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Low Speed Electric Vehicle Market Report by Product, Vehicle Type, Voltage, Battery, End User, and Region 2024-2032

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    Report

  • 140 Pages
  • August 2024
  • Region: Global
  • IMARC Group
  • ID: 5656557
Description Jump to:
The global low speed electric vehicle market size reached US$ 5.2 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 14.9 Billion by 2032, exhibiting a growth rate (CAGR) of 12.41% during 2023-2032.

Electric vehicles (EVs) operate on an electric motor without using an internal-combustion engine that generates power by burning a mixture of gases and fuels. They rely on batteries to power the electric motor, which is connected to a wall outlet or electric vehicle supply equipment (EVSE). They are highly efficient and cost-effective as EVs have fewer moving parts that require maintenance.

In addition, EVs are environment-friendly as they do not emit greenhouse gases, such as carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrochlorofluorocarbons (HCFCs), hydrofluorocarbons (HFCs), and ozone (O3). At present, there is a rise in the demand for low-speed electric vehicles (LSEVs) across the globe, as they can be charged from home electrical outlets without the need for charging stations.

Low Speed Electric Vehicle Market Trends:

The rising awareness among the masses about the benefits of using LSEV as a low-cost and eco-friendly transportation option represents one of the key factors influencing the market. Besides this, there is an increase in the adoption of 3D printing technology for vehicle customization around the world. This, along with the expanding automobile industry, is strengthening the growth of the market. Moreover, governments of several countries are providing relaxation in legal age limits and driver licensing for LSEVs. They are also promoting the use of EVs by offering purchase subsidies and vehicle purchase and registration tax rebates, which is contributing to the growth of the market.

In addition, key market players are extensively investing in research and development (R&D) activities to introduce low-cost lithium-ion batteries. In line with this, the increasing utilization of LSEVs as personal vehicles across the globe is offering a favorable market outlook. Apart from this, the escalating demand for fuel-efficient and high-performance vehicles worldwide is bolstering the growth of the market.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global low speed electric vehicle market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on product, vehicle type, voltage, battery and end user.

Breakup by Product:

  • Two-wheelers
  • Three-wheelers
  • Four-wheelers

Breakup by Vehicle Type:

  • Passenger LSEV
  • Heavy-duty LSEV
  • Utility LSEV
  • Off-road LSEV

Breakup by Voltage:

  • 24V
  • 36V
  • 48V
  • 60V
  • 72V

Breakup by Battery:

  • Lithium-Ion Battery
  • Lead-Acid Battery
  • Others

Breakup by End User:

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

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being AGT Electric Cars, Bintelli Electric Vehicles, Bradshaw Electric Vehicles, HDK Electric Vehicle, Hero Electric Vehicles Pvt Ltd, Polaris Inc., Speedways Electric, Terra Motors Corporation and Textron Inc.

Key Questions Answered in This Report

1. How big is the global low speed electric vehicle market?
2. What is the expected growth rate of the global low speed electric vehicle market during 2024-2032?
3. What are the key factors driving the global low speed electric vehicle market?
4. What has been the impact of COVID-19 on the global low speed electric vehicle market?
5. What is the breakup of the global low speed electric vehicle market based on the vehicle type?
6. What is the breakup of the global low speed electric vehicle market based on the end user?
7. What are the key regions in the global low speed electric vehicle market?
8. Who are the key players/companies in the global low speed electric vehicle market?

