Low-Speed Electric Vehicles Market Scope
A low-speed electric vehicle is a motor vehicle that is four-wheeled and which can reach a speed of more than 20 mph and a maximum speed of 25 mph.g. Low-speed electric vehicles have gained popularity owing to numerous technological advancements. Rising oil prices, environmental concern, and the surge in pressure from government entities are the major factors propelling the low-speed electric vehicles market.
According to AMA, the Global Low-Speed Electric Vehicles market is expected to see growth rate of 3.06%
Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Low-Speed Electric Vehicles market throughout the predicted period.
Apache (United States), American Landmaster (United States), Citecar Electric Vehicles (United States), Club Car (United States), Columbia Parcar (United States), Deere (United States), Eagle (United States), Evergreen Electric Vehicles (United States), Garia (United States), Polaris (United States), Toro (United States), Taylor Dunn (United States), Textron (United States), Speedway Electric (United States), Star Ev (United States) and Renault (France) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Baoya (China), Byvin (China), Dojo (China), Fulu (China), GreenWheel EV (China), HDK Electric Vehicles (China), Hitachi Chemicals, Yamaha Motors Co. Ltd. (Japan), Shandong Incalcu (China), Kandi (China), Lichi (China), Shifeng (China), Taiqi (China), Tangjun (China), Xinyuzhou (China), Yamaha (Japan) and Yogomo (China).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Low-Speed Electric Vehicles market by Type (Passenger vehicle, Off-road vehicle, Heavy duty vehicle and Utility vehicle), by Application (Golf Courses, Airports, Hotels & Resorts, Tourist Destinations and Residential & Commercial Premises) and Region with country level break-up.
On the basis of geography, the market of Low-Speed Electric Vehicles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Trend
- Research and Development in Electric Vehicles & Battery Technology
Market Drivers
- Stringent rules and Regulations Might Boost the Demand for Low-Speed Electric Vehicles
- Affordability and Low Maintenance of The Vehicle
- Particularly well Suited for Trip lengths of 10 Miles
- Aging Population to Drive the Demand for LSVs
Opportunities
- Rapid Depletion of Non-Renewable Sources of Energy
- Potential Growth in Emerging Countries in the Forecasted Period
Restraints
- Long Charging Time of Electric Vehicle
- The vehicle is Equipped With Minimal Safety Standards/Equipment
Challenges
- Cost Reduction and Improved Energy Density of EV Batteries Is Difficult for Manufacturer
- Developing Electronic and Electrical Component
- Lack of Proper Charging Infrastructure+
Key Target Audience
Low speed vehicle Original Equipment Manufacturers (OEMs), Dealers and distributors of automotive low speed vehicles component and system, Industrial and automobile organizations/associations, Regulatory authorities, Traders and distributors of electric vehicle systems, Ride-hailing service providers and other stakeholders and Autonomous cars stakeholders