South & Central America Low-Speed Electric Vehicle Market Forecast to 2030
South & Central America Low-Speed Electric Vehicle Market Forecast to 2030 – Regional Analysis – by Product (Passenger Vehicle and Utility Vehicle), End User (Golf Courses, Hotels & Resorts, Airports, Residential & Commercial, Premises, and Others), and Vehicle Type (Golf Carts, Commercial Turf Utility Vehicles, Industrial Utility Vehicles, and Personal Mobility Vehicles)
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Description
Usage of Low-speed Electric Vehicles in Different Sectors Fuels South & Central America Low-Speed Electric Vehicle Market
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 South & Central America low-speed electric vehicle market players in the coming years.
South & Central America Low-Speed Electric Vehicle Market Overview
The growing demand for sustainable and green alternatives in the transportation sector to lower the carbon emission level is a key leading factor driving the low-speed electric vehicle market expansion in South & Central America. The favorable government policies and growing focus on the development of electric vehicle infrastructure are boosting the requirement for low-speed electric vehicle in South American countries. However, the lack of electric vehicle charging facilities and the non-availability of proper battery pack maintenance and repair stations in a few developing countries are posing challenges to the low-speed electric vehicle market growth. Nevertheless, with proper investment and support from government initiatives, it is anticipated to be alleviated in the near future.
South & Central America Low-Speed Electric Vehicle Market Revenue and Forecast to 2030 (US$ Million)
South & Central America Low-Speed Electric Vehicle Market Segmentation
The South & Central America low-speed electric vehicle market is bifurcated based on product, end user, vehicle type, and country. Based on product, the South & Central America low-speed electric vehicle market is bifurcated into passenger vehicle and utility vehicle. The passenger vehicle segment held a larger market share in 2022.
In terms of end user, the South & Central America low-speed electric vehicle market is segmented into golf courses, hotels & resorts, airports, residential & commercial, premises, and others. The golf courses segment held the largest market share in 2022.
By vehicle type, the South & Central America low-speed electric vehicle market is segmented into golf carts, commercial turf utility vehicles, industrial utility vehicles, and personal mobility vehicles. The golf carts segment held the largest market share in 2022.
Based on country, the South & Central America low-speed electric vehicle market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America low-speed electric vehicle market share in 2022.
Yamaha Motor Co Ltd, Tomberlin, Renault SA, Deere & Co, The Sol Patch International Inc, Polaris Inc, and FJ Sport SpA are some of the leading companies operating in the South & Central America low-speed electric vehicle market.
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According to the Research Team’ research, the South & Central America low-speed electric vehicle market was valued at US$ 71.30 million in 2022 and is expected to reach US$ 88.72 million by 2030, registering a CAGR of 2.8% from 2022 to 2030. Advent of lithium-ion phosphate and sodium-ion batteries for electric vehicles and increasing government support for electric vehicles are among the critical factors attributed to the South & Central America low-speed electric vehicle market expansion.
Lithium-ion batteries are commonly used in the production of electric vehicles. However, the rising concern about the shortage of lithium is pushing the industry towards using lithium-ion phosphate and sodium-ion batteries. Lithium-ion phosphate is gaining momentum as an essential electric vehicle battery material in the automotive industry, with a prime focus on producing affordable electric vehicles. In 2023, Ford collaborated with CATL to set up a 35 GWh (gigawatt-hour) lithium-ion phosphate cell manufacturing factory in Michigan. In addition, sodium-ion batteries are equipped with faster charging times and can register a longer lifespan than lithium-ion batteries. In addition, sodium-ion technology has been gaining popularity across the region, with few companies working towards commercializing it for electric vehicle applications. Thus, the advent of lithium-ion phosphate and sodium-ion batteries for electric vehicles is likely to fuel the low-speed electric vehicle market during the forecast period.
On the contrary, operational limitations of battery-operated electric vehicles hamper the growth of South & Central America low-speed electric vehicle market.
Based on product, the South & Central America low-speed electric vehicle market is bifurcated into passenger vehicle and utility vehicle. The passenger vehicle segment held 63.1% market share in 2022, amassing US$ 44.96 million. It is projected to garner US$ 54.81 million by 2030 to expand at 2.5% CAGR during 2022-2030.
In terms of end user, the South & Central America low-speed electric vehicle market is categorized into golf courses, hotels & resorts, airports, residential & commercial, premises, and others. The golf courses segment held 42.1% share of South & Central America low-speed electric vehicle market in 2022, amassing US$ 30.00 million. It is projected to garner US$ 36.56 million by 2030 to expand at 2.5% CAGR during 2022-2030.
