Global Low Speed Electric Vehicle Market to Reach USD 16.2 Billion by 2033, Fostered by Rapid Expansion in the Automobile Industry

November 20, 2024 | Automotive Industry

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IMARC Group's latest report, titled "Low Speed Electric Vehicle Market Report by Product (Two-wheelers, Three-wheelers, Four-wheelers), Vehicle Type (Passenger LSEV, Heavy-duty LSEV, Utility LSEV, Off-road LSEV), Voltage (24V, 36V, 48V, 60V, 72V), Battery (Lithium-Ion Battery, Lead-Acid Battery, and Others), End User (Golf Courses, Tourist Destinations, Hotels and Resorts, Airports, Residential and Commercial Premises, and Others), and Region 2025-2033," finds that the global low speed electric vehicle market size reached USD 5.8 Billion in 2024. Electric vehicles (EVs) run on electric motors instead of internal combustion engines, which produce power by burning a mixture of fuels and gases. The electric motor is powered by batteries and connected to a wall outlet or electric vehicle supply equipment (EVSE). They have fewer moving parts that require maintenance and are highly efficient and cost-effective. They are eco-friendly as they do not generate greenhouse gases, such as ozone (O₃), methane (CH₄), nitrous oxide (N₂O), carbon dioxide (CO₂), hydrochlorofluorocarbons (HCFCs), and hydrofluorocarbons (HFCs). At present, low-speed electric vehicles (LSEVs) are gaining immense traction across the globe as they can be charged from electrical outlets at home, eliminating the need for charging stations.

Global Low Speed Electric Vehicle Market Trends:

The rapid expansion in the automobile industry and the surging adoption of 3D printing technology for vehicle customization represent the primary factors driving the market growth. Moreover, the rising awareness regarding the benefits of using LSEV as a low-cost and eco-friendly transportation option is positively influencing the market growth. Additionally, governments of numerous countries are taking favorable initiatives for offering relaxation in legal age limits and driver licensing for LSEVs. In line with this, the provision of lucrative purchase subsidies and vehicle purchase and registration tax rebates for promoting EV use has catalyzed market growth. Besides this, the rising demand for high-performance and fuel-efficient vehicles is another major growth-inducing factor. Furthermore, several key players are investing in research and development (R&D) activities to develop low-cost lithium-ion batteries. Along with this, the shifting consumer inclination toward autonomous vehicles and recent innovations in battery technology are propelling the market growth. Other factors, including technological advancements in EVs, depleting fossil fuel reserves, inflating fuel prices, and rising pollution levels, are also anticipated to provide a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach USD 16.2 Billion by 2033, expanding at a CAGR of 11.44% during 2025-2033.

Market Summary:

On the basis of the product, the market has been divided into two, three, and four-wheelers.
Based on the vehicle type, the market has been categorized into passenger, heavy-duty, utility, and off-road LSEVs.
The market has been classified based on the voltage into 24V, 36V, 48V, 60V, and 72V.
Based on the battery, the market has been categorized into lithium-ion, lead-acid, and other batteries.
On the basis of the end user, the market has been segmented into golf courses, tourist destinations, hotels and resorts, airports, residential and commercial premises, and others.
Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being AGT Electric Cars, Bintelli Electric Vehicles, Bradshaw Electric Vehicles, HDK Electric Vehicle, Hero Electric Vehicles Pvt Ltd, Polaris Inc., Speedways Electric, Terra Motors Corporation, and Textron Inc.

Report Scope:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Product, Vehicle Type, Voltage, Battery, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	AGT Electric Cars, Bintelli Electric Vehicles, Bradshaw Electric Vehicles, HDK Electric Vehicle, Hero Electric Vehicles Pvt Ltd, Polaris Inc., Speedways Electric, Terra Motors Corporation and Textron Inc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Low Speed Electric Vehicle Market to Reach USD 16.2 Billion by 2033, Fostered by Rapid Expansion in the Automobile Industry

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