The global Neighbourhood Electric Vehicle (NEV) Market study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments including By Battery (Lead-acid, Lithium-ion, Nickel Metal Hydride), By Power Output (Below 15kW, Above 15kW), By Vehicle (Passenger Vehicles, Commercial Vehicles).
The Neighborhood Electric Vehicle (NEV) Market in 2024 is witnessing steady growth driven by urbanization, sustainability initiatives, and the demand for efficient and eco-friendly transportation solutions within residential communities and urban neighborhoods. NEVs, also known as low-speed electric vehicles, offer a compact and emission-free alternative for short-distance commuting, errands, and recreational use. With advancements in battery technology and electric drivetrains, NEVs provide adequate range and performance for urban environments while minimizing environmental impact. Moreover, their compact size, maneuverability, and low operating costs make them attractive options for navigating congested city streets and limited parking spaces. Additionally, the integration of smart connectivity features and customizable options cater to diverse consumer preferences and urban mobility needs. As cities prioritize sustainable transportation solutions and reduce reliance on fossil fuels, the NEV Market continues to expand, offering convenient and eco-friendly mobility options for residents and urban commuters alike.
 Industry- Market Size, Share, Trends, Growth Outlook.webp "Neighborhood Electric Vehicle (NEV) Industry- Market Size, Share, Trends, Growth Outlook")
The global Neighbourhood Electric Vehicle (NEV) market is highly competitive with a large number of companies focusing on niche market segments. Amidst intense competitive conditions, Neighbourhood Electric Vehicle (NEV) Companies are investing in new product launches and strengthening distribution channels. Key companies operating in the Neighbourhood Electric Vehicle (NEV) Market Industry include- BYD Company Ltd, Ford Motor Company, Govecs Group, GreenTrail EV, Mahindra & Mahindra Ltd, Program 14 Inc, Shenzhen V and T Technologies Co. Ltd, Tata Motors Ltd, Terra Motors Corp, ZAP Jonway.
A prominent trend in the Neighborhood Electric Vehicle (NEV) market is the increasing demand for urban mobility solutions in densely populated areas. With growing congestion, pollution, and parking challenges in cities, there's a rising need for compact, efficient, and eco-friendly transportation options. NEVs, also known as low-speed electric vehicles (LSEVs), offer a sustainable alternative for short-distance urban travel, providing convenient and cost-effective transportation for commuting, errands, and recreational activities within neighborhoods and urban cores. This trend is driven by urbanization, environmental awareness, and the desire for convenient last-mile transportation solutions, leading to a growing market for NEVs as an integral part of urban mobility ecosystems.
A key driver for the Neighborhood Electric Vehicle (NEV) market is the implementation of government regulations and incentives to promote the adoption of electric vehicles (EVs) and reduce emissions in urban areas. With policymakers worldwide setting ambitious targets to combat climate change and improve air quality, many governments are offering incentives such as tax credits, subsidies, and rebates to encourage consumers and businesses to switch to electric vehicles, including NEVs. Additionally, regulations mandating low-emission zones, vehicle electrification targets, and emissions standards are driving automakers to invest in NEV development and production to comply with regulatory requirements and access incentives. This driver creates a favorable environment for the growth of the NEV market, stimulating demand and investment in electric mobility solutions.
An emerging opportunity within the Neighborhood Electric Vehicle (NEV) market lies in the expansion into shared mobility services such as ride-hailing, car-sharing, and micro-mobility fleets. As the sharing economy continues to grow, there's increasing demand for convenient, on-demand transportation solutions that offer flexibility, affordability, and sustainability. NEVs are well-suited for shared mobility applications due to their compact size, low operating costs, and zero-emission capabilities, making them ideal for short trips and urban environments. By partnering with ride-hailing companies, municipalities, and fleet operators, NEV manufacturers can tap into the rapidly expanding shared mobility market and provide scalable, environmentally friendly transportation solutions for urban commuters and residents. Moreover, leveraging innovative technologies such as app-based booking systems, vehicle tracking, and battery-swapping stations can enhance the user experience and drive the adoption of NEVs in shared mobility services, creating new revenue streams and business opportunities for stakeholders in the NEV ecosystem.
