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Low Speed Electric Vehicle Global Market Report 2022

·5-min read

Major players in the low-speed electric vehicle market are AGT Electric Cars, Bintelli LLC, Bradshaw Electric Vehicles, Groupe Renault, HDK Electric Vehicles, Ingersoll Rand Inc, Ligier Group, Polaris Inc, Renault Group, Shandong Shifeng Group Company Limited, Speedway Electric, Textron Inc, Yamaha Motors Company Limited, Hitachi Automotive, Honda Motor Company Limited, and ICON Electric Vehicles.

New York, Sept. 14, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Low Speed Electric Vehicle Global Market Report 2022" -

The global low-speed electric vehicle market is expected to grow from $4.59 billion in 2021 to $5.21 billion in 2022 at a compound annual growth rate (CAGR) of 13.5%. The low-speed electric vehicle market is expected to grow to $8.20 billion in 2026 at a CAGR of 12.0%.

The low-speed electric vehicle market consists of sales of low-speed electric vehicles by entities (organizations, sole traders, and partnerships) that are used for the transport of people and goods.Low-speed Electric vehicles are also known as "neighborhood vehicles" because they operate on an electric motor instead of an internal-combustion engine and generate power by burning a mix of fuel and gases.

The low-speed electric vehicle consists of a motor vehicle with four wheels, a gross vehicle weight rating of 3,000 pounds or less, and is capable of achieving a minimum speed of 20 miles per hour (mph) and a maximum speed of 25 mph.

The main types of low-speed electric vehicles are electric golf carts, electric personal utility vehicles, electric low-speed off-road vehicles, and electric low-speed heavy-duty vehicles.The electric golf cart refers to low-speed EVs that are being used in the form of golf carts to reduce fuel costs and increase efficiency.

A golf cart refers to a small three-or four-wheeled battery-powered vehicle used to transport one or two golfers and their equipment around a golf course.The various types of voltages include 24v, 36v, 48v, 60v, 72v, and involve several batteries such as lithium-ion battery LSEV, lead-acid battery LSEV, and others.

The various end-users are golf courses, hotels and resorts, tourist destinations, airports, and residential and commercial premises. The several applications include personal use, commercial use, and public utilities.

North America was the largest region in the low-speed electric vehicle market in 2021. The regions covered in the low-speed electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The low speed electric vehicle market research report is one of a series of new reports 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.

Increasing fuel costs are expected to drive the growth of the low-speed electric vehicle market going forward.Fuels are substances that provide chemical or thermal energy when burned.

This energy is required to carry out a variety of tasks and is either used in its natural state or converted to a usable form of energy with the help of machinery.Due to the increasing demand for vehicle fuel and supply chain concerns precipitated by Russia’s invasion of Ukraine, the cost of fuel is increasing day by day, which creates an opportunity for electric vehicle manufacturers.

For instance, according to the report published by BBC (British Broadcasting Company), a UK-based broadcasting network, in February 2022, the cost of petrol reached 148.02 pounds per liter ($1.869 a liter), while diesel hit a new record high of 151.57 pounds per liter ($1.914 a liter) in the UK, which is a significant increase compared to the September 2021 petrol price of 140 pounds ($1.76) and diesel price of 144 pounds ($1.81). Thus, the increasing fuel costs are driving the demand for the low-speed electric vehicle market.

Product innovations have emerged as the key trend gaining popularity in the low-speed electric vehicle market.Major companies operating in the low-speed electric vehicle market are focused on developing technologically advanced products to strengthen their market position.

For instance, in May 2022, Odysse, an India-based electric vehicle company, launched a new electric scooter with a waterproof battery and motor.With the help of research and development, it would improve the EV’s durability and significantly reduce maintenance and repairs for the customers.

The newly launched scooter comes with two water-resistant IP 67 certified battery options, allowing for 150km of continuous travel on a single charge.

In August 2021, Kaixin Auto Holdings, a China-based provider of used luxury cars and imported new cars, acquired Henan Yujie Times Automobile Company Limited for an undisclosed amount.This acquisition marks Kaixin’s official entry into China’s small-size EV market, which is forecasted to reach a 10 million vehicle scale over the next 5 years, according to Yujie.

Henan Yujie Times Automobile Company Limited is a China-based manufacturer of electric vehicles and specializes in small-size multi-function electric vehicles.

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.
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