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LONDON, Oct. 17, 2022 /PRNewswire/ -- Companies in the low speed electric vehicle market are using 3D printing in the pre- and post-production manufacturing process of electric vehicles. 3D printing helps reduce cost, due to no need for inventory, tooling or assembly lines and makes a car lightweight, hence making it a popular low speed electric vehicle market trends. It is also used in HVAC known as heating, ventilation and air conditioning, used in a car for ACs, heating and proper air circulation. Heat resistant battery fixtures change as per the various models of electric vehicles. This can be costly and time-consuming. 3D printing helps make the process quick and inexpensive. For instance, Tesla, the electric vehicle manufacturer, uses HVAC for their Model Y.
The global low speed electric vehicle market size 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 global low global low speed electric vehicle market growth is expected to reach $8.20 billion in 2026 at a CAGR of 12.0%.
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The Rising Demand For Driverless Vehicles Is Expected To Drive The Low Speed Electric Vehicle Market
A growing demand for driverless vehicles is expected to increase the demand for the low speed electric vehicle market during the forecast period. The strong focus on autonomous vehicles (AVs) has altered demand patterns for automotive semiconductors, with sales of specialty silicon chips tailored to specific applications growing strongly. For instance, in September 2021, according to Autonoid, a leading automobile magazine, the Japanese government plans to expand the use of autonomous driving vehicles to more than 40 locations around the country by 2025 as it looks to popularize advanced mobility services.
Low Speed Electric Vehicle Market Restraint- High Cost Of Low Speed Electric Car Production
As per the low speed electric vehicle market research, the high cost of creating low speed electric cars and related components like batteries and monitoring systems (battery management systems, CAN bus modules) is a key restraint for electric vehicle producers. The expense of developing a charging infrastructure for electric vehicles is also very high. The battery of an EV needs frequent and fast charging through additional equipment such as electric chargers, which are only available at EV charging stations. The battery, charger and installation cost of the charger add to the cost of electric vehicles, making them costlier than traditional ICE vehicles.
Asia-Pacific Was The Largest Region In The Low Speed Electric Vehicle Market In 2021
Asia Pacific was the largest region in the low speed electric vehicle market and was worth $2541.51 million in 2021. The low speed electric vehicle market in Asia Pacific is supported by the rise in disposable income. The rise in disposable income was aided by the rise in China's GDP. The market is also supported by a rise in mergers and acquisitions in the low-speed electric vehicle market.
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