By Battery
Lead-acid
Lithium ion
Nickel Metal Hydride
By Power Output
Below 15kW
Above 15kW
By Vehicle
Passenger Vehicles
Commercial VehiclesGeographical Analysis
North America (United States, Canada, Mexico)
Europe (Germany, France, United Kingdom, Spain, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa
BYD Company Ltd
Ford Motor Company
Govecs Group
GreenTrail EV
Mahindra & Mahindra Ltd
Program 14 Inc
Shenzhen V and T Technologies Co. Ltd
Tata Motors Ltd
Terra Motors Corp
ZAP Jonway
*- List not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Neighbourhood Electric Vehicle (NEV) Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Neighbourhood Electric Vehicle (NEV) Market Size Outlook, $ Million, 2021 to 2030
3.2 Neighbourhood Electric Vehicle (NEV) Market Outlook by Type, $ Million, 2021 to 2030
3.3 Neighbourhood Electric Vehicle (NEV) Market Outlook by Product, $ Million, 2021 to 2030
3.4 Neighbourhood Electric Vehicle (NEV) Market Outlook by Application, $ Million, 2021 to 2030
3.5 Neighbourhood Electric Vehicle (NEV) Market Outlook by Key Countries, $ Million, 2021 to 2030
4 Market Dynamics
4.1 Key Driving Forces of Neighbourhood Electric Vehicle (NEV) Industry
4.2 Key Market Trends in Neighbourhood Electric Vehicle (NEV) Industry
4.3 Potential Opportunities in Neighbourhood Electric Vehicle (NEV) Industry
4.4 Key Challenges in Neighbourhood Electric Vehicle (NEV) Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Neighbourhood Electric Vehicle (NEV) Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Neighbourhood Electric Vehicle (NEV) Market Outlook by Segments
7.1 Neighbourhood Electric Vehicle (NEV) Market Outlook by Segments, $ Million, 2021- 2030
By Battery
Lead-acid
Lithium ion
Nickel Metal Hydride
By Power Output
Below 15kW
Above 15kW
By Vehicle
Passenger Vehicles
Commercial Vehicles
8 North America Neighbourhood Electric Vehicle (NEV) Market Analysis and Outlook To 2030
8.1 Introduction to North America Neighbourhood Electric Vehicle (NEV) Markets in 2024
8.2 North America Neighbourhood Electric Vehicle (NEV) Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Neighbourhood Electric Vehicle (NEV) Market size Outlook by Segments, 2021-2030
By Battery
Lead-acid
Lithium ion
Nickel Metal Hydride
By Power Output
Below 15kW
Above 15kW
By Vehicle
Passenger Vehicles
Commercial Vehicles
9 Europe Neighbourhood Electric Vehicle (NEV) Market Analysis and Outlook To 2030
9.1 Introduction to Europe Neighbourhood Electric Vehicle (NEV) Markets in 2024
9.2 Europe Neighbourhood Electric Vehicle (NEV) Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Neighbourhood Electric Vehicle (NEV) Market Size Outlook by Segments, 2021-2030
By Battery
Lead-acid
Lithium ion
Nickel Metal Hydride
By Power Output
Below 15kW
Above 15kW
By Vehicle
Passenger Vehicles
Commercial Vehicles
10 Asia Pacific Neighbourhood Electric Vehicle (NEV) Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Neighbourhood Electric Vehicle (NEV) Markets in 2024
10.2 Asia Pacific Neighbourhood Electric Vehicle (NEV) Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Neighbourhood Electric Vehicle (NEV) Market size Outlook by Segments, 2021-2030
By Battery
Lead-acid
Lithium ion
Nickel Metal Hydride
By Power Output
Below 15kW
Above 15kW
By Vehicle
Passenger Vehicles
Commercial Vehicles
11 South America Neighbourhood Electric Vehicle (NEV) Market Analysis and Outlook To 2030
11.1 Introduction to South America Neighbourhood Electric Vehicle (NEV) Markets in 2024
11.2 South America Neighbourhood Electric Vehicle (NEV) Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Neighbourhood Electric Vehicle (NEV) Market size Outlook by Segments, 2021-2030
By Battery
Lead-acid
Lithium ion
Nickel Metal Hydride
By Power Output
Below 15kW
Above 15kW
By Vehicle
Passenger Vehicles
Commercial Vehicles
12 Middle East and Africa Neighbourhood Electric Vehicle (NEV) Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Neighbourhood Electric Vehicle (NEV) Markets in 2024
12.2 Middle East and Africa Neighbourhood Electric Vehicle (NEV) Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Neighbourhood Electric Vehicle (NEV) Market size Outlook by Segments, 2021-2030
By Battery
Lead-acid
Lithium ion
Nickel Metal Hydride
By Power Output
Below 15kW
Above 15kW
By Vehicle
Passenger Vehicles
Commercial Vehicles
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
BYD Company Ltd
Ford Motor Company
Govecs Group
GreenTrail EV
Mahindra & Mahindra Ltd
Program 14 Inc
Shenzhen V and T Technologies Co. Ltd
Tata Motors Ltd
Terra Motors Corp
ZAP Jonway
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Battery
Lead-acid
Lithium ion
Nickel Metal Hydride
By Power Output
Below 15kW
Above 15kW
By Vehicle
Passenger Vehicles
Commercial Vehicles
The global Neighbourhood Electric Vehicle (NEV) Market is one of the lucrative growth markets, poised to register a 6.8% growth (CAGR) between 2024 and 2030.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
BYD Company Ltd, Ford Motor Company, Govecs Group, GreenTrail EV, Mahindra & Mahindra Ltd, Program 14 Inc, Shenzhen V and T Technologies Co. Ltd, Tata Motors Ltd, Terra Motors Corp, ZAP Jonway
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2030; Currency: USD; Volume