The global low-speed electric vehicle market is expected to grow from $4.59 billion in 2021 to $5.21 billion in 2022 at a compound annual growth rate (CAGR) of 13.5%. The low-speed electric vehicle market is expected to grow to $8.20 billion in 2026 at a CAGR of 12.0%.
The low-speed electric vehicle market consists of sales of low-speed electric vehicles by entities (organizations, sole traders, and partnerships) that are used for the transport of people and goods.Low-speed Electric vehicles are also known as “neighborhood vehicles” because they operate on an electric motor instead of an internal-combustion engine and generate power by burning a mix of fuel and gases.
Increasing fuel costs are expected to drive the growth of the low-speed electric vehicle market going forward.Fuels are substances that provide chemical or thermal energy when burned.
This energy is required to carry out a variety of tasks and is either used in its natural state or converted to a usable form of energy with the help of machinery.Due to the increasing demand for vehicle fuel and supply chain concerns precipitated by Russia’s invasion of Ukraine, the cost of fuel is increasing day by day, which creates an opportunity for electric vehicle manufacturers.
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Post time: Dec-03-2022