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Low-speed electric vehicle market accounted for US$ 5,526.65 million in 2022 and is expected to record a CAGR of 5.5% from 2022 to 2030, to account for US$ 8,489.94 million by 2030. The growing emphasis on rising fuel efficiency is likely to remain a key trend in the market.
Low Speed Electric Vehicle Market Analysis
The global low speed electric vehicle market has witnessed a remarkable transformation in the past few years, marking a substantial increase in the trade and adoption of eco-friendly vehicles. In 2022, the import dynamics of electric and hybrid cars underwent a striking evolution, reflecting a growing preference for sustainable mobility solutions. Notably, the substantial shift in the types of electric and hybrid cars being imported is driving the development of the low speed electric vehicles market globally.
Low Speed Electric Vehicle Market Overview
The low speed electric vehicles market has undergone a noteworthy shift as sales of fully electric vehicles have witnessed an upward trend. As consumers prefer environment-friendly alternatives and turn away from diesel-powered cars is anticipated to drive the evolution of the low speed electric vehicle market over the forecast period. The automotive industry is implementing alternative solutions to meet the evolving emission regulations imposed by various lawmakers.
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Low Speed Electric Vehicle Market: Strategic Insights
Market Size Value in US$ 5,526.65 million in 2022 Market Size Value by US$ 8,489.94 million by 2030 Growth rate CAGR of 5.5% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Low Speed Electric Vehicle Market: Strategic Insights
| Market Size Value in | US$ 5,526.65 million in 2022 |
| Market Size Value by | US$ 8,489.94 million by 2030 |
| Growth rate | CAGR of 5.5% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Low Speed Electric Vehicle Market Drivers and Opportunities
Supporting Government Policies and Initiatives for Electric Vehicle Adoption to Favor Market
The growing environmental pollution due to fossil fuels is one of the major concerns for the government. To reduce the level of environmental pollution, various governments are emphasizing consumers adopting cleaner, sustainable, and environment-friendly alternatives by giving special rebates on sales, incentives, lucrative offers, and tax benefits. China, Japan, the European Union, India, Canada, and South Korea are some of the major geographies where governments are actively working towards boosting the adoption of low speed electric vehicles, which is anticipated to thrust the evolution of the low speed electric vehicle market over the forecast period.
Rising Affordability of Low Speed Electric Vehicles
Batteries are a major part of the electric vehicles. Owing to technological advancement and the lowering prices of batteries, electric vehicles are becoming more affordable. The growing affordability and growing government initiatives towards offering tax rebates for opting for electric vehicles are anticipated to drive the growth of the low speed electric vehicles market in coming years.
Low Speed Electric Vehicle Market Report Segmentation Analysis
Key segments that contributed to the derivation of the low speed electric vehicle market analysis are product and end user.
- Based on the product, the low speed electric vehicle market is divided into passenger vehicle and Utility Vehicle. The passenger vehicle segment held a larger market share in 2022.
- Based on end users, the low speed electric vehicle market is divided into golf courses, hotels & resorts, airports, residential & commercial premises, and others. The golf courses segment held a larger market share in 2022.
Low Speed Electric Vehicle Market Share Analysis by Geography
The geographic scope of the Low Speed Electric Vehicle Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The scope of the low speed electric vehicle market report encompasses North America (the US, Canada, and Mexico), Europe (Russia, the UK, France, Germany, Italy, and the Rest of Europe), Asia Pacific (South Korea, India, Australia, Japan, China, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Argentina, Brazil, and the Rest of South & Central America). In terms of revenue, North America dominated the low speed electric vehicle market share in 2022. Asia Pacific is the second-largest contributor to the global low speed electric vehicle market, followed by Europe.
Low Speed Electric Vehicle Market Report Scope
Low Speed Electric Vehicle Market News and Recent Developments
The low speed electric vehicle market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the low speed electric vehicle market are listed below:
- Waev Inc. announced it would be adding rooftop solar panels as an option for its GEM electric vehicles. GEM microcars, also called low-speed vehicles or neighborhood EVs, are lightweight, efficient vehicles designed for use over short distances and have a max speed of 25mph. (Source: Waev Inc, Press Release, August 2023)
- Arcimoto expanded into additional West and East Coast key markets, opening customer orders in Connecticut, North Carolina, South Carolina, and New Mexico, with deliveries starting this Spring. Arcimoto vehicles are now available in California, Oregon, Washington, Hawaii, Nevada, Arizona, New Mexico, Florida, New York, New Jersey, Connecticut, Pennsylvania, Maryland, Virginia, Washington D.C., North Carolina, South Carolina, and Georgia. (Source: Arcimoto, Press Release, May 2023)
Low Speed Electric Vehicle Market Report Coverage and Deliverables
The “Low Speed Electric Vehicle Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
- Low speed electric vehicle market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Low speed electric vehicle market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Low speed electric vehicle market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the low speed electric vehicle market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
5.5% is the expected CAGR of the low speed electric vehicle market.
US$ 8,941.42 million estimated value of the low speed electric vehicle market by 2030.
North America dominated the low speed electric vehicle market in 2022.
The increasing proliferation of plug-in hybrid low speed electric vehicles is the future trend of the low speed electric vehicle market.
Textron Inc., Yamaha Motor Co. Ltd., Club Car, The Toro Co, Renault SA, Star EV, Waev Inc., Bradshaw Electric Vehicles, Clean Motion AB, and BYD Company Ltd. are some of the leading players in the market.
The List of Companies - Low-speed Electric Vehicle Market
- Textron Inc
- Yamaha Motor Co Ltd
- Club Car
- The Toro Co
- Renault SA
- Star EV
- Waev Inc
- Bradshaw Electric Vehicles
- Clean Motion AB
- Navya SA
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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