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Low Speed Electric Vehicle Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Product
6.1 Two-wheelers
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Three-wheelers
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Four-wheelers
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Vehicle Type
7.1 Passenger LSEV
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Heavy-duty LSEV
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Utility LSEV
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Off-road LSEV
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by Voltage
8.1 24V
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 36V
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 48V
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 60V
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 72V
8.5.1 Market Trends
8.5.2 Market Forecast
9 Market Breakup by Battery
9.1 Lithium-Ion Battery
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Lead-Acid Battery
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Others
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by End User
10.1 Golf Courses
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Tourist Destinations
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Hotels and Resorts
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Airports
10.4.1 Market Trends
10.4.2 Market Forecast
10.5 Residential and Commercial Premises
10.5.1 Market Trends
10.5.2 Market Forecast
10.6 Others
10.6.1 Market Trends
10.6.2 Market Forecast
11 Market Breakup by Region
11.1 North America
11.1.1 United States
11.1.1.1 Market Trends
11.1.1.2 Market Forecast
11.1.2 Canada
11.1.2.1 Market Trends
11.1.2.2 Market Forecast
11.2 Asia-Pacific
11.2.1 China
11.2.1.1 Market Trends
11.2.1.2 Market Forecast
11.2.2 Japan
11.2.2.1 Market Trends
11.2.2.2 Market Forecast
11.2.3 India
11.2.3.1 Market Trends
11.2.3.2 Market Forecast
11.2.4 South Korea
11.2.4.1 Market Trends
11.2.4.2 Market Forecast
11.2.5 Australia
11.2.5.1 Market Trends
11.2.5.2 Market Forecast
11.2.6 Indonesia
11.2.6.1 Market Trends
11.2.6.2 Market Forecast
11.2.7 Others
11.2.7.1 Market Trends
11.2.7.2 Market Forecast
11.3 Europe
11.3.1 Germany
11.3.1.1 Market Trends
11.3.1.2 Market Forecast
11.3.2 France
11.3.2.1 Market Trends
11.3.2.2 Market Forecast
11.3.3 United Kingdom
11.3.3.1 Market Trends
11.3.3.2 Market Forecast
11.3.4 Italy
11.3.4.1 Market Trends
11.3.4.2 Market Forecast
11.3.5 Spain
11.3.5.1 Market Trends
11.3.5.2 Market Forecast
11.3.6 Russia
11.3.6.1 Market Trends
11.3.6.2 Market Forecast
11.3.7 Others
11.3.7.1 Market Trends
11.3.7.2 Market Forecast
11.4 Latin America
11.4.1 Brazil
11.4.1.1 Market Trends
11.4.1.2 Market Forecast
11.4.2 Mexico
11.4.2.1 Market Trends
11.4.2.2 Market Forecast
11.4.3 Others
11.4.3.1 Market Trends
11.4.3.2 Market Forecast
11.5 Middle East and Africa
11.5.1 Market Trends
11.5.2 Market Breakup by Country
11.5.3 Market Forecast
12 SWOT Analysis
12.1 Overview
12.2 Strengths
12.3 Weaknesses
12.4 Opportunities
12.5 Threats
13 Value Chain Analysis
14 Porters Five Forces Analysis
14.1 Overview
14.2 Bargaining Power of Buyers
14.3 Bargaining Power of Suppliers
14.4 Degree of Competition
14.5 Threat of New Entrants
14.6 Threat of Substitutes
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
16.3.1 AGT Electric Cars
16.3.1.1 Company Overview
16.3.1.2 Product Portfolio
16.3.2 Bintelli Electric Vehicles
16.3.2.1 Company Overview
16.3.2.2 Product Portfolio
16.3.3 Bradshaw Electric Vehicles
16.3.3.1 Company Overview
16.3.3.2 Product Portfolio
16.3.4 HDK Electric Vehicle
16.3.4.1 Company Overview
16.3.4.2 Product Portfolio
16.3.5 Hero Electric Vehicles Pvt Ltd
16.3.5.1 Company Overview
16.3.5.2 Product Portfolio
16.3.6 Polaris Inc.
16.3.6.1 Company Overview
16.3.6.2 Product Portfolio
16.3.6.3 Financials
16.3.6.4 SWOT Analysis
16.3.7 Speedways Electric
16.3.7.1 Company Overview
16.3.7.2 Product Portfolio
16.3.8 Terra Motors Corporation
16.3.8.1 Company Overview
16.3.8.2 Product Portfolio
16.3.9 Textron Inc.
16.3.9.1 Company Overview
16.3.9.2 Product Portfolio
List of Figures
Figure 1: Global: Low Speed Electric Vehicle Market: Major Drivers and Challenges
Figure 2: Global: Low Speed Electric Vehicle Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Low Speed Electric Vehicle Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Low Speed Electric Vehicle Market: Breakup by Product (in %), 2023
Figure 5: Global: Low Speed Electric Vehicle Market: Breakup by Vehicle Type (in %), 2023
Figure 6: Global: Low Speed Electric Vehicle Market: Breakup by Voltage (in %), 2023
Figure 7: Global: Low Speed Electric Vehicle Market: Breakup by Battery (in %), 2023
Figure 8: Global: Low Speed Electric Vehicle Market: Breakup by End User (in %), 2023
Figure 9: Global: Low Speed Electric Vehicle Market: Breakup by Region (in %), 2023
Figure 10: Global: Low Speed Electric Vehicle (Two-wheelers) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: Global: Low Speed Electric Vehicle (Two-wheelers) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: Global: Low Speed Electric Vehicle (Three-wheelers) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: Global: Low Speed Electric Vehicle (Three-wheelers) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: Global: Low Speed Electric Vehicle (Four-wheelers) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: Global: Low Speed Electric Vehicle (Four-wheelers) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: Global: Low Speed Electric Vehicle (Passenger LSEV) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: Global: Low Speed Electric Vehicle (Passenger LSEV) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: Global: Low Speed Electric Vehicle (Heavy-duty LSEV) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: Global: Low Speed Electric Vehicle (Heavy-duty LSEV) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: Global: Low Speed Electric Vehicle (Utility LSEV) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: Global: Low Speed Electric Vehicle (Utility LSEV) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: Global: Low Speed Electric Vehicle (Off-road LSEV) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: Global: Low Speed Electric Vehicle (Off-road LSEV) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: Global: Low Speed Electric Vehicle (24V) Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: Global: Low Speed Electric Vehicle (24V) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: Global: Low Speed Electric Vehicle (36V) Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: Global: Low Speed Electric Vehicle (36V) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: Global: Low Speed Electric Vehicle (48V) Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: Global: Low Speed Electric Vehicle (48V) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 30: Global: Low Speed Electric Vehicle (60V) Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: Global: Low Speed Electric Vehicle (60V) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: Global: Low Speed Electric Vehicle (72V) Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: Global: Low Speed Electric Vehicle (72V) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: Global: Low Speed Electric Vehicle (Lithium-Ion Battery) Market: Sales Value (in Million US$), 2018 & 2023
