Global Low-Speed Electric Vehicle Market Report 2022: Rising Fuel Costs Support Industry Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Low-Speed Electric Vehicle Market Report 2022” report has been added to from ResearchAndMarkets.com offer.
The global low-speed electric vehicle market is expected to grow from $4.59 billion in 2021 to $5.21 billion in 2022 at a compound annual growth rate (CAGR) of 13.5%. The low-speed electric vehicle market is expected to reach $8.20 billion by 2026 at a CAGR of 12.0%.
North America was the largest region in the low-speed electric vehicle market in 2021. Regions covered in the low-speed electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa. .
Rising fuel costs are expected to drive the growth of the low-speed electric vehicle market in the future. Fuels are substances that provide chemical or thermal energy when burned. This energy is needed to perform various tasks and is either used in its natural state or converted into a usable form of energy using machines. Due to the growing demand for vehicle fuel and supply chain issues precipitated by Russia’s invasion of Ukraine, the cost of fuel is increasing day by day, creating an opportunity for automakers to electric vehicles.
For example, according to the report published by the BBC (British Broadcasting Company), a UK-based broadcasting network, in February 2022, the cost of petrol reached 148.02 pounds per liter ($1.869 per liter) , while diesel reached a new record high of 151.57 pounds per liter ($1.914 per litre) in the UK, representing a significant increase over the price of petrol of 140 pounds ($1.76 ) in September 2021 and at a diesel price of 144 pounds ($1.81). Thus, rising fuel costs are driving the demand for the low-speed electric vehicle market.
Product innovations have become the key trend gaining popularity in the low-speed electric vehicle market. Major companies operating in the low-speed electric vehicle market are focusing on developing technologically advanced products to strengthen their position in the market. For example, in May 2022, Odysse, an electric vehicle company based in India, launched a new electric scooter with a sealed battery and motor. With the help of research and development, this would improve the durability of the electric vehicle and significantly reduce maintenance and repairs for customers. The newly launched scooter comes with two IP 67 water resistant certified battery options, allowing 150 km of continuous ride on a single charge.
In August 2021, Kaixin Auto Holdings, a Chinese supplier of used luxury cars and new imported cars, acquired Henan Yujie Times Automobile Company Limited for an undisclosed amount. The acquisition marks Kaixin’s official entry into China’s small electric vehicle market, which is expected to reach 10 million vehicles in the next 5 years, according to Yujie. Henan Yujie Times Automobile Company Limited is a China-based electric vehicle manufacturer specializing in small-sized multi-function electric vehicles.
1) By type of vehicle: electric golf cart; Electric personal utility vehicle; Low-speed electric off-road vehicle; Low-speed electric heavy vehicle
2) By Battery: LSEV Lithium-Ion Battery; LSEV lead-acid battery; Other batteries
3) By voltage: 24 V; 36V; 48V; 60V; 72V
4) By application: personal use; commercial use; Public services
5) By the end user: golf courses; Hotels and resorts; Touristic destination; Airports; Residential and commercial premises; Other end users
Main topics covered:
2. Features of the Low-speed Electric Vehicle Market
3. Low-speed Electric Vehicle Market Trends and Strategies
4. Impact of COVID-19 on low-speed electric vehicles
5. Low Speed Electric Vehicles Market Size and Growth
6. Low Speed Electric Vehicles Market Segmentation
7. Regional and Country Analysis of the Low-speed Electric Vehicles Market
8. Asia-Pacific Low-speed Electric Vehicle Market
9. Chinese low-speed electric vehicle market
10. India Low Speed Electric Vehicle Market
11. Japan low-speed electric vehicle market
12. Australia Low Speed Electric Vehicle Market
13. Indonesia Low Speed Electric Vehicle Market
14. South Korea Low-speed Electric Vehicle Market
15. Western Europe Low Speed Electric Vehicle Market
16. UK low-speed electric vehicle market
17. German low-speed electric vehicle market
18. French low-speed electric vehicle market
19. Eastern Europe Low Speed Electric Vehicle Market
20. Russian low-speed electric vehicle market
21. North America Low Speed Electric Vehicle Market
22. US low-speed electric vehicle market
23. South America Low Speed Electric Vehicle Market
24. Brazil low-speed electric vehicle market
25. Middle East Low Speed Electric Vehicle Market
26. Africa Low Speed Electric Vehicle Market
27. Low-speed Electric Vehicles Market Competitive Landscape and Company Profiles
28. Key Mergers and Acquisitions in the Low Speed Electric Vehicles Market
29. Low-speed Electric Vehicle Market Future Outlook and Potential Analysis
AGT electric cars
Bradshaw Electric Vehicles
HDK electric vehicles
Ingersoll Rand Inc.
Shandong Shifeng Group Company Limited
Yamaha Motors Company Limited
Honda Motor Company Limited
ICON electric vehicles
For more information on this report, visit https://www.researchandmarkets.com/r/qvagp7