According to a recent report published by Allied Market Research, titled,"Low Speed Electric Vehicle Market by Vehicle Type and End User: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global low speed electric vehicle market was valued at $2,395.8 million in 2017, and is projected to reach $7,617.3 million by 2025, registering a CAGR of 15.4% from 2018 to 2025.
At present, North America dominates the market, followed by Europe, Asia Pacific, and LAMEA. U.S. dominated the global low speed electric vehicle market in 2017, whereas Canada is expected to grow at a significant rate in North America during the forecast period.
The market is primarily driven by stringent government rules and regulations toward vehicle emission and increase in fuel costs. In addition, rise in pollution, technological advancements, surge in automobile industry, and decrease in fossil fuel reserves have fueled the growth in the development and production of low speed electric vehicle. High vehicle cost and lack of proper charging infrastructure are some of the major restraining factors of this market. Furthermore, proactive government initiatives and technological advancements in electric vehicles ensure lucrative growth opportunities for this market globally. This can be attributed to rise in the sale of automated vehicles globally. These features offer lucrative opportunities for the low speed electric vehicle demand globally.
Key Findings of the Low Speed Electric Vehicle Market:
- Based on vehicle type, the off road segment generated the highest revenue in 2017.
- Based on end user, the golf courses segment was the highest revenue contributor in 2017.
- Asia Pacific is anticipated to exhibit the highest CAGR during the forecast period.
- Based on region, North America contributed the highest market revenue in 2017, followed by Europe, Asia Pacific, and LAMEA.
Key players operating in the global low speed electric vehicle market are HDK Electric Vehicles, Bradshaw Electric Vehicles, Textron Inc., Polaris Industries, Yamaha Motors Co. Ltd., Ingersoll Rand, Inc., Speedway Electric, AGT Electric Cars, Bintelli Electric Vehicles and Ligier Group
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