A report on the sector - Low Speed Electric Vehicle Global Market Report 2022 - has been published by ResearchAndMarkets.com.
North America was the largest region in the low-speed electric vehicle market in 2021. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing fuel costs are driving the low-speed electric vehicle market growth, while product innovations have emerged as the key trend gaining popularity. Major companies operating in the low-speed electric vehicle market are focused on developing technologically advanced products to strengthen their market position.
For instance, in May 2022, Odysse, an India-based electric vehicle company, launched a new electric scooter with a waterproof battery and motor. With the help of research and development, it would improve the EV's durability and significantly reduce maintenance and repairs for customers. The newly launched scooter comes with two water-resistant IP 67 certified battery options, allowing for 150km of continuous travel on a single charge.
In August 2021, Kaixin Auto Holdings, a China-based provider of used luxury cars and imported new cars, acquired Henan Yujie Times Automobile Company for an undisclosed amount. This acquisition marks Kaixin's official entry into China's small-size EV market, which is forecast to reach a 10 million vehicle scale over the next five years, according to Yujie.
