Low-Speed Electric Vehicles Market Report 2023–2030
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. 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. In 2017, North America accounted for the highest share in the global low speed electric vehicle market.
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2019 – Textron Specialized Vehicles Inc., launched Hauler 800 ELiTE electric utility vehicle with Samsung SDI lithium technology. The Hauler 800 ELiTE offers no-maintenance batteries with increased energy and range efficiency.
2017 – Polaris announced the new Timbersled TRIO front shock. This advancement was done on bikes with the rapidly rising trend of snow biking. TRIO offers improved handling, control, and comfort. It also includes adjustability for all terrain, riding levels, or personal style.
2020 – The National Highway Traffic Safety Administration gave permission for independent vehicle startup Nuro Inc. over the next two years to arrange up to 5,000 low-speed electric delivery vehicles without human controls similar to steering wheels and mirrors.
#Major_Players
Apache
American Landmaster
Citecar Electric Vehicles
Club Car
Columbia Parcar
Deere
Eagle
Evergreen Electric Vehicles
Garia
Polaris
Toro
Taylor Dunn
Textron
Speedway Electric
Star Ev
Renault
#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
#Market_Opportunities
Rapid Depletion of Non-Renewable Sources of Energy
Potential Growth in Emerging Countries in the Forecasted Period
#Market_Trend
Research and Development in Electric Vehicles & Battery Technology
#Low_Speed_Electric_Vehicles Comprehensive Study by
#Type (Passenger vehicle, Off-road vehicle, Heavy duty vehicle, Utility vehicle)
#Application (Golf Courses, Airports, Hotels & Resorts, Tourist Destinations, Residential & Commercial Premises)
#Power output (<8 kW, 8 kW - 15 kW, >15 kW)
What can be explored with the Low-Speed Electric Vehicles Market Study?
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Low-Speed Electric Vehicles Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Low-Speed Electric Vehicles
Understand the Competitive Scenario
Track Right Markets
Identify the Right Verticals
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