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Low Speed Vehicle (LSV) Market Trends

Report ID: GMI5789
Published Date: May 2023
Report Format: PDF

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Low Speed Vehicle Market Trends

Rapid urbanization and growing public safety