Low-speed electric vehicle (LSEV) Market Size/Share Envisaged to Reach USD 21.55 Billion By 2032, at a CAGR of 7.6%: Polaris Market Research
Polaris Market Research conducted a comprehensive research study spanning over [+115] pages, revealing that the global low-speed electric vehicle market size/share is expected to reach USD 10.46 Billion in 2022. The study further indicates that the market will grow at a compound annual growth rate (CAGR) of 7.6% and is projected to touch USD 21.55 Billion By 2032. Neighborhood electric vehicles (NEVs), also known as LSEVs, are gaining popularity as a sustainable and economical means of short-distance transportation within communities, campuses, and urban areas. Some of the major players are Ingersoll-Rand plc, AGT Electric Cars, Bintelli Electric Vehicles, Bradshaw Electric Vehicles, Polaris Industries, Inc., Speedways Electric, Xiamen Dalle Electric Car Co. and others.
New York, NY, June 16, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled *“Global Low-speed electric vehicle (LSEV) Market Share, Size, Trends, Industry Analysis Report By Power (<8KW, 8-15KW, >15KW); By Propulsion (Electric, Diesel, Gasoline); By Application; By Region, Segments & Forecast, 2023 - 2032”* in its research database.
“As per the latest research analysis, the global low-speed electric vehicle market size/share will be valued at roughly USD 10.46 billion in 2022, and its revenue is *projected to reach about USD 21.55 Billion By 2032*. The market is forecasted to expand at a *compound annual growth rate of approximately 7.6%* between 2023 and 2032.”
*Report Overview*
A low-speed electric vehicle, also known as a neighborhood vehicle, is a four-wheeled, street-legal vehicle. These vehicles are invented for short-distance transit within towns, universities, and cities. LSEVs are perfect for local commuting and short journeys because their top speed is often restricted to 25 mph (40 km/h).
Electric vehicles (EVs) work on an electric motor instead of using an internal-combustion engine that develops power by burning a combination of gases and fuels. Also, since EVs have fewer moving parts that need maintenance, they are both highly efficient and economical. Low-speed electric vehicles (LSEVs) are currently more in demand than ever since they can be charged using standard household outlets without charging stations. This is expanding the low-speed electric vehicle (LSEV) market.
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*(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)*
*Our Sample Report Covers:*
· 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
· 115+ Pages Research Report (Inclusion of Updated Research).
· Provide Chapter-wise guidance on Requests.
· 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
· Includes Updated List of tables & figures.
· Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
*Some of the Top Market Players Are:*
· Ingersoll-Rand plc
· AGT Electric Cars
· Bintelli Electric Vehicles
· Bradshaw Electric Vehicles
· Polaris Industries Inc.
· Speedways Electric
· Xiamen Dalle Electric Car Co. Ltd. (HDK electric vehicle)
· Yamaha Motor Co. Ltd.
· Textron Inc. (Textron Specialized Vehicles Inc.)
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*Prominent Growth Driving Factors*
· *Environment Friendly: *Low-speed vehicles provide a more environmentally friendly alternative to conventional gasoline-powered vehicles as the world aims to lessen greenhouse gas emissions and combat climate change. Also, as LSEVs are driven by electric motors with zero tailpipe emissions, they are environmentally beneficial and help improve air quality and reduce carbon emissions.
· *Lower costs: *The affordability of LSEVs compared to conventional vehicles is the major driver of low-speed electric vehicle (LSEV) market growth. Since LSEVs often have lower initial expenses than traditional cars, many customers can afford them. LSEVs are a desirable option for consumers on a tight budget because of this affordability issue, particularly in urban regions where the cost of living may be high.
· *Increased development of charging infrastructure: *LSEV-specific charging stations in many urban locations have made it easier for owners to recharge their cars and expand their range. Additionally, some LSEVs feature swappable battery systems that enable rapid battery replacements at charging stations, significantly lowering charging times and enhancing convenience for LSEV owners.
· *Growing awareness: *The low-speed electric vehicle (LSEV) market demand is driven by rising awareness and emphasis on affordability, sustainability, and technology developments. LSEVs are anticipated to offer significantly longer driving ranges and quicker charging times as battery technology advances, making them more useful and convenient for daily use.
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*Top Findings of the Report*
· In recent years, low-speed electric vehicles have attracted much interest as an environmentally friendly and cost-effective means of transportation, resulting in the increased low-speed electric vehicle (LSEV) market size.
· The market segmentation is primarily based on propulsion, power, application, and region.
· North America is expected to witness the highest growth during the predicted period.
*Top Trends Influencing the Market*
· *Technology advancements: *LSEV technology improvements and growth have also helped their development. The advances in battery technology now allow longer driving distances and quicker recharge periods. Longer travels are now more feasible because of some LSEVs' driving ranges of up to 100 miles (160 km) on a single charge.
