Low Speed Electric Vehicle Market Size Report - Growth & Forecast 2030

Low-speed Electric Vehicle Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Product (Passenger Vehicle and Utility Vehicle) and End User (Golf Courses, Hotels & Resorts, Airports, Residential & Commercial, Premises, and Others)

  • Report Code : TIPRE00014509
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 383
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Low Speed Electric Vehicle Market Size Report - Growth & Forecast 2030

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[Research Report] 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.

 

Analyst Perspective:

China is expected to maintain its leadership position in this evolving landscape, with a forecasted 40% share of the global electric car market by 2030 under the STEPS framework. In the same timeframe, the US is set to double its market share, reaching a 20% share, driven mainly by recent policy developments that are stimulating consumer demand. Meanwhile, Europe is anticipated to sustain its robust 25% share of global electric car sales. In the US, the Inflation Reduction Act (IRA) has acted as a catalyst for global electromobility companies, triggering a rush to expand their manufacturing operations within the country. Between August 2022 and March 2023, these industry leaders collectively announced investments totaling an impressive US$ 52 billion in North American EV supply chains. These investments are strategically allocated, with 50% dedicated to battery manufacturing and ~20% each directed toward battery components and EV manufacturing. This convergence of factors presents a promising outlook for the Low-speed electric vehicle market, offering abundant growth prospects during the forecast period.

Market Overview:

Low-speed electric vehicles are powered by electric motor, which draws electricity from batteries. Low-speed electric vehicles are mainly categorized into passenger vehicles and utility vehicles. The growing environmental concern and rising pollution levels are boosting the demand for sustainable and eco-friendly options in the transportation sector which is driving the Low-speed electric vehicle market growth. The transportation sector is one of the major contributors to overall environmental pollution; thus, the growing utilization of electric vehicles is anticipated to reduce a substantial portion of carbon emissions in the air in the coming years. The growing focus on mitigating carbon emissions and attaining low to zero carbon emission targets in several countries also boosts the growth for Low-speed electric vehicle market in different end users such as residential and commercial premises, airports, hotels and resorts, and golf courses.

The growing government support towards electric vehicle charging infrastructure, battery swapping stations, and rebates related to new electric vehicle purchases are major factors driving the global market for low-speed electric vehicles. Governments of different countries also focus on manufacturing cost-effective electric vehicles by domestically producing batteries, which helps reduce overall electric vehicle prices and boosts the adoption of low-speed electric vehicles. Thus, the growing affordability of electric vehicles is a key driver for the low-speed electric vehicles market, as this factor makes it easy for consumers to adopt electric vehicles.

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Low-speed Electric Vehicle Market: Strategic Insights

Low-speed Electric Vehicle Market

  • CAGR (2022 - 2030)
    5.5%
  • Market Size 2022
    US$ 5.53 Billion
  • Market Size 2030
    US$ 8.49 Billion

Market Dynamics

GROWTH DRIVERS
  • Growing Concerns Regarding Greenhouse Gas Emission
  • Increasing Government Support for Electric Vehicles
FUTURE TRENDS
  • Advent of Lithium-ion Phosphate and Sodium-ion Batteries for Electric Vehicles
OPPORTUNITIES
  • Usage of Low-speed Electric Vehicles in Different Sectors
  • Increasing Job Opportunities in EV Manufacturing Facilities

Key Players

  • Textron Inc
  • Yamaha Motor Co Ltd
  • Club Car
  • The Toro Co
  • Renault SA
  • Star EV
  • Waev Inc
  • Bradshaw Electric Vehicles
  • Clean Motion AB

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Product
  • Passenger Vehicle and Utility Vehicle
End User
  • Golf Courses
  • Hotels & Resorts
  • Airports
  • Residential & Commercial
  • Premises
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

 

Market Driver:

Growing Concerns Regarding Greenhouse Gas Emission Boosting the Low-speed electric vehicle market Growth

A key contributor of GHG (greenhouse gas) emissions that lead to climate change is fossil fuel-driven vehicles. Hence, the utilization of electric vehicles is increasing due to the rising need for vehicles that are sustainable and provide minimal/zero carbon emission, growing climate change concerns, and government initiatives toward mitigating the usage of fossil fuels across the globe. Governments of various nations realize the significance of switching to the electrification of devices and vehicles to meet the future low to zero carbon emission targets. For instance, the US government aims to reduce net GHG emissions by 50–52% compared to 2005 levels by 2030 and attain net zero emissions by 2050. Such market initiatives are expected to boost Low-speed electric vehicle market growth.

The rising use of electric vehicles can help control the air pollution caused by fossil fuels as they do not emit any carbon or other harmful emissions. For road transport, low-speed vehicles are utilized in airports, resorts, golf courses, or any other private premises, contributing substantially to environmental pollution. EVs help reduce pollution, thereby allowing countries to meet the net zero carbon emission targets. Thus, the growing concerns regarding greenhouse gas emissions and environmental pollution are boosting the demand for electric vehicles, which drives the global low-speed electric vehicles market.

Segmental Analysis:

Based on the product, the Low-speed electric vehicle market share is bifurcated into passenger and utility vehicles. Passenger low-speed electric vehicles (LSEVs) are compact and easy to park, making them suitable for crowded urban environments where parking space is limited. Their small footprint also aids in efficient space utilization. Many cities and regions have regulations that encourage or mandate the use of low-speed electric vehicles for specific purposes, such as inner-city transportation, last-mile deliveries, and shuttle services. Further, utility vehicles are driving the growth of the low-speed electric vehicles market by offering practical and cost-effective solutions for various applications. The vehicle’s adaptability, economic benefits, and alignment with sustainability goals make them attractive choices for businesses, organizations, and municipalities looking to optimize transportation within specific environments and tasks. All such factors are contributing to the growth of the Low-speed electric vehicle market.