Figure 35: Global: Low Speed Electric Vehicle (Lithium-Ion Battery) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 36: Global: Low Speed Electric Vehicle (Lead-Acid Battery) Market: Sales Value (in Million US$), 2018 & 2023
Figure 37: Global: Low Speed Electric Vehicle (Lead-Acid Battery) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 38: Global: Low Speed Electric Vehicle (Other Batteries) Market: Sales Value (in Million US$), 2018 & 2023
Figure 39: Global: Low Speed Electric Vehicle (Other Batteries) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 40: Global: Low Speed Electric Vehicle (Golf Courses) Market: Sales Value (in Million US$), 2018 & 2023
Figure 41: Global: Low Speed Electric Vehicle (Golf Courses) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 42: Global: Low Speed Electric Vehicle (Tourist Destinations) Market: Sales Value (in Million US$), 2018 & 2023
Figure 43: Global: Low Speed Electric Vehicle (Tourist Destinations) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 44: Global: Low Speed Electric Vehicle (Hotels and Resorts) Market: Sales Value (in Million US$), 2018 & 2023
Figure 45: Global: Low Speed Electric Vehicle (Hotels and Resorts) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 46: Global: Low Speed Electric Vehicle (Airports) Market: Sales Value (in Million US$), 2018 & 2023
Figure 47: Global: Low Speed Electric Vehicle (Airports) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 48: Global: Low Speed Electric Vehicle (Residential and Commercial Premises) Market: Sales Value (in Million US$), 2018 & 2023
Figure 49: Global: Low Speed Electric Vehicle (Residential and Commercial Premises) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 50: Global: Low Speed Electric Vehicle (Other End Users) Market: Sales Value (in Million US$), 2018 & 2023
Figure 51: Global: Low Speed Electric Vehicle (Other End Users) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 52: North America: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 53: North America: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 54: United States: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 55: United States: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 56: Canada: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 57: Canada: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 58: Asia-Pacific: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 59: Asia-Pacific: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 60: China: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 61: China: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 62: Japan: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 63: Japan: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 64: India: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 65: India: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 66: South Korea: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 67: South Korea: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 68: Australia: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 69: Australia: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 70: Indonesia: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 71: Indonesia: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 72: Others: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 73: Others: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 74: Europe: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 75: Europe: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 76: Germany: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 77: Germany: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 78: France: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 79: France: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 80: United Kingdom: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 81: United Kingdom: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 82: Italy: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 83: Italy: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 84: Spain: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 85: Spain: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 86: Russia: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 87: Russia: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 88: Others: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 89: Others: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 90: Latin America: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 91: Latin America: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 92: Brazil: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 93: Brazil: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 94: Mexico: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 95: Mexico: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 96: Others: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 97: Others: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 98: Middle East and Africa: Low Speed Electric Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 99: Middle East and Africa: Low Speed Electric Vehicle Market: Breakup by Country (in %), 2023
Figure 100: Middle East and Africa: Low Speed Electric Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 101: Global: Low Speed Electric Vehicle Industry: SWOT Analysis
Figure 102: Global: Low Speed Electric Vehicle Industry: Value Chain Analysis
Figure 103: Global: Low Speed Electric Vehicle Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Low Speed Electric Vehicle Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Low Speed Electric Vehicle Market Forecast: Breakup by Product (in Million US$), 2024-2032
Table 3: Global: Low Speed Electric Vehicle Market Forecast: Breakup by Vehicle Type (in Million US$), 2024-2032
Table 4: Global: Low Speed Electric Vehicle Market Forecast: Breakup by Voltage (in Million US$), 2024-2032
Table 5: Global: Low Speed Electric Vehicle Market Forecast: Breakup by Battery (in Million US$), 2024-2032
Table 6: Global: Low Speed Electric Vehicle Market Forecast: Breakup by End User (in Million US$), 2024-2032
Table 7: Global: Low Speed Electric Vehicle Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 8: Global: Low Speed Electric Vehicle Market: Competitive Structure
Table 9: Global: Low Speed Electric Vehicle Market: Key Players

Companies Mentioned

  • AGT Electric Cars
  • Bintelli Electric Vehicles
  • Bradshaw Electric Vehicles
  • HDK Electric Vehicle
  • Hero Electric Vehicles Pvt Ltd
  • Polaris Inc.
  • Speedways Electric
  • Terra Motors Corporation
  • Textron Inc.

Methodology

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Table Information

Report AttributeDetails
No. of Pages140
PublishedAugust 2024
Forecast Period2023 - 2032
Estimated Market Value ( USD ) in 2023 $ 5.2 Billion
Forecasted Market Value ( USD ) by 2032 $ 14.9 Billion
Compound Annual Growth Rate12.4%
Regions CoveredGlobal
No. of Companies Mentioned9

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