry Analysis and Forecast (2023-2029)

Low Speed Electric Vehicle Market size was valued at US$ 4.95 Bn. in 2022 and the total revenue is expected to grow at 8.6 % through 2022 to 2029, Low Speed Electric Vehicle Market is reaching nearly US$ 8.82 Bn. By 2029.
Low Speed Electric Vehicle Market Overview:
A four-wheeled electric vehicle with a top speed of 20 to 40 kilometers per hour and a gross vehicle weight of fewer than 1,400 kilograms is known as a low-speed electric vehicle. Low-speed electric vehicles adhere to the laws and regulations set forth by states and the federal government. In the United States, the low-speed electric car is referred to as a neighborhood electric vehicle.

The electric motor of a low-speed electric vehicle requires a constant supply of energy from batteries to operate. Lithium-ion, molten salt, zinc-air, and various nickel-based designs are among the batteries utilized in these vehicles. The electric vehicle was created to replace traditional modes of transportation that pollute the environment. Due to several technological developments, low-speed electric vehicles have grown in popularity. Electric vehicles outperform conventional vehicles in terms of fuel economy.To know about the Research Methodology:- Request Free Sample Report
Low Speed Electric Vehicle Market Dynamics:
Government initiatives that are active – An internal combustion engine with an electric battery and motor/generator are used to power a low-speed electric passenger car. It's an ICE vehicle with a larger starter motor that can also function as a generator, sometimes known as an integrated starter-generator (ISG) or a belted alternator starter (BAS), and an oversized battery that powers the vehicle and is recharged by the motor. The use of gasoline diesel injection in automobiles can reduce hybrid vehicle emissions even more, making it a zero-emission vehicle. However, it is expected to improve the vehicle's fuel economy, making it more cost-effective than competing electric and hybrid vehicles. Integration of GDI systems in hybrid vehicles opens up numerous opportunities for future leaders.

Government restrictions and guidelines governing vehicle emissions are strict – An internal combustion engine is used to generate power in a traditional gas-powered vehicle. In an ideal scenario, the combustion system completely burns the fuel and produces just carbon dioxide and water as waste. In reality, the combustion system produces a variety of greenhouse gases, resulting in pollution. An electric car, on the other hand, employs an electric motor that is driven by a constant source of electricity and hence does not emit any pollutants. The United States, Germany, France, and China have enacted strict government laws and regulations regarding car emissions, requiring automakers to utilize innovative technologies to battle high-emission levels in vehicles. The California Air Resources Board (CARB) has created a program that contains rules for manufacturers to produce and supply zero-emission vehicles (ZEVs), which will significantly increase the adoption of electric vehicles.

Costs of fuel are rising – The surge in the adoption of electric vehicles as a form of everyday transportation over the last decade has been attributed to rising gasoline costs. Furthermore, given the global scarcity of crude oil, future prices are projected to be high. Despite rising petroleum prices, many countries, including China, Germany, and Denmark, have low electricity costs. Electric vehicles with electric motors are more successful at maintaining greater speeds and providing a more comfortable ride on difficult terrain. As a result, the market's growth has been supported by a surge in consumer preference for e-motors as a primary method of transportation.

Electric automobiles are expensive – The high cost of electric vehicles is a major impediment to the market's growth in the low-speed electric vehicle segment. E-vehicles are more expensive than traditional vehicles or cars because of the battery and technology costs. Furthermore, the use of lithium-ion batteries or a motor's drive mechanism incurs the highest cost, limiting the market's growth. As a result, high costs are limiting the adoption of electric vehicles in nations other than China. However, the global market for low-speed electric vehicles is growing rapidly, which may minimize the influence of this restraint in the forecast period.

Insufficient charging infrastructure – There is no alternate source of charging for low-speed electric vehicles' batteries. The lack of charging stations in cities is a significant obstacle to the global low-speed electric car market's growth. As a result, a completely drained battery can be an issue for an electric vehicle and put the traveller at risk. Furthermore, the development of supporting infrastructure for electric vehicles is weaker in developing countries. Moreover, electric vehicle prices are quite high, stifling the overall expansion of the low-speed electric vehicle market.
Low Speed Electric Vehicle Market Segment Analysis:
The Low-Speed Electric Vehicles Market is segmented into vehicle type and Application.

