With the emergence and long-term Impact of COVID-19, Global Low Speed Vehicle Market is to reach USD 22.56 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Low Speed Vehicle Market is poised to raise up to USD 22.56 Billion by 2030. A Low-Speed Vehicle (LSV) is a type of motor vehicle that is designed to operate at relatively low speeds compared to regular passenger vehicles. These vehicles are typically electric or gas-powered and are intended for use on public roads with speed limits up to a maximum of 25 to 35 miles per hour (40 to 56 kilometers per hour) depending on local regulations. The Low Speed Vehicle market is expanding because of factors such as increasing use of low speed vehicles in towns and cities for small distance journeys, integration of autonomous technologies in low speed vehicles.
Geographically, the global Low Speed Vehicle market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to factors such as presence of golf courses, favorable government incentives and regulations, increasing adoption of eco-friendly and sustainable transportation systems, rising adoption of electric vehicles, and rising technological advancement in the region. Whereas, Asia Pacific is projected to registered the fastest growth owing to factors such as rising adoption of electric vehicles in the region, proactive government initiatives, rising automobile industry, increasing number of investment activities, rising adoption of self-driving vehicles technology in the region.
The global Low Speed Vehicle market is highly competitive owing to the presence of several key manufacturers such as Xiamen Dalle Electric Car Co., Ltd, Yamaha Motor Co., Ltd, Bintelli Electric Vehicles, AGT Electric Cars, Speedways Electric, Ligier Group, and others.
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Global Low Speed Vehicle Market Size study & Forecast, by Propulsion Type (Electric Vehicle, ICE), by Vehicle Type (Golf Cart, Commercial utility vehicle, Personal Carrier), by Application (Golf Courses, Industrial Facilities, Airports, Hotels & Resort) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Low Speed Vehicle Market is anticipated to grow with a healthy growth rate of more than 9.5% over the forecast period 2023-2030.
- In the Propulsion Type segment, Electric Vehicle emerged as the leading market segment in 2022.
- In the Vehicle Type, Commercial utility vehicle emerged as the leading market segment in 2022.
- In the Application segment, Industrial Facilities emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to factors such as presence of golf courses, favorable government incentives and regulations, increasing adoption of eco-friendly and sustainable transportation systems, rising adoption of electric vehicles, and rising technological advancement in the region.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
- Electric Vehicle
- Golf Cart
- Commercial utility vehicle
- Personal Carrier
- Golf Courses
- Industrial Facilities
- Hotels & Resort
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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