Low Speed Electric Vehicles Market: Introduction
Low speed electric vehicles can be defined as electric vehicles which have four wheels and within one mile, can reach a speed of more than 20 mph and a maximum speed of 25 mph. Moreover, according to the State of California Department of Motor Vehicles, low speed electric vehicles should have a gross vehicle weight rating of less than 3,000 pounds. These vehicles can have manual as well as automatic transmission. However, these vehicles are quite different from golf carts and the two should not be confused with each other. The low speed electric vehicles market is consolidated in nature with few key players registering significant market share in the global market. This makes it a fertile market for the numerous upcoming players to expand their product portfolio and thus, give the necessary boost to the market’s revenue stream. Low speed electric vehicles can be used for different purposes, including utility application and off-roading. Moreover, low speed electric vehicles make an efficient and cost effective way of transportation and this is expected to create opportunities for the augmentation of the market.
Low Speed Electric Vehicles Market: Market Dynamics
The concept of energy sustainability has been gaining popularity in the global market since the past few years. Owing to this, the production of electric vehicles has increased considerably in the past few years. Moreover, oil prices have been fluctuating, which is expected to further fuel the demand for alternate transportation mediums, such as electric vehicles. This is one of the prime reasons expected to promote the growth of the low speed electric vehicles market in near future.
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Furthermore, stringent government norms to curb harmful tailpipe emissions is expected to further boost the demand for low speed electric vehicles in near future. These low speed electric vehicles can be used for numerous purposes, such as utility purposes, as heavy-duty vehicles and for off-roading. This is expected to drive the growth of the low speed electric vehicles market in near future. Key manufacturers of electric vehicles are also focusing on introducing solar powered low speed electric vehicles which offer additional advantages and low maintenance costs over traditional gasoline vehicles. This is expected to further promote the growth of the low speed electric vehicles market in near future.
However, the demand for highly efficient and low maintenance and low cost low speed electric vehicles has increased considerably in the past few years. This is expected to put extra burden on the shoulders of key manufacturers. Furthermore, numerous small scale manufacturers have introduced low quality low speed electric vehicles. This may hamper the growth of the low speed electric vehicles market over the coming years.
Low Speed Electric Vehicles Market: Segmentation
On the basis of transmission type, the low speed electric vehicles market can be segmented into:
On the basis of vehicle type, the low speed electric vehicles market can be segmented into:
Electric Low-speed Off-road Vehicles
Electric Low-speed Heavy-duty Vehicles
Electric Personal Utility Vehicles
On the basis of sales channel, the low speed electric vehicles market can be segmented into:
Low Speed Electric Vehicles Market: Regional Outlook
The electric vehicle production in Japan has been witnessing a growth trend. Moreover, the demand for electric vehicles is also expected to increase considerably in the developing countries of Asia Pacific region, including China and India. This can be attributed to increasing government initiatives in such countries for reducing emissions. Furthermore, in developed regions such as North America and Europe, the charging infrastructure is well established. This can be one of the prime reasons, which can promote the growth of the market in these regions. The Low speed electric vehicle market is expected to witness sluggish growth in the MEA region owing to low awareness about electric vehicles in the region.
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Low Speed Electric Vehicles Market: Key Participants
HDK Electric Vehicles
Yamaha Motors Co. Ltd.
Evergreen Electric Vehicles
Bajaj Auto Ltd.
CitEcar Electric Vehicles
AGT Electric Cars