Low-Speed EV Market Predicted To Grow

Pike Research has released a new report predicting a rise in the low-speed electric vehicle market (devices limited to around 25 miles per hour), growing from 37,000 units currently sold each year to 55,000 units annually by the year 2017, reaching a total of almost 700,000 vehicles on the road.

According to the firm, the small electric vehicles, also called the somewhat generic sounding “neighborhood EVs,” were first deployed on a large scale over ten years ago as a potential way to comply with the zero emissions guidelines of the California Air Resources Board.

Low-speed electric vehicle, Chrysler Global Electric Motorcars

image via Chrysler

Pike Research has found that because most low-speed electric vehicles are equipped with lead acid batteries, they can be powered at a rate of $100 to $100 per kilowatt hour, making them less expensive than other types, such as lithium-ion batteries.

Recently, we noted that North Dakota based small electric car company GEM was sold by Chrysler to an off-road vehicle company called Polaris, which plans to expand the acquisition. Companies like GEM in North America, Pike Research predicts, will account for approximately 45% of the entire low-speed electric vehicle industry in the next five years.

Aaron Colter is a freelance writer and marketing consultant in Portland, Oregon. A graduate of Purdue University, he has worked for the NCAA, Dark Horse Comics, Willamette Week, AOL, The Huffington Post, Top Shelf Productions, DigitalTrends, theMIX agency, SuicideGirls, EarthTechling, d'Errico Studios and others. He is also the co-founder of BananaStandMedia.com, a free record label, recording studio, and distribution service for independent musicians.

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