Low Speed Electric Vehicle Global Market to Reach $8.2 Billion by 2026 at a CAGR of 12%

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Oct 07, 2022, 14:15 ET

DUBLIN, Oct. 7, 2022 /PRNewswire/ -- The "Low Speed Electric Vehicle Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

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%.

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.

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.

Scope

Markets Covered:

1) By Vehicle Type: Electric Golf Cart; Electric Personal Utility Vehicle; Electric Low Speed Off-Road Vehicle; Electric Low Speed Heavy Duty Vehicle
2) By Battery: Lithium-Ion Battery LSEV; Lead-Acid Battery LSEV; Other Batteries
3) By Voltage: 24V; 36V; 48V; 60V; 72V
4) By Application: Personal Use; Commercial Use; Public Utilities
5) By End-User: Golf Courses; Hotels and Resorts; Tourist Destinations; Airports; Residential and Commercial Premises; Other End Users

Key Topics Covered:

1. Executive Summary

2. Low Speed Electric Vehicle Market Characteristics

3. Low Speed Electric Vehicle Market Trends And Strategies

4. Impact Of COVID-19 On Low Speed Electric Vehicle

5. Low Speed Electric Vehicle Market Size And Growth

6. Low Speed Electric Vehicle Market Segmentation

7. Low Speed Electric Vehicle Market Regional And Country Analysis

8. Asia-Pacific Low Speed Electric Vehicle Market

9. China Low Speed Electric Vehicle Market

10. India Low Speed Electric Vehicle Market

11. Japan Low Speed Electric Vehicle Market

12. Australia Low Speed Electric Vehicle Market

13. Indonesia Low Speed Electric Vehicle Market

14. South Korea Low Speed Electric Vehicle Market

15. Western Europe Low Speed Electric Vehicle Market

16. UK Low Speed Electric Vehicle Market

17. Germany Low Speed Electric Vehicle Market

18. France Low Speed Electric Vehicle Market

19. Eastern Europe Low Speed Electric Vehicle Market

20. Russia Low Speed Electric Vehicle Market

21. North America Low Speed Electric Vehicle Market

22. USA Low Speed Electric Vehicle Market

23. South America Low Speed Electric Vehicle Market

24. Brazil Low Speed Electric Vehicle Market

25. Middle East Low Speed Electric Vehicle Market

26. Africa Low Speed Electric Vehicle Market

27. Low Speed Electric Vehicle Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Low Speed Electric Vehicle Market

29. Low Speed Electric Vehicle Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned

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
ICON Electric Vehicles

For more information about this report visit https://www.researchandmarkets.com/r/sgmule

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SOURCE Research and Markets