According to a recent market study published by Growth Market Reports, titled, “Global Neighborhood Electric Vehicle Market” by Type, by Age, by Application, by Payload Capacity, by Application and by Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at US$ 3,490.5 Million in 2022 and is anticipated to grow at a growth rate 6.1% by the year 2031.

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A neighborhood electric vehicle (NEV) is a small and low-speed electric vehicle for local transportation in neighborhoods, communities, and cities. NEVs typically have a top speed of 20 to 25 miles per hour (32 to 40 kilometers per hour). They are commonly utilized for short-distance commuting, errands, or transit within gated communities, colleges, resorts, and other enclosed places. These vehicles are distinguished by their small size, limited speed capabilities, and electric propulsion, making them eco-friendly and suitable for short trips with minimal environmental impact. NEVs are valuable for a variety of reasons. They help to reduce air pollution and greenhouse gas emissions in the communities where they operate, supporting clean and sustainable mobility options. NEVs offer a cost-effective and energy-efficient alternative to typical gas-powered vehicles for short-distance transport, reducing dependence on fossil fuels and supporting energy conservation. Furthermore, their implementation in planned communities and urban contexts expands mobility options, offering inhabitants with simple and efficient transportation solutions tailored to the specific needs of localized travel.

The demand for sustainable and efficient transportation options grows, as cities expand and populations congregate. NEVs are well-suited to the needs of urban people, as these are compact, environmentally efficient, and optimized for short-distance travel. The development in urbanization has resulted in high congestion and traffic problems, encouraging a trend toward tiny and agile electric vehicles. NEVs are suitable for navigating congested city streets, providing a practical answer to traffic problems. Governments and urban planners increasingly support NEVs as a part of sustainable urban transportation efforts, offering incentives and infrastructure to encourage their use. Therefore, the trend of urbanization, combined with the need to solve congestion in city centers, fuels the global neighborhood electric vehicle market.

However, The limited range of these vehicles is a significant constraint on the global neighbourhood electric vehicle (NEV) market. NEVs, which are primarily designed for short-distance urban travel, sometimes have limited battery capacity, resulting in a limited driving range. This causes range concern among potential customers, inhibiting widespread adoption. NEVs necessitate frequent charging, especially on long trips, unlike conventional vehicles, which go longer distances than NEVs on a single tank of petrol. The limited range poses difficulties for users who require their automobiles for everyday commuting and occasional long journeys. While developments in battery technology seek to solve this constraint, striking a compromise between a low price and a long driving range remains difficult.

Despite of these restrains the opportunity given by government Incentives and support for the global neighborhood electric vehicle (NEV) market is the consequence of favorable policies and backing from governments across the globe. Governments are progressively realizing the value of sustainable and environmentally friendly transportation alternatives, resulting in the establishment of incentives and support programs for NEVs. These policies frequently involve financial incentives for both manufacturers and customers such as subsidies, tax credits, and grants to make NEVs increasingly accessible. Additionally, supportive policies, infrastructural development, and research funding all help to drive the NEV market.

Key Takeaways from the Study:

  • Key players operating in the market Club Car, LLC, Columbia Vehicle Group Inc., Evolution Electric Vehicles, Kandi Technology Company, Star EV Corporation, Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., Textron Specialized Vehicles, Inc., VIVID EV, Waev, Inc., Yamaha Motor Co., Ltd. These companies are considered key manufacturers of neighborhood electric vehicles based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.

  • Based on Type, the Global Neighborhood Electric Vehicle Market is segmented into Lead-acid Battery NEV and Lithium-ion Battery NEV. The lead-acid battery NEV segment is projected to expand at a CAGR of XX% between 2023 and 2031. Lead-acid batteries have long been a dependable and affordable energy storage alternative, especially for small electric vehicles such as NEVs. Their low cost makes them desirable in markets where budget-conscious people seek cost-effective transportation solutions. The lead-acid battery NEV segment held XX% share of the market in 2022.

  • Based on Age, the Global Neighborhood Electric Vehicle Market is segmented into Up to 25 Years, 25 to 50 Years, & Above 50 Years. The 25 to 50 years segment is projected to expand in the coming years, as cities become densely populated and traffic congestion aggravates, thus fueling the demand for NEVs as realistic commuting and errand-running options. The 25-to-50-year age range, which includes people in their peak working years, is an important segment of the market. Additionally, this segment was valued at USD XX million in revenue in 2022.

  • Based on seat, the Global Neighborhood Electric Vehicle Market is segmented into Two Seater, Four Seater, & Six Seater. The two-seater segment is projected to expand in the coming years due to the increasing emphasis on sustainability and eco-friendliness, leading people to seek out alternate modes of transportation that are more energy-efficient and generate less pollutants. Additionally, this segment was valued at USD XX million in revenue in 2022.

  • Based on the Pay Load Capacity, the Global Neighborhood Electric Vehicle Market is segmented into Up to to 500 lbs, 500 to 1500 lbs, & More than 1500lbs. The 500 to 1500 lbs segment is projected to expand at a CAGR of XX between 2023 and 2031. Increasing emphasis on sustainability and eco-friendliness in transportation, drive customers and governments to seek out alternate forms of transportation with a low environmental impact. NEVs in this weight range are an effective choice for short-distance commuting and urban mobility. The 500 to 1500 lbs segment held XX % share of the market in 2022.

  • Based on the Application, the Global Neighborhood Electric Vehicle Market is segmented into Personal Use, Industrial Facilities, and Commercial Use. The commercial-use segment is projected to expand in the coming years due to the increasing emphasis on sustainability and eco-friendliness in many businesses. Businesses are increasingly looking to NEVs as a viable mobility solution, as governments globally pass strong pollution laws and incentivize the deployment of electric vehicles (EVs). Additionally, this segment was valued at USD XX million in 2022.

  • Based on the Region, the Global Neighborhood Electric Vehicle Market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA. North America is estimated to hold a substantial market share in the coming years, due to growing emphasis on sustainable and eco-friendly transportation options, which is driven by increased environmental awareness and a desire to reduce carbon footprints. NEVs are an appealing option for urban transportation, as they have a small size and run on electricity.

Report Scope:

Report Metric

Details

Market Value in 2022

US$ 3,490.5 Million

Market Growth Rate (from 2016 to 2031)

6.1%

Historical Data

2016 & 2021

Base Year

2022

Forecast Period

2023 - 2031

Units Considered

Value (US$ Million)

Market Segments

By Type (Lead-acid Battery NEV, Lithium-ion Battery NEV), By Age (Up to 25 Years, 25 to 50 Years, Above 50 Years), By Seat (Two Seater, Four Seater, Six Seater), By Pay Load Capacity (Up to to 500 lbs, 500 to 1500 lbs, More than 1500 lbs) By Application (Commercial Use (Golf Courses, Hotels and Resorts), Personal Use, Industrial Facilities, Others)

Key Companies Profiled

Club Car, LLC, Columbia Vehicle Group Inc., Evolution Electric Vehicles, Kandi Technology Company, Star EV Corporation, Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., Textron Specialized Vehicles, Inc., VIVID EV, Waev, Inc., and Yamaha Motor Co., Ltd.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

 

Target Audience:

  • Supply-side: Manufacturer, distributors, wholesaler, and Supplier.

  • Demand Side: Individuals, Resorts, Golf Courses, Fleet Owners and Operators, Environmentally Conscious Consumers, Government Agencies & Public Institutions, Educational Institutions & Communities.