· *Increased popularity: *In emerging and growing countries, where sustainability, affordability, and effective local transportation are essential, LSEVs are becoming increasingly popular. Short-distance commuting, other local transportation needs, and last-mile delivery are frequently met by LSEVs, which offer a practical and environmentally responsible substitute for traditional vehicles.
*Segmental Analysis*
· *The >15KW Sector is Expected to Witness the Fastest Growth*
Low-speed electric vehicle (LSEV) market is anticipated to expand rapidly, especially in the >15KW category. The >15KW category, one of the many sectors in the LSEV industry, is expected to grow at the highest rate due to many factors.
The growing desire for more powerful and capable vehicles is the main factor behind the emergence of >15KW LSEVs. Traditional LSEVs are restricted to a top speed of 25 mph (40 km/h) and smaller power outputs, whereas >15KW LSEVs are intended to offer higher speeds and better performance.
Furthermore, the demand for more powerful LSEVs with greater payloads and longer driving ranges is rising as LSEVs become more widely accepted in various industries, including tourism, logistics, and transportation services.
· *The Industrial Utility Accounts for the Largest Market Share*
The industrial utility sector holds the biggest low-speed electric vehicle (LSEV) market share. The segment has emerged as a key player and has taken the greatest market share among the other LSEV segments. The applicability of LSEVs for industrial and utility applications is one of the main causes of the industrial utility segment's dominance in the LSEV market. They are excellent for logistics, manufacturing, and facilities management since they are well-suited for warehousing, material handling, campus transportation, and grounds maintenance.
Additionally, the industrial and utility industries' increased focus on sustainability and environmental issues has increased demand for LSEVs.
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*Low-speed electric vehicle (LSEV) Market: Report Scope & Segmentation*
*Report Attribute* *Details*
*Revenue Forecast in 2032* USD 21.55 billion
*Market size value in 2023* USD 11.15 billion
*Expected CAGR Growth* 7.6% from 2023 - 2032
*Base Year* 2022
*Forecast Year* 2023 – 2032
*Top Market Players* Ingersoll-Rand plc, AGT Electric Cars, Bintelli Electric Vehicles, Bradshaw Electric Vehicles, Polaris Industries, Inc., Speedways Electric, Xiamen Dalle Electric Car Co., Ltd. (HDK electric vehicle), Yamaha Motor Co., Ltd. and Textron Inc. (Textron Specialized Vehicles Inc.)
*Segments Covered* By Power By Propulsion By Application By Region
*Customization Options* *Customized purchase options are available to meet any research needs. **Explore customized purchase options*
*Geographical Overview*
*North America: *In the upcoming years, there will be a major increase in the demand for the low-speed electric vehicle (LSEV) market in North America. The increased focus on sustainability and environmental issues and growing public knowledge of them are the primary growth drivers for LSEVs in North America. LSEVs provide a practical answer as people and companies grow more aware of their carbon impact and look for environmentally friendly transportation solutions.
Moreover, the increased demand for LSEVs in North America is partly a result of technological developments and upgrades. Also, the EV demand in North America is
rising as more charging stations, including those for LSEVs, become available.
Browse the Detail Report *“Global Low-speed electric vehicle (LSEV) Market Share, Size, Trends, Industry Analysis Report By Power (<8KW, 8-15KW, >15KW); By Propulsion (Electric, Diesel, Gasoline); By Application; By Region, Segments & Forecast, 2023 - 2032”* with in-depth TOC: *https://www.polarismarketresearch.com/industry-analysis/low-speed-electric-vehicle-lsev-market*
*For Additional Information OR Media Enquiry, Please Mail At: sales@polarismarketresearch.com *
*Recent Developments*
· "Envy," a low-speed electric scooter from Crayon Motors, was introduced to the Indian market in March 2022. The model is offered at more than 100 retail locations nationwide and comes with several features, such as a keyless start system and a large boot.
*The Report Answers Questions Such as*
· What is the current and expected size of the global low-speed electric vehicle (LSEV) market?
· What are the new competitive developments in the low-speed electric vehicle industry?
· Which vehicle type is currently leading the market?
· What is the key factor driving the low-speed electric vehicle (LSEV) market growth?
· What are the key regions in the market?
· What is the typical speed range of a low-speed vehicle (LSEV)?
· Who are the leading players in the industry?
*Polaris Market Research has segmented the Global Low-speed electric vehicle (LSEV) Market report based on Power, Propulsion, Application, and region:*
*By Power Outlook*
· <8KW
· 8-15KW
· >15KW
*By Propulsion Outlook*
· Electric
· Diesel
· Gasoline
*By Application Outlook*
· Golf Cart
· Public Transport Vehicle
· Personnel Carrier
· Industrial Utility
· Airports
*By Region Outlook*
· North America (U.S., Canada)
· Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
· Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
· Latin America (Brazil, Mexico, Argentina)
· Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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*About Polaris Market Research:*
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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