Low-Speed Electric Vehicle Market to Reach $27,578.93 Million, Globally, by 2032 at 15.1% CAGR: Allied Market Research

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Prime determinants of growth

Strengthening government rules and regulations towards vehicle emissions and rise in fuel costs drive the growth of the global low-speed electric vehicle market. However, the high cost of electric vehicles and lack of proper charging infrastructure restrict the market growth. Moreover, proactive government initiatives and improvement in electric vehicle R&D, and improvement in battery technology present new opportunities in the coming years.

Report Coverage and Details:

The passenger vehicle segment to maintain its leadership status throughout the forecast period

Based on vehicle type, the passenger vehicle segment held the highest market share in 2022, accounting for more than one-third of the global low-speed electric vehicle market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to attain a CAGR of 15.1% from 2023 to 2032, owing to the increased demand majorly from developing countries such as China, India, Southeast Asia, and major parts of the European Union.

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The golf course segment to maintain its leadership status throughout the forecast period

Based on end user, the golf course segment held the highest market share in 2022, accounting for more than one-third of the global low-speed electric vehicle market, however, the residential and commercial premises segment is estimated to grow at the fastest CAGR of 17.0% during the forecast period due to the increase in number of golf zones globally. Moreover, there is a rise in demand for low-speed electric vehicles, owing to their affordability in golf courses.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global low-speed electric vehicle market revenue. However, Europe is expected to grow at the fastest CAGR during the review period. In the Asia-Pacific region, more people are moving from rural to urban places. At the same time, car ownership among people has grown due to an increase in disposable income. An increase in the number of vehicles on roadways coupled with rising fuel costs has shifted consumer focus towards more economical modes of transportation, such as low-speed electrical vehicles, especially for intercity and short-distance transportation. Moreover, various technological advancements related to electric vehicles are taking place due to government initiatives, which are further propelling the growth.

Recent Developments:

Key Highlights of the Report:

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Leading Market Players: -

The report provides a detailed analysis of these key players in the global low-speed electric vehicle market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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