BOULDER, Colo.--(BUSINESS WIRE)--While the overall market for neighborhood electric vehicles (NEVs), also known as low-speed electric vehicles, is small compared to other types of electric transport, the number of NEVs sold globally reached 58,822 in 2009, the highest figure in a decade. Over the next several years, trends in both housing (including the growth of planned communities and densely populated communities) and demographics (the aging of the population in many countries) will spur renewed interest in these low-cost vehicles. Many developers are planning more densely populated communities with town centers and green space that can easily accommodate NEVs. In fact, the growth rate for NEVs will double that of the total light duty vehicle market during the same period.
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