Global Low Speed Electric Vehicle Market
Global Low Speed Electric Vehicle Market was valued US$ 2.23 Bn in 2017 and is expected to reach US$ 7.012 Bn by 2026 at a CAGR of 15.4% during the forecast period.
The Low Speed Electric Vehicle market growth is driven by stringent government rules and regulations toward vehicle emission and increase in fuel costs. Also, rise in pollution and technological advancements, surge in automobile industry, and decrease in fossil fuel reserves helps to rising the low speed electric vehicle market. High vehicle cost and lack of proper charging infrastructure are major restraining factors of low speed electric vehicle market. Moreover, active government initiatives and technological advancements in electric vehicles ensure beneficial growth opportunities for low speed electric vehicle market globally. This can be attributed to rise in the sale of automated vehicles globally. These features offer lucrative opportunities for the low speed electric vehicle demand globally.
Heavy-duty vehicle segment is estimated to grow at the fastest CAGR. owing to the growing demand for low speed heavy-duty commercial vehicles at golf courses, hotels, and construction sites for carrying loads, passengers, or equipment over short distances.
In the Application, the golf courses segment held the largest share. It is estimated to maintain this trend through forecast period on account of the growing demand for golf carts at golf courses owing to growing interest in leisure activities, increasing disposable income, improving standards of living, and technological improvements in such vehicles. On the other hand, the residential & commercial premises segment grow at the higher CAGR, owing to the increased use of low speed electric vehicles in mega township projects for transporting individuals and high demand for low-cost transportation and rental services in commercial and educational institutes.
Asia-Pacific region register the highest CAGR during forecast period. Owing to increased adoption of smart mobility services, government incentives to promote sales of electric vehicles, rapid urbanization, increase in fuel prices, and increased awareness about non-conventional fuel-driven vehicles in the region. North America region has higher market share of low speed electric vechicle.This is on account of the extensive adoption of advanced electric vehicles and increased demand for fuel-efficient and eco-friendly vehicles in the region.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments by Vehicle Type, End User and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Superconducting Wire market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
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Scope of the Report for Global Low Speed Electric Vehicle Market
Global Low Speed Electric Vehicle Market, By Vehicle Type
• Passenger Vehicle
• Heavy Duty Vehicle
• Utility Vehicle
• Off-road vehicle
Global Low Speed Electric Vehicle Market, By Application
• Golf Courses
• Tourist Destinations
• Hotels & Resorts
• Residential & Commercial Premises
Global Low Speed Electric Vehicle Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Low Speed Electric Vehicle Market
• Terra Motors Corporation
• Zero Motorcycles Inc.
• Changzhou Yufeng Vehicle Co. Ltd.
• Jiangsu Kingbon Vehicle Co. Ltd.
• Hero Electric Vehicles Pvt. Ltd.
• Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd.
• ZHIDOU Electric.
• HDK Electric Vehicles
• Bradshaw Electric Vehicles
• Textron Inc., Polaris Industries
• Yamaha Motors Co. Ltd.
• Ingersoll Rand, Inc.
• Speedway Electric
• AGT Electric Cars
• Bintelli Electric Vehicles
• Ligier Group
This Report Is Submitted By : Maximize Market Research Company
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