Low Speed Electric Vehicle Market Growing at 14.20% CAGR During 2022-2027 | Industry Top Companies, Demand, Size, Forecast, Report, Share

The latest research study "Low Speed Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" by IMARC Group, finds that the global low speed electric vehicle market size reached US$ 3.94 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 9.12 Billion by 2027 exhibiting a growth rate (CAGR) of 14.20% during 2022-2027.

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Low speed electric vehicle (LSEV) refers to electric motor-powered vehicles with a gross vehicle weight or GVW rating of 3,000 pounds or less and capable of achieving a maximum speed of 25 mph and minimum speed of 20 mph. They can be categorized into several types, including passenger LSEV, heavy-duty LSEV, utility LSEV, off-road LSEV, etc.

These low speed electric vehicles are environment-friendly as they do not produce greenhouse gases, such as carbon dioxide (CO2), hydrochlorofluorocarbons (HCFCs), ozone (O3), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), etc., and can be conveniently charged from home electrical outlets. Consequently, they find extensive applications in golf courses, tourist destinations, hotels and resorts, airports, residential and commercial premises, etc.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Low Speed Electric Vehicle Market Trends and Drivers:

The escalating inclination among the masses for low-cost and eco-friendly transportation options is among the key factors driving the low speed electric vehicle market. In addition to this, the expanding automobile industry across the globe and the launch of numerous policies by government bodies aimed at providing relaxation in legal age limits and driver licensing for LSEVs are also positively influencing the global market.

In line with this, the growing availability of purchase subsidies and vehicle purchase and registration tax rebates is acting as another significant growth-inducing factor. Moreover, the increasing need for fuel-efficient and high-performance vehicles to control the rapid depletion of fossil fuels and the rising investments by leading market players in research and development (R&D) activities to introduce low-cost lithium-ion batteries are expected to propel the low speed electric vehicle market over the forecasted period.

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Product:
• Two-wheelers
• Three-wheelers
• Four-wheelers

Breakup by Vehicle Type:
• Passenger LSEV
• Heavy-duty LSEV
• Utility LSEV
• Off-road LSEV

Breakup by Voltage:
• 24V
• 36V
• 48V
• 60V
• 72V

Breakup by Battery:
• Lithium-Ion Battery
• Lead-Acid Battery
• Others

Breakup by End User:
• Golf Courses
• Tourist Destinations
• Hotels and Resorts
• Airports
• Residential and Commercial Premises
• Others

By Geography:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

List of Major Key Players:

The major players in the market are
• AGT Electric Cars
• Bintelli Electric Vehicles
• Bradshaw Electric Vehicles
• HDK Electric Vehicle
• Hero Electric Vehicles Pvt Ltd
• Polaris Inc.
• Speedways Electric
• Terra Motors Corporation
• Textron Inc

Key highlights of the report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.