Low Speed Electric Vehicle Market Report 2025

The low speed electric vehicle market size has grown rapidly in recent years. It will grow from $9.03 billion in 2024 to $10.49 billion in 2025 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to increasing investments by governments, increasing occurrences of vehicle theft, reducing the cost of electric vehicle (EV) batteries, emerging market growth, and a rise in domestic manufacturing.

The low speed electric vehicle market size is expected to see rapid growth in the next few years. It will grow to $18.19 billion in 2029 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to an increase in fuel prices, rapid growth in e-commerce, growing demand for autonomous and electric vehicles, urbanization, and growing demand for driverless vehicles. Major trends in the forecast period include new product launches, technological advancement, use of electric vehicles in logistics, adoption of lithium-ion batteries, and use of 3d printing in electric vehicles.

The low-speed electric vehicle market is poised for growth due to the anticipated rise in fuel costs. Fuels, which provide chemical or thermal energy when burned, are essential for various tasks and can be used in their natural state or converted to usable energy forms through machinery. Escalating demand for vehicle fuel and supply chain disruptions triggered by Russia's invasion of Ukraine have led to a daily increase in fuel costs. This situation presents an opportunity for electric vehicle manufacturers. According to a February 2022 report by the British Broadcasting Company (BBC), petrol costs in the UK reached 148.02 pounds per liter ($1.869 a liter), and diesel reached a record high of 151.57 pounds per liter ($1.914 a liter), a significant increase compared to September 2021 prices of 140 pounds ($1.76) for petrol and 144 pounds ($1.81) for diesel. Consequently, the surging fuel costs are fueling the demand for low-speed electric vehicles.

The growth of the low-speed electric vehicle market during the forecast period will also be driven by the increasing demand for autonomous and electric vehicles. Autonomous vehicles, which operate with minimal or no human intervention, and electric vehicles, which use electric motors instead of internal combustion engines, are experiencing rising demand. Advanced driver-assistance systems, commonly employed in autonomous and electric cars, contribute to their popularity. In August 2022, China, with the world's largest and fastest-growing electric vehicle market, witnessed the delivery of 2.4 million electric vehicles to customers in mainland China during the first half of 2022, accounting for 26% of all car sales. This marked a significant increase from the 10% share in the first half of 2021. Additionally, data from the International Energy Agency in May 2022 revealed a substantial surge in electric vehicle sales, reaching a new high of 10.2 million units in 2022, nearly doubling the previous year's sales. The global sales projection for electric cars in 2023 is 14 million units, indicating a remarkable growth rate of 35%. Thus, the growing demand for autonomous and electric vehicles is propelling the low-speed electric vehicle market.

Product innovation stands out as a prominent trend in the low-speed electric vehicle market, with major companies focusing on developing technologically advanced products to enhance their market position. In May 2022, Odysse, an India-based electric vehicle company, introduced a new electric scooter featuring a waterproof battery and motor, enhancing durability and reducing maintenance and repair needs. The scooter offers two water-resistant IP 67 certified battery options, enabling 150km of continuous travel on a single charge.

Major companies in the low-speed electric vehicle market are concentrating on developing innovative technological solutions to enhance their market position. For example, in December 2023, Speedways Electric, an India-based manufacturer of electric vehicles, launched the Emigo UT4. This advanced low-speed electric vehicle features a robust battery system that enables it to travel up to 80 kilometers on a single charge. It is equipped with a 5 kW motor and has a maximum speed of 35 km/h, making it suitable for campus use. Additionally, there are plans for a road version that can achieve speeds of up to 70 km/h.

In June 2022, Club Car, a US-based manufacturer of golf, consumer, and utility vehicles, acquired Garia A/S for an undisclosed amount. This acquisition supports Club Car's strategy to expand its electric vehicle offerings and bolster its position in the premium golf and lifestyle vehicle markets. By incorporating Garia’s design expertise and technological innovations, the deal is intended to significantly enhance Club Car's product portfolio. Garia A/S is a Denmark-based manufacturer specializing in low-speed electric golf cars and luxury vehicles.

Major companies operating in the low speed electric vehicle market include Textron Inc, Club Car, The Toro Company, Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, Tomberlin Automotive Grp, Moto Electric Vehicles, Bradshaw Electric Vehicles, HDK Electric Vehicles, Speedways Electric, Shandong Shifeng Group Company Limited, Ingersoll Rand Inc, Ligier Group, Polaris Inc, Yamaha Motors Company Limited, Hitachi Automotive, Honda Motor Company Limited, ICON Electric Vehicles, Geely, Byton, Enovate, Zhiji, Dongfeng Motor, Chang’an Automobile, Guangzhou Automobile, Chery Automobile, FAW Group, Evergrande, BYD Auto, BAIC Motor, Great wall motor, EasyMile, AGT Electric Cars, Bintelli Electric Vehicles, Byvin, Groupe Renault, Via Motors, Ford, General Motors, Bravo Motor, Kia Motors, iPedal, Daimler AG, Energica Motor Company, Mahindra, Bozankaya, EVT motor, Car4future, Tata Motors Limited, Infinity, Schneider, Melex Electrovehicles, GridCars, Mazibuko Motor Company, El Nasr Automotive Manufacturing Company, Eleksa.

North America was the largest region in the low-speed electric vehicle market in 2024. The regions covered in the low-speed electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the low-speed electric vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Low-speed electric vehicles are powered by an electric motor rather than an internal-combustion engine, utilizing a mix of fuel and gases for power generation. These vehicles are characterized by having four wheels, a gross vehicle weight rating of 3,000 pounds or less, and the capability to achieve speeds ranging from a minimum of 20 miles per hour (mph) to a maximum of 25 mph. They are commonly employed for the transportation of people and goods.

The primary types of low-speed electric vehicles include electric passenger vehicles, electric personal utility vehicles, electric low-speed off-road vehicles, and electric low-speed heavy-duty vehicles. Electric passenger vehicles rely on electric motors and use electricity stored in batteries for propulsion. These vehicles operate at various voltages such as 24v, 36v, 48v, 60v, 72v, and utilize different types of batteries, including lithium-ion battery LSEV and lead-acid battery LSEV, among others. Applications of low-speed electric vehicles span personal use, commercial use, and public utilities, with end-users including golf courses, hotels and resorts, tourist destinations, airports, as well as residential and commercial premises.

The low speed electric vehicle market research report is one of a series of new reports that provides low speed electric vehicle market statistics, including low speed electric vehicle industry global market size, regional shares, competitors with a low speed electric vehicle market share, detailed low speed electric vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the low speed electric vehicle industry. This low-speed electric vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The low-speed electric vehicle market consists of sales all-electric, plug-in hybrid electric and fuel cell electric vehicles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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