Low-Speed Electric Vehicle Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global low-speed electric vehicle market is anticipated to grow at a CAGR of 15.0% during the forecast period (2022-2028). A low-speed electric vehicle is a motor vehicle that is four-wheeled and whose top speed ranges from 20 kmph to 40 kmph along with a gross vehicle weight rating of less than 1,400 kg. Low-speed electric vehicles run on an electric motor that requires a continuous supply of energy from batteries to operate. A low-speed electric passenger car operates on two energy sources that are on the internal combustion engine and an electric battery & motor or generator. There are several batteries used in these vehicles such as lithium-ion, molten salt, zinc-air, and various nickel-based designs. Electric vehicle performs better than conventional vehicles providing higher fuel economy, carbon emission, and maintenance.

The rise in pollution, advanced technology, and decrease in fossil fuel reserves are some of the factors that have increased the production of electric vehicles. Additionally, government initiatives for EVs and stringent rules and regulations towards vehicle emissions, and an increase in the price of the fuel are some driving factors for the growth of the low-speed electric market. Additionally, with the limited sources of crude oil globally, the prices are expected to be high in the future.  Electric vehicles that are equipped with electric motors supports in maintaining higher speed more effectively and also make rides more comfortable. However, the high cost of electric vehicles and shortage of charging points of EVs are some restraining factors for the growth of the market.

Some major players in the market include Terra Motors Corp., Bradshaw Electric Vehicles, and HDK Electric Vehicle, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in 2020, The National Highway Truck Safety Administration permitted independent vehicle start-up nuro Inc., to arrange up to 5000 low-speed electric delivery vehicles without human controls similar to steering wheels and mirrors.  Additionally, in January 2022, The Toro Company launched Workman UTX. The commercial-grade, 4-wheel drive vehicle uses a proprietary ground speed governing system. Workman UTX’s ground speed and RPM are not directly connected, allowing the manager to limit the speed of the machine without gutting the power.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Vehicle Type
  • By End-User
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape-Terra Motors Corp., Bradshaw Electric Vehicles, and HDK Electric Vehicle, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Low-Speed Electric Vehicle Market Report by Segment

By Vehicle Type

• Passenger Vehicle
• Heavy-Duty Vehicle
• Utility Vehicle
• Off-road vehicle

 By End-User

• Golf Courses
• Tourist Destinations
• Hotels & Resorts
• Airports
• Residential and Commercial Premises