Europe Low-Speed Electric Vehicle Market Revenue to cross US$ 1,611.07 million by 2030

At 5.3% CAGR, Europe Low-Speed Electric Vehicle Market is Speculated to be worth US$ 1,611.07 million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe low-speed electric vehicle market was valued at US$ 1,065.68 million in 2022 and is expected to reach US$ 1,611.07 million by 2030, registering a CAGR of 5.3% from 2022 to 2030. Usage of low-speed electric vehicles in different sectors and phasing out of combustion engines are among the critical factors attributed to the Europe low-speed electric vehicle market expansion.

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. 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 Europe low-speed electric vehicle market players in the coming years.

On the contrary, operational limitations of battery-operated electric vehicles hamper the growth of Europe low-speed electric vehicle market.

Based on product, the Europe low-speed electric vehicle market is bifurcated into passenger vehicle and utility vehicle. The passenger vehicle segment held 59.0% market share in 2022, amassing US$ 629.26 million. It is projected to garner US$ 937.41 million by 2030 to expand at 5.1% CAGR during 2022-2030.

In terms of end user, the Europe low-speed electric vehicle market is categorized into golf courses, hotels & resorts, airports, residential & commercial, premises, and others. The golf courses segment held 43.5% share of Europe low-speed electric vehicle market in 2022, amassing US$ 463.82 million. It is projected to garner US$ 688.97 million by 2030 to expand at 5.1% CAGR during 2022-2030.

By vehicle type, the Europe low-speed electric vehicle market is categorized into golf carts, commercial turf utility vehicles, industrial utility vehicles, and personal mobility vehicles. The golf carts segment held 43.1% share of Europe low-speed electric vehicle market in 2022, amassing US$ 459.13 million. It is projected to garner US$ 636.66 million by 2030 to expand at 4.2% CAGR during 2022-2030.

Based on country, the Europe low-speed electric vehicle market has been categorized into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 28.1% share of Europe low-speed electric vehicle market in 2022. It was assessed at US$ 299.40 million in 2022 and is likely to hit US$ 482.41 million by 2030, exhibiting a CAGR of 6.1% during 2022-2030.

Key players operating in the Europe low-speed electric vehicle market are Navya SA, Nimos BV, Yamaha Motor Co Ltd, Anhui Airuite New Energy Special Purpose Vehicle Co Ltd, John Bradshaw Ltd, Xiamen Dalle Electric Car Co Ltd, Tomberlin, FLORA Wilh Foerster GmbH & Co KG, Renault SA, Deere & Co, Squad Mobility BV, Clean Motion AB, Citroen UK Ltd, Goupil Industrie SA, Lohr SA, Daedong-USA Inc KIOTI Tractor Division, Melex Sp zoo, KG Automobile SAS, My Electric Vehicle Ltd, Polaris Inc, Swincar SARL, EasyMile SAS, Lift Safe Ltd, Paxster AS, Estrima SpA, Italcar Industrial Srl, X RAAM SRL, and Columbia Vehicle Group Inc, among others.