A low-speed electric vehicle is an advanced version of four-wheel vehicles with maximum speed of 25 mph (40 km/h), and a minimum capable speed (typically 20 mph (32 km/h)), which allows them to travel on public roads not accessible to all golf carts or neighborhood electric vehicles (NEVs).
Rise in oil prices, increase in air pollution in developed regions, and surge in pressure from government entities on the gasoline-powered vehicles to minimize their emissions drive the low-speed electric vehicles market. In addition, introduction of stringent emission control regulations from the road authorities further fuels the market growth. However, lack of government regulations on the manufacturing of these vehicles and increase in number of low-quality offerings of low-speed vehicles restricts the growth. Irrespective of the challenges, attractive incentives are being provided by the government, presenting a major opportunity for the electric vehicles market.
The market is segmented on the basis of transmission type, vehicle, end user, and geography. Based on transmission type, it is bifurcated into automatic and manual. On the basis of vehicle, it is classified into electric golf carts, electric personal utility vehicles, electric low-speed heavy-duty vehicles, and electric low-speed off-road vehicles. The end-user segment includes golf courses, tourist destinations, hotels & resorts and airports, residential & commercial premises, and others. Geographically, the market is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, Taiwan, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Turkey, Saudi Arabia, South Africa, and rest of LAMEA).
The major players profiled in the report include Evergreen Electric Vehicles, Hitachi Chemicals, Yamaha Motors Co. Ltd., HDK Electric Vehicles, Textron Inc., Ingersoll Rand, Inc., Speedway Electric, Polaris Industries, Renault, CitEcar Electric Vehicles, and Dojo.
- This report provides an extensive analysis of the current and emerging market trends, dynamics, and estimations for the key market segments in the global low-speed electric vehicles market from 2017 to 2023.
- Exhaustive analysis of the market by component helps to understand the products that are used currently and the variants that are expected to gain prominence in the future.
- This report presents competitive intelligence of the market to understand the competitive scenario globally.
Low-speed Electric Vehicles Market Key Segmentation:
By Transmission Type
- Electric Golf Carts
- Electric Personal Utility Vehicles
- Electric Low-speed Heavy-duty Vehicles
- Electric Low-speed Off-road Vehicles
By End User
- Golf Courses
- Tourist Destinations
- Hotels & Resorts and Airports
- Residential & Commercial Premises
- North America
- Rest of Asia-Pacific
- Rest of Europe
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Evergreen Electric Vehicles
- Hitachi Chemicals, Yamaha Motors Co. Ltd.
- HDK Electric Vehicles
- Textron Inc.
- Ingersoll Rand, Inc.
- Speedway Electric
- Polaris Industries
- CitEcar Electric Vehicles