Passenger vehicles, including compact cars and urban commuting vehicles, are commonly used for short-distance travel within cities and neighborhoods. As consumers increasingly seek more sustainable and energy-efficient transportation options, LSEVs provide an attractive solution for these short trips. LSEVs are commonly used for commuting on college campuses, business parks, and gated communities. They offer a convenient as well as efficient mode of transportation for daily activities within such areas. The increased usage of passenger vehicles, including electric compact cars and urban commuting vehicles, is the key factor driving the growth of the low-speed electric vehicles market.

Regional Analysis:

North America is one of the early adopters of electric vehicles, owing to higher technological adoption and the presence of key electric vehicle market players such as Tesla Inc., Ford Motor Company, The General Motors Company, and Lucid Group Inc. These players drive the Low-speed electric vehicle market  growth through various strategic initiatives such as new product launches, new product development, partnerships, and collaborations. Though global automation production is witnessing a declining trend, the North American automotive market is showing a positive sign with the rising automotive production. According to the data published by Scotiabank, the annual production of light vehicles in North America was increased by 11% in 2022, which was valued at 17.6 million in 2021 and is expected to increase by 7% by the end of 2023. As the automotive industry is witnessing a rapid transition toward electrification, such data shows that North America is one of the lucrative market for the Low-speed electric vehicle market over the forecast period.

The growing awareness of environmental protection among consumers is one of the leading factors boosting the EVs adoption in the region. In such a scenario, low-speed electric vehicles are gaining traction owing to affordability. Various market players focus on attracting this customer base on low-cost points. In July 2023, Wink Motors announced the launch of its Mark 3, an environmentally friendly LSV. The company claims that it is one of the most affordable LSVs in the Low-speed electric vehicle market  at US$ 13,995. Such commitments of key market players toward new product launches are anticipated to increase the Low-speed electric vehicle market share in North America.

Key Player Analysis:

Textron Inc, Yamaha Motor Co Ltd, Club Car, The Toro Co, Renault SA, Star EV, Waev Inc., Bradshaw Electric Vehicles, Clean Motion AB, and Navya SA are among the key Low-speed electric vehicle market players operating in the Low-speed electric vehicle market.

Low Speed Electric Vehicle Market Report Scope

Report Attribute Details
Market size in 2022 US$ 5.53 Billion
Market Size by 2030 US$ 8.49 Billion
Global CAGR (2022 - 2030) 5.5%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Product
  • Passenger Vehicle and Utility Vehicle
By End User
  • Golf Courses
  • Hotels & Resorts
  • Airports
  • Residential & Commercial
  • Premises
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Textron Inc
  • Yamaha Motor Co Ltd
  • Club Car
  • The Toro Co
  • Renault SA
  • Star EV
  • Waev Inc
  • Bradshaw Electric Vehicles
  • Clean Motion AB
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

     

    Recent Developments: 

    Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global Low-speed electric vehicle market. A few recent developments by key the Low-speed electric vehicle market players are listed below:

    Year

    News

    2023

    Kinetic Green announced a dealership with Angad Enterprise. The dealership offers a brand new electric 3-wheeler passenger and a good carrier.

    2023

    Polaris had launched the all-new RANGER XD 1500. The new RANGER side-by-sides are engineered with the first-ever Prostar 1500cc 3-cylinder engine that offers an industry-leading 110 horsepower and over 70 new accessories for enhanced customization, highlighted by Polaris’ exclusive Lock & Ride MAX system.

    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Product, and End User

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    Who are the major vendors in the low-speed electric vehicle market?

    Textron Inc, Yamaha Motor Co Ltd, Club Car, The Toro Co, and Renault SA are the key market players operating in the global low-speed electric vehicle market.

    What are reasons behind low-speed electric vehicle market growth?

    A key contributor of GHG (greenhouse gas) emissions that lead to climate change is fossil fuel-driven vehicles. Hence, the utilization of electric vehicles is increasing due to the rising need for vehicles that are sustainable and provide minimal/zero carbon emission, growing climate change concerns, and government initiatives toward mitigating the usage of fossil fuels across the globe.

    What are market opportunities for the low-speed electric vehicle market?

    The utility-scale application of electric vehicles in a few prime sectors such as mining, defense, and construction, is likely to offer new opportunities for the global low-speed electric vehicle market players in the coming years.

    What is the future trend for the low-speed electric vehicle market?

    Sodium-ion technology has been gaining popularity across the globe, with few companies working towards commercializing it for electric vehicle applications. Thus, the advent of lithium-ion phosphate and sodium-ion batteries for electric vehicles is likely to fuel the low-speed electric vehicle market during the forecast period.

    Which region to dominate the low-speed electric vehicle market in the forecast period?

    North America is one of the early adopters of electric vehicles, owing to higher technological adoption and the presence of key electric vehicle market players such as Tesla Inc., Ford Motor Company, The General Motors Company, and Lucid Group Inc. These players drive the automotive industry's growth through various strategic initiatives such as new product launches, new product development, partnerships, and collaborations.

    The List of Companies - Low-speed Electric Vehicle Market

    1. Textron Inc
    2. Yamaha Motor Co Ltd
    3. Club Car
    4. The Toro Co
    5. Renault SA
    6. Star EV
    7. Waev Inc
    8. Bradshaw Electric Vehicles
    9. Clean Motion AB
    10. Navya SA

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