According to our latest market study on " Low-speed Electric Vehicles Market Forecast to 2030 –Global Analysis – by Product and End User," the market is expected to grow from US$ 5,110.98 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 changing world scenario towards mitigating environmental pollution has influenced the use of low-speed electric vehicles in different sectors such as defense, construction, and mining. The objective of attaining net zero carbon emissions in different countries is promoting the adoption of sustainable alternatives, fueling the usage of low-speed electric vehicles for carrying goods passengers for shorter distances. Mini excavators, dump trucks and small wheel loaders are some of the examples of utility scale low-speed electric vehicle used in construction and mining sector. All such factors are contributing to the low-speed electric vehicles market growth. The utility-scale application of electric vehicles in a few prime sectors such as mining, defense, and construction, is likely to offer new opportunities for the global Low-speed electric vehicles market players in the coming years.

With the rise in electric vehicle manufacturing, the industry has initiated substantial employment growth. The increasing number of electric vehicle manufacturing facilities, as well as battery and cell production plants, is anticipated to boost the number of job opportunities. The EV industry needs skilled laborers and individuals who can manufacture and drive advanced vehicles. The industry also requires research scientists, automotive technicians, industrial designers, software developers, engineers, and other workers for smooth operations. Furthermore, many employees are engaged in operations, supply chain, analytics, consumer behavior, and AI and app development teams. All these factors are projected to expand job opportunities in EV manufacturing facilities worldwide, which is likely to offer lucrative opportunities for the Low-speed electric vehicles market growth in the coming years.

The top five global Low-speed electric vehicles market players included Textron Inc, Yamaha Motor Co Ltd, Club Car, The Toro Co, and Renault SA in 2021. The ranking of these companies is derived by giving weightage to the following key performance parameters: overall revenue, segment revenue, geographical reach, customer base, new product launches, market initiatives, investment in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. Various other notable Low-speed electric vehicles market players profiled in this report are Star EV, Waev Inc., Bradshaw Electric Vehicles, Clean Motion AB, and Navya SA, etc.

Key Findings of Market Study:

The UK experienced a significant surge in electric vehicle (EV) sales, driven by the government's commitment to cleaner and more affordable transportation options, which is one of the major factors boosting the low-speed electric vehicles market share in the UK. New figures released in May 2022 reveal that the north of England, in particular, has seen remarkable growth in EV registrations, with numbers more than doubling. In 2021, there were 74,677 EV registrations in the region, reflecting the increasing popularity of green and sustainable transportation. Across the entire UK, the EV revolution is well underway, with over a quarter of a million EVs now on the roads. Sales of plug-in vehicles have reached record highs, with 327,000 registered in the previous year, marking a 77% increase compared to 2020. This trend aligns with the UK's ambitious plans to install 300,000 public electric vehicle charge points by 2030, a number nearly five times greater than the existing fuel pump infrastructure. All such factors are driving the low-speed electric vehicles market growth.

The growing sales of EVs and the continued expansion of charging infrastructure in the UK are driving the growth of the low-speed electric vehicles market share. As more consumers embrace electric mobility and charging options become increasingly accessible, the low-speed electric vehicles market of the UK is poised for further expansion.

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