Low-Speed Vehicle Market, By Vehicle Type (Golf Carts , Neighborhood Electric Vehicles (NEVs) , Personal Mobility Vehicles , and Others), By Speed (Less than 20 mph , 20-25 mph , and Above 25 mph), By Application (Golf Courses , Residential Communities , Commercial Facilities (Airports, Campuses, etc.) , and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Aug 2024

Code : CMI7339

Pages :155

Formats :

Excel and PDF

Industry : Automotive and Transportation

Market Challenges: Limited infrastructure and charging infrastructure for electric low-speed vehicles

The global adoption of electric low-speed vehicles is being hampered by the lack of proper infrastructure and charging solutions across key markets. Many regions still have inadequate public charging points for electric vehicles, restricting their use beyond short-range commutes. This is a major roadblock for the widespread acceptance and demand generation for electric low-speed vehicles in both urban and rural areas. Additionally, the existing electric vehicle charging infrastructure is mainly designed for passenger cars which do not meet the technical requirements of low-speed commercial electric vehicles. The corresponding standardization and development of charging solutions specific to low-speed electric trucks and delivery vehicles is still in nascent stages. Unless governments and OEMs collaborate to develop a robust and universal fast-charging network, commercial users are unlikely to replace their existing ICE fleets with electric alternatives at scale.

For instance, in March 2023, Club Car, a prominent manufacturer of small-wheel electric vehicles, unveiled its latest neighborhood electric vehicle (NEV), the Club Car CRU. This street-legal low-speed vehicle (LSV) is designed to offer a sustainable and enjoyable alternative for short trips around the community.

Market Opportunities: Integration of advanced technologies such as autonomous driving and connectivity

The integration of technologies such as autonomous driving, connectivity and advanced driver-assistance features presents a major opportunity for the low-speed vehicle market. While regulatory frameworks are still being developed for autonomous driving, companies are working to develop autonomous low-speed shuttles and logistics vehicles that can operate within restricted geo-fenced areas without human oversight. This can unlock sizable productivity gains for last-mile delivery fleets. Additionally, the integration of advanced connectivity can enable over-the-air updates, telematics solutions for fleet managers as well as new usage-based business models. OEMs that strategically integrate these futuristic technologies into their upcoming vehicle platforms will be well-positioned to tap into emerging growth areas and attract new categories of customers.