Based on Vehicle Type, the market is sub-segmented into Passenger Vehicle, Heavy Duty Vehicle, Utility Vehicle, Commercial turf utility, and Off-road vehicles. Playgrounds, turf utility, and hotels & resorts all employ commercial turf vehicles (tourism, gated communities, and college campuses). Sports grounds, both on and off-campus, and top-quality playing surfaces for sports ranging from rugby and cricket to polo and hockey are among the end-users of commercial turf utility vehicles. The market for commercial turf low-speed vehicles is expected to rise as consumer preferences shift toward luxury tourists and tourism expenditures rise, particularly in North America and Europe.

Based on Application, the market is sub-segmented into Golf Courses, Tourist Destinations, Hotels & Resorts, Airports, and Residential & Commercial Premises. The hospitality industry's growth is likely to boost investments in resorts and gated communities, increasing demand for low-speed vehicles. For during the forecast period, the market is predicted to grow because of the increasing acceptance of low-speed vehicles with easy maneuverability in gated communities, airports, and golf courses. The total expenditure of leisure tourists in North America in 2022 was estimated to be USD 762 billion, up more than 6% from 2022. The higher expenditure is expected to enhance the demand for luxury services in the hospitality industry.
Low Speed Electric Vehicle Market Regional Analysis:
During the forecast period, the North American market is estimated to be the largest LSV market. North America is responsible for 51% of global golf supplies, with the United States accounting for 43%. Furthermore, stricter emission and safety rules, as well as a shift in manufacturers' attention to improve driver comfort features, are likely to propel the low-speed vehicle market in North America. The rise in luxury tourism is likely to enhance low-speed vehicle sales. Because of their zero-carbon emissions and reduced noise, electric low-speed vehicles are commonly preferred throughout the region. The high number of golf courses and the increased usage of low-speed vehicles in commercial applications such as hotels and resorts. Increased demand for low-speed cars at luxury hotels and resorts due to the rise of service sectors such as travel and tourism.

Electric vehicle production in Japan has been steadily increasing. Moreover, demand for electric vehicles is predicted to rise significantly in the Asia Pacific region's growing economies, particularly China and India. This can be linked to increased government initiatives to reduce emissions in these countries.

The objective of the report is to present a comprehensive analysis of the global Low Speed Electric Vehicle Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps understand the global Low Speed Electric Vehicle Market dynamics and structure by analyzing the market segments and projects the global Low Speed Electric Vehicle Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Low Speed Electric Vehicle Market make the report investor’s guide.
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Low Speed Electric Vehicle Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 4.95 Bn.


Forecast Period 2022 to 2029 CAGR:
8.6%
Market Size in 2029:
US $ 8.82 Bn.


 Segments Covered:
by Vehicle Type
• Passenger Vehicle
• Heavy-Duty Vehicle
• Utility Vehicle
• Off-road vehicle
• Turf utility


by Application
• Golf Courses
• Tourist Destinations
• Hotels & Resorts
• Airports
• Residential & Commercial Premises


by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)



Low Speed Electric Vehicle Market Key Players
• Terra Motors Corporation
• Zero Motorcycles Inc.
• Changzhou Yufeng Vehicle Co. Ltd.
• Jiangsu Kingbon Vehicle Co. Ltd.
• Hero Electric Vehicles Pvt. Ltd.
• Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd.
• ZHIDOU Electric.
• HDK Electric Vehicles
• Bradshaw Electric Vehicles
• Textron Inc., Polaris Industries
• Yamaha Motors Co. Ltd.
• Ingersoll Rand, Inc.
• Speedway Electric
• AGT Electric Cars
• Bintelli Electric Vehicles
• Ligier Group
Frequently Asked Questions:
1) What was the market size of the Low Speed Electric Vehicle Market in 2022?
Ans - Low Speed Electric Vehicle Market was worth US$ 4.95 Bn In 2022.

2) What is the market segment of the Low Speed Electric Vehicle Market?
Ans -The market segments are based on Vehicle type, and Application.

3) What is the forecast period considered for Low Speed Electric Vehicle Market?
Ans -The forecast period for Low Speed Electric Vehicle Market is 2023 to 2029.

4) What is the Low Speed Electric Vehicle Market size in 2029?
Ans –Low Speed Electric Vehicle Market is estimated as worth 8.82 Bn

5) Which region is dominated in Low Speed Electric Vehicle Market?
Ans -In 2022, the North America region dominated the Global Low Speed Electric Vehicle Market.