By vehicle type, the South & Central America 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 41.3% share of South & Central America low-speed electric vehicle market in 2022, amassing US$ 29.45 million. It is projected to garner US$ 33.30 million by 2030 to expand at 1.5% CAGR during 2022-2030.
Based on country, the South & Central America low-speed electric vehicle market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 63.0% share of South & Central America low-speed electric vehicle market in 2022. It was assessed at US$ 44.89 million in 2022 and is likely to hit US$ 55.32 million by 2030, exhibiting a CAGR of 2.6% during 2022-2030.
Key players operating in the South & Central America low-speed electric vehicle market are Yamaha Motor Co Ltd, Tomberlin, Renault SA, Deere & Co, The Sol Patch International Inc, Polaris Inc, and FJ Sport SpA, among others.
In July 2023, Polaris expands its ranger lineup with the all-new ranger XD 1500, an entirely new class of extreme duty utility side-by-sides.
In Mar 2023, Tomberlin e-merge GT E2.
o Highlights key business priorities in order to assist companies to realign their business strategies
o The key findings and recommendations highlight crucial progressive industry trends in the South & Central America low-speed electric vehicle market, thereby allowing players across the value chain to develop effective long-term strategies
o Develop modify business expansion plans by using substantial growth offering developed and emerging markets
o Scrutinize in-depth South & Central America market trends and outlook coupled with the factors driving the South & Central America low-speed electric vehicle market, as well as those hindering it
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
TABLE OF CONTENTS
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. South & Central America Low-Speed Electric Vehicles Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers/Component Suppliers:
4.3.2 Low-Speed Electric Vehicles Manufacturers:
4.3.3 End Users:
5. South & Central America Low-Speed Electric Vehicles Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Growing Concerns Regarding Greenhouse Gas Emission
5.1.2 Increasing Government Support for Electric Vehicles
5.1.3 Rising Affordability of Electric Vehicles
5.1.4 Phasing Out of Internal Combustion Engines
5.2 Restraints
5.2.1 Operational Limitations of Battery-operated Electric Vehicles
5.2.2 High Initial Expenditure
5.3 Opportunities
5.3.1 Usage of Low-speed Electric Vehicles in Different Sectors
5.3.2 Increasing Job Opportunities in EV Manufacturing Facilities
5.4 Future Trends
5.4.1 Advent of Lithium-ion Phosphate and Sodium-ion Batteries for Electric Vehicles
5.5 Impact of Drivers and Restraints:
6. Low-Speed Electric Vehicles Market – South & Central America Market Analysis
6.1 South & Central America Low-Speed Electric Vehicles Market Revenue (US$ Million), 2022 – 2030
6.2 South & Central America Low-Speed Electric Vehicles Market Forecast and Analysis
7. South & Central America Low-Speed Electric Vehicles Market Analysis – Product
7.1 Overview
7.1.1 South & Central America Low-Speed Electric Vehicles Market, by Product (2022 and 2030)
7.2 Passenger Vehicle
7.2.1 Overview
7.2.2 Passenger Vehicle Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Utility Vehicle
7.3.1 Overview
7.3.2 Utility Vehicle Market, Revenue and Forecast to 2030 (US$ Million)
8. South & Central America Low-Speed Electric Vehicles Market Analysis – End User
8.1 Overview
8.1.1 South & Central America Low-Speed Electric Vehicles Market, by End User (2022 and 2030)
8.2 Golf Courses
8.2.1 Overview
8.2.2 Golf Courses Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Hotels & Resorts
8.3.1 Overview
8.3.2 Hotels & Resorts Market Revenue, and Forecast to 2030 (US$ Million)
8.4 Airports
8.4.1 Overview
8.4.2 Airports Market Revenue, and Forecast to 2030 (US$ Million)
8.5 Residential & Commercial Premises
8.5.1 Overview
8.5.2 Residential & Commercial Premises Market Revenue, and Forecast to 2030 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
9. South & Central America Low-Speed Electric Vehicles Market Analysis – Vehicle Type
9.1 Overview
9.1.1 South & Central America Low-Speed Electric Vehicles Market, by Vehicle Type (2022 and 2030)
9.2 Golf Carts
9.2.1 Overview
9.2.2 Golf Carts Market Revenue, and Forecast to 2030 (US$ Million)
9.3 Commercial Turf Utility Vehicles
9.3.1 Overview
9.3.2 Commercial Turf Utility Vehicles Market Revenue, and Forecast to 2030 (US$ Million)
9.4 Industrial Utility Vehicles
9.4.1 Overview
9.4.2 Industrial Utility Vehicles Market Revenue, and Forecast to 2030 (US$ Million)
9.5 Personal Mobility Vehicles
9.5.1 Overview
9.5.2 Personal Mobility Vehicles Market Revenue, and Forecast to 2030 (US$ Million)
10. South & Central America Low-Speed Electric Vehicles Market – Country Analysis
10.1 South & Central America
10.1.1 Overview
10.1.2 South & Central America Low-Speed Electric Vehicles Market Revenue and Forecasts and Analysis – By Countries
10.1.2.1 Brazil Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.1.1 Brazil Low-Speed Electric Vehicles Market Breakdown by Product
