(MENAFN- EIN Presswire) EINPresswire/ -- Low Speed Electric Vehicle Market Growth Forecast: What To Expect By 2025?
The low speed electric vehicles market size has significantly expanded over the past few years. It's expected to increase from $9.03 billion in 2024 to about $10.36 billion in 2025, with a compound annual growth rate (CAGR) of 14.8%. The accelerated growth observed in the historic period is due to factors like enhanced government investments, the rise in vehicle theft incidents, reduction in the price of electric vehicle (EV) batteries, growth in emerging markets, and an increase in local manufacturing.

The market for low speed electric vehicles is anticipated to experience swift expansion in the coming years, reaching a projected total of $17.51 billion by 2029, with a 14.0% compound annual growth rate (CAGR). This anticipated growth during the forecast period can be linked to factors such as an increase in fuel costs, the accelerated expansion of e-commerce, rising demand for autonomous and electric vehicles, urban development, and an amplified demand for driverless cars. The future trends include the introduction of new products, advances in technology, implementing electric vehicles in the logistics sector, the adoption of lithium-ion batteries, and the application of 3D printing in manufacturing electric vehicles.

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What Are Key Factors Driving The Demand In The Global Low Speed Electric Vehicle Market?
The continual rise in fuel expenses is predicted to bolster the expansion of the low-speed electric vehicle sector in the future. Fuels, which provide chemical or thermal energy when burned, are vital for carrying out a range of actions. They are used in their organic form or processed into a functional energy form by machinery. Due to heightened vehicle fuel demand and supply chain disruptions caused by Russia's Ukraine invasion, daily fuel costs are on the rise. This scenario is paving the way for opportunities for manufacturers in the electric vehicle industry. For example, the BBC (British Broadcasting Company), a broadcasting network based in the UK, published a report in February 2022. It highlighted that the price of petrol in the UK surged to 148.02 pounds per liter ($1.869 a liter), and diesel set a staggering new record at 151.57 pounds per liter ($1.914 a liter). This marked a substantial price hike compared to September 2021's petrol price of 140 pounds ($1.76) and diesel price of 144 pounds ($1.81). Therefore, the rising fuel costs are effectively propelling the low-speed electric vehicle sector's demand.

Who Are The Leading Players In The Low Speed Electric Vehicle Market?
Major players in the Low Speed Electric Vehicle include:

. Textron Inc
. Club Car
. The Toro Company
. Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
. Tomberlin Automotive Grp
. Moto Electric Vehicles
. Bradshaw Electric Vehicles
. HDK Electric Vehicles
. Speedways Electric
. Shandong Shifeng Group Company Limited

What Are The Key Trends And Market Opportunities In The Low Speed Electric Vehicle Sector?
Emergence of product innovations is a prominent trend being witnessed in the low-speed electric vehicle market. Top-tier companies engaged in this sector are aiming to introduce technologically superior products to amplify their stance in the market. Take for example, Odysse, an Indian electric vehicle firm, which unveiled a novel electric scooter equipped with a waterproof battery and motor in May 2022. This development, backed by rigorous research, is set to notably enhance the durability of EVs and reduce the need for constant maintenance and repairs. The newly introduced scooter is equipped with two IP 67 certified water-resistant battery options, offering up to 150km of uninterrupted travel when fully charged.

Analysis Of Major Segments Driving The Low Speed Electric Vehicle Market Growth
The low speed electric vehiclemarket covered in this report is segmented –

1) By Type: Electric Passenger Vehicle, Electric Personal Utility Vehicle, Electric Low Speed Off-Road Vehicle, Electric Low Speed Heavy Duty Vehicle
2) By Battery: Lithium-Ion Battery LSEV, Lead-Acid Battery LSEV, Other Batteries
3) By Voltage: 24V, 36V, 48V, 60V, 72V
4) By Application: Personal Use, Commercial Use, Public Utilities
5) By End-User: Golf Courses, Hotels And Resorts, Tourist Destinations, Airports, Residential And Commercial Premises, Other End-Users

Subsegments:
1) By Electric Passenger Vehicle: Electric Golf Carts, Electric Shuttles
2) By Electric Personal Utility Vehicle: Electric Scooters, Electric Mopeds
3) By Electric Low-Speed Off-Road Vehicle: Electric All-Terrain Vehicles (ATVs), Electric UTVs (Utility Task Vehicles)
4) By Electric Low-Speed Heavy Duty Vehicle: Electric Trucks, Electric Delivery Van

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Which Region Is Expected To Lead The Low Speed Electric Vehicle Market By 2025?
In 2024, North America stood as the premier region in the low-speed electric vehicle market. The market report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.

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