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Low-speed Electric Vehicle Market is expected to reach US$ 8,489.94 million by 2030

The global low speed electric vehicle market was valued at US$ 5,526.65 million in 2022; the market is estimated to grow at a CAGR of 5.5% from 2022 to 2030.

By The Insight Partners

Increasing Government Support for Electric Vehicles Boosting the Low-speed electric vehicle market

According to our latest market study on "Low-speed Electric Vehicle Market Forecast to 2030 – Global Analysis – by Product and End User," the market is expected to grow from US$ 5,526.65 million in 2022 to US$ 8,489.94 million by 2030; it is anticipated to grow at a CAGR of 5.5% from 2022 to 2030.

The transportation industry is one of the major contributors to air pollution. Governments of different countries focus on mitigating the carbon emission level to safeguard the environment from pollution. Among many initiatives to protect the environment, one key strategy is to boost the Low-speed electric vehicle market that do not discharge harmful gases. To decrease the toxic impact of greenhouse gas emissions from fossil fuel-based vehicles, the Government of India has implemented several measures at the state and national levels. The government is boosting the installation of EV charging stations by offering capital grants through the FAME India Programme Phase II and state-level policies. In addition, the government has initiated several incentives, including PLI SCHEME, FAME-II, Battery Switching Policy, Tax Reduction on EVs, and Special Electric Mobility Zone. China has expanded its tax exemption guidelines for new energy vehicles until 2027 to promote the electric vehicle industry. In the UK, the government awarded EV grants such as EV charge point grants and infrastructure grants. In 2023, the US government started the Electric Vehicle Charger Reliability and Accessibility Accelerator program, which offers up to US$ 100 million in Federal funding to replace and repair existing yet nonoperational electric vehicle charging infrastructure. Thus, the increasing government focus and support for boosting the usage of electric vehicles over fossil fuel-driven vehicles by enhancing the overall electric vehicle infrastructure is one of the major driving factors for the Low-speed electric vehicle market growth.

Low-speed Electric Vehicle Market Share — by Region, 2023

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Source: The Insight Partners Analysis

Many countries are restricting internal combustion engines to fulfill the net zero carbon emissions targets for protecting the environment, which is also driving the Low-speed electric vehicle market growth. The European Union is anticipated to phase out the sales of new fossil fuel-driven vehicles by 2035. Norway is targeting to phase out internal combustion engines by 2025 and completely adopt electric vehicles. Israel, Singapore, and Britain also aim to ban the internal combustion engine by 2030. In addition, the government of China has set up a target to increase its sales of electric vehicles. China aims to account for ~20% of vehicle sales from electric and hybrid vehicles by 2025 and most of the share from electric vehicles by 2035. Thus, the phasing out of internal combustion engines in several countries drives the Low-speed electric vehicle market.

Canada's strategic position as a significant producer of critical minerals places it at the forefront of the global shift toward electric vehicles (EVs) and clean energy technologies. Canada boasts abundant reserves of key critical minerals such as cobalt, copper, graphite, precious metals, nickel, and uranium. These minerals are essential components in the production of batteries and electric motors for EVs, making Canada a vital player in the global supply chain. Canada's status as a leading producer of critical minerals, combined with its investments in EV manufacturing and commitment to sustainability, positions it as a key player in the global transition to electric mobility. As a result, various key market players are focusing on expanding their presence in the country. In April 2023, Ford Motor's significant investment of ~US$ 1.3 billion in its Oakville Assembly Plant in Ontario, Canada, is a pivotal development for both the Canadian automotive industry and the growth of the Low-speed electric vehicle market share in the country. As Canada strengthens its position in EV manufacturing and embraces clean energy technologies, the growth of the Low-speed electric vehicle market is poised to benefit. LSVs are an integral part of sustainable urban mobility, particularly for short-distance commuting and last-mile solutions.

AutoPacific Australia Pty Ltd, Bosal Group, Brink Group, BTA Towing Equipment, CURT Manufacturing LLC, Oris, PCT Automotive Limited, Alois Kober GmbH, North Shore Tow bars, and GDW N. are among the key Low-speed electric vehicle market players profiled during this study on the market. In addition, several other important Low-speed electric vehicle market players were studied and analyzed during this study to get a holistic view of the market and its ecosystem.

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