10.1.2.1.2 Brazil Low-Speed Electric Vehicles Market Breakdown by End User
10.1.2.1.3 Brazil Low-Speed Electric Vehicles Market Breakdown by Vehicle Type
10.1.2.2 Argentina Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.2.1 Argentina Low-Speed Electric Vehicles Market Breakdown by Product
10.1.2.2.2 Argentina Low-Speed Electric Vehicles Market Breakdown by End User
10.1.2.2.3 Argentina Low-Speed Electric Vehicles Market Breakdown by Vehicle Type
10.1.2.3 Rest of South & Central America Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.3.1 Rest of South & Central America Low-Speed Electric Vehicles Market Breakdown by Product
10.1.2.3.2 Rest of South & Central America Low-Speed Electric Vehicles Market Breakdown by End User
10.1.2.3.3 Rest of South & Central America Low-Speed Electric Vehicles Market Breakdown by Vehicle Type
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions
12. Company Profiles
12.1 Yamaha Motor Co Ltd
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Tomberlin
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Renault SA
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Deere & Co
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 The Sol Patch International Inc
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Polaris Inc
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 FJ Sport SpA
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
13. Appendix
13.1 About the Research Team
13.2 Word Index
LIST OF TABLES
Table 1. Low-Speed Electric Vehicles Market Segmentation
Table 2. South & Central America Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. South & Central America Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Million) – Product
Table 4. South & Central America Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Million) – End User
Table 5. South & Central America Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Million) – Vehicle Type
Table 6. South America Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn) – By Country
Table 7. Brazil Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn) – Product
Table 8. Brazil Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn) – End User
Table 9. Brazil Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn) – Vehicle Type
Table 10. Argentina Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn) – Product
Table 11. Argentina Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn) – End User
Table 12. Argentina Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn) – Vehicle Type
Table 13. Rest of South & Central America Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn) – Product
Table 14. Rest of South & Central America Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn) – End User
Table 15. Rest of South & Central America Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn) – Vehicle Type
Table 16. List of Abbreviation
LIST OF FIGURES
Figure 1. Low-Speed Electric Vehicles Market Segmentation, By Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: Low-Speed Electric Vehicles Market
Figure 4. Low-Speed Electric Vehicles Market – Key Industry Dynamics
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. South & Central America Low-Speed Electric Vehicles Market Revenue (US$ Million), 2022 – 2030
Figure 7. South & Central America Low-Speed Electric Vehicles Market Share (%) – Product, 2022 and 2030
Figure 8. Passenger Vehicle Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. Utility Vehicle Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10. South & Central America Low-Speed Electric Vehicles Market, by End User (2022 and 2030)
Figure 11. Golf Courses Market Revenue and Forecasts to 2030 (US$ Million)
Figure 12. Hotels & Resorts Market Revenue and Forecasts to 2030 (US$ Million)
Figure 13. Airports Market Revenue and Forecasts to 2030 (US$ Million)
Figure 14. Residential & Commercial Premises Market Revenue and Forecasts to 2030 (US$ Million)
Figure 15. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 16. South & Central America Low-Speed Electric Vehicles Market, by Vehicle Type (2022 and 2030)
Figure 17. Golf Carts Market Revenue and Forecasts to 2030 (US$ Million)
Figure 18. Commercial Turf Utility Vehicles Market Revenue and Forecasts to 2030 (US$ Million)
Figure 19. Industrial Utility Vehicles Market Revenue and Forecasts to 2030 (US$ Million)
Figure 20. Personal Mobility Vehicles Market Revenue and Forecasts to 2030 (US$ Million)
Figure 21. South & Central America Low-Speed Electric Vehicles Market, by Key Countries – Revenue (2022) (US$ Million)
Figure 22. Low-Speed Electric Vehicles Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 23. Brazil Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 24. Argentina Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 25. Rest of South & Central America Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
The List of Companies – South & Central America Low-Speed Electric Vehicle Market
1. Yamaha Motor Co Ltd
2. Tomberlin
3. Renault SA
4. Deere & Co
5. The Sol Patch International Inc
6. Polaris Inc
7. FJ Sport SpA
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