The reports have been updated with the most recent impact of the Ukraine-Russia war on market growth for over 27 industries. The reports also offer possible solutions and opportunities to survive this crisis.
LONDON , October 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 costs because it doesn’t need inventory, tooling or assembly lines and makes a car lightweight, making it a popular trend in the low-cost electric vehicle market. speed. It is also used in HVAC known as heating, ventilation and air conditioning, used in a car for air conditioners, heating and good air circulation. Heat resistant battery mounts change for different EV models. This can be expensive and time consuming. 3D printing helps make the process quick and inexpensive. For example, Tesla, the electric vehicle manufacturer, uses HVAC for its Model Y.
The global low-speed electric vehicle market size is expected to grow from $4.59 billion in 2021 for $5.21 billion in 2022 at a compound annual growth rate (CAGR) of 13.5%. The slow global growth of the global low-speed electric vehicle market is expected to reach $8.20 billion in 2026 at a CAGR of 12.0%.
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Growing demand for driverless vehicles is expected to drive the low-speed electric vehicle market
Growing demand for driverless vehicles is expected to increase the demand for the low-speed electric vehicle market over the forecast period. The heavy focus on autonomous vehicles (AV) has changed demand patterns for automotive semiconductors, with sales of specialty silicon chips tailored to specific applications rising sharply. For example, in September 2021According to Autonoid, a leading automotive magazine, the Japanese government plans to expand the use of self-driving vehicles to more than 40 locations across the country by 2025, as part of popularizing advanced mobility services .
Restriction of the low-speed electric vehicle market – High cost of producing low-speed electric cars
According to the Low-Speed Electric Vehicle Market Research, the high cost of creating low-speed electric cars and related components such as batteries and monitoring systems (battery management systems, CAN bus modules ) is a major obstacle for producers of electric vehicles. The cost of developing charging infrastructure for electric vehicles is also very high. The battery of an EV must be recharged frequently and quickly using additional equipment such as electric chargers, which are only available at EV charging stations. The battery, charger, and charger installation cost increase the cost of electric vehicles, making them more expensive 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 $2,541.51 million in 2021. The low-speed electric vehicle market Asia Pacific is supported by rising disposable income. The increase in disposable income was helped by the increase in the China GDP. The market is also supported by an increase in mergers and acquisitions in the low-speed electric vehicle market.
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