What is Neighborhood Electric Vehicle (NEV)?
Neighborhood electric vehicles (NEV) are battery electric vehicles that can travel at a maximum speed of 40 or less. It is widely used by the big campuses, resorts, or hotels for Movement of the VIP population and aged people. NEVs have been becoming more popular among fleets and the public because of their low operating cost and improvements in technology. Further, the governments in developed countries like the United States have allowed NEVs on the streets with a speed up to 35 mph.
The market study is broken down by Type (Cart, Cargo, Bus and Ambulance) and major geographies with country level break-up.
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new mobility solutions, which is likely to encourage the growth of the global market throughout the forecast period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Polaris Inc. (United States), Roots NAVEO (India) and Yamaha Motor Company (Japan) are some of the key players that are part of study coverage.
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Neighborhood Electric Vehicle (NEV) market by Type, Application and Region.
On the basis of geography, the market of Neighborhood Electric Vehicle (NEV) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
If we see Market by , the sub-segment i.e. will boost the Neighborhood Electric Vehicle (NEV) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Trend
- Increased Focus on Innovation to Add New Features and Evolution of Autonomous NEVs
Market Drivers
- High Adoption of Neighborhood Electric Vehicle in the Developed Countries to Provide In Campus Transportation
- The Development of NEV Routes in the US Due to Implementation of NEVs on Public Streets
Opportunities
- Growing Popularity of NEV Buses among the Zoological Parks as it Doesn’t Produce Emissions and Make Noise
Restraints
- High Cost Associated With Neighborhood Electric Vehicle and Volatility in the Raw Material Prices
Challenges
- Slow Adoption of Neighborhood Electric vehicle in the Rural Areas
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Neighborhood Electric Vehicle (NEV) Manufacturers, Raw Material Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.