Market Size of Low Speed Electric Vehicle Industry to Reach $27.6 Billion by 2032, Growing at a CAGR of 15.1%

According to a new report published by Allied Market Research, titled, "Low Speed Electric Vehicle Market," 𝐓𝐡𝐞 𝐥𝐨𝐰 𝐬𝐩𝐞𝐞𝐝 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐢𝐳𝐞 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 $𝟔.𝟖 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐, 𝐚𝐧𝐝 𝐢𝐬 𝐞𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 $𝟐𝟕.𝟔 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟐, 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐭 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟏𝟓.𝟏% 𝐟𝐫𝐨𝐦 𝟐𝟎𝟐𝟑 𝐭𝐨 𝟐𝟎𝟑𝟐.

LSVs are designed for usage in limited and use in local transportation including airports, tourist attractions, golf courses, hotels and resorts, residential and business complexes, and others. Utility and off-road vehicles are utilized for commercial and personal use in slow-speed areas.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/2933

Significant factors impacting the increasing investment in low-speed, owing to the upsurge in demand from the developing nations, technological advancement in the automotive industry coupled with increasing investment and support from the government for the development of low-speed electric vehicles market. However, the high price of batteries used in these vehicle are restricting the market growth.

According to the Indian Ministry of Road Transport and Highway in 2022 there were approx. 1,037,011 electric vehicles registered within the country, which accounted roughly 6.4% of the overall automobile sales within the country. Moreover, in 2021, the government released a handbook guide to EV infrastructure in India the focuses on the development of infrastructure in the country. In 2021, the publicly accessible charging station accounted for 900 in India, which jumped to nearly 11,000 in 2022. Countries around the globe are fostering the development of EVs, which is expected to provide opportunities for the low speed electric vehicle market share during the forecast period.

Governments and regulatory bodies are implementing strict regulations towards vehicle pollution; this is the major reason driving the demand for low-speed electric vehicles during the study period. The market demand for LSEV in developing countries, particularly in Asia-Pacific, is expected to be more than in developed regions in Europe and North America.

Rapid industrialization and rising disposable income drive regional growth. As rural-to-urban migration increases, customers want cheaper, greener transportation. Government measures are also advancing electric car technology, boosting growth. Over the past few decades, crude oil prices have steadily risen, shifting people's focus from internal combustion engines to electric automobiles. This spurred manufacturers to create electric and low-emission vehicles.

For instance, in May 2022, Wuling Motors, a China-based automobile company, partnered with SAIC Motor and General Motors and developed the Wuling Mini EV, with a cost price of USD 5,000; the model outperformed the Tesla Model 3 in China. The low speed EV is only available in China, the car can carry 4 people and has some built-in standards features such as air conditioning, power windows, stereo system, storage, and compartments. Moreover, the car is also equipped with safety features such as anti-lock brakes, tire pressure monitoring sensors, and rear parking sensors. The rise in technological advancement in low-speed electric vehicles, along with rising income levels and the desire to own personal vehicles, will continue to drive the demand in countries such as China, India, and Southeast Asian countries during the forecast period.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/low-speed-electric-vehicles-market/purchase-options

Similarly, on June 2023, Textron Inc. launched a new street-legal Liberty LSV and model update for Freedom RXV. The newly launched models are specifically designed for golf courses and use in the neighborhood both the vehicles are street legal.

Likewise, on April 2022 Star EV Corporation invested in a new 65,000 sq. feet manufacturing facility, which will help the company expand its production and include a new headquarters building.

Furthermore, on April 2022, GARIA was acquired by an American company Club Car LLC. The strategic merger between the companies will help GARIA to expand its business on a global level.

However, as electric vehicles utilize electric motors they don not emit any pollution. Major regions globally, such as the U.S., European Union, China, India, Japan, and Australia, have implemented stringent rules and legislation regarding emissions, requiring automakers to implement cutting-edge technology in their products to reduce pollution from automobiles.

For example, the Clean Air Act (CAA), which was implemented in 1963 and underwent several modifications, mandates that automakers comply to emission standards in order to sell their vehicle. Similarly, The California Air Resources Board (CARB) introduced the Zero-Emission Vehicle Regulation. The regulation is designed to achieve long-term emission reduction, which supports the adoption of hybrid and electric vehicles in California and aims to achieve 100% zero emission by 2035.

The global low-speed electric vehicle has been segmented into vehicle type and end user. On the basis of vehicle type, the passenger vehicle segment dominated the market share in is projected to hold the market position by 2032. By end user, the golf course segment is anticipated to dominate the global market in 2032. Currently, Asia-Pacific is the highest revenue contributor and will lead the market share during the review period.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/2933

The leading players operating in the low-speed electric vehicle market are 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.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

By passenger vehicle is the largest segment dominating the global low-speed electric vehicle market in terms of growth rate.

By end-user, the residential and commercial premises segment dominated the global low-speed electric vehicle market in terms of growth rate.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

𝐑𝐞𝐜𝐫𝐞𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/recreational-vehicle-market-A06427

𝐔𝐧𝐦𝐚𝐧𝐧𝐞𝐝 𝐆𝐫𝐨𝐮𝐧𝐝 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/unmanned-ground-vehicle-UGV-market

𝐑𝐞𝐮𝐬𝐚𝐛𝐥𝐞 𝐋𝐚𝐮𝐧𝐜𝐡 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/reusable-launch-vehicle-market-A10670

𝐄𝐭𝐡𝐚𝐧𝐨𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/ethanol-vehicle-market-A47289

𝐒𝐞𝐥𝐟-𝐃𝐫𝐢𝐯𝐢𝐧𝐠 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/self-driving-electric-vehicle-market-A12266

𝐂𝐫𝐲𝐨𝐠𝐞𝐧𝐢𝐜 𝐋𝐢𝐪𝐮𝐢𝐝 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/cryogenic-liquid-transport-vehicle-market

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com

Web: www.alliedmarketresearch.com

Allied Market Research Blog: https://blog.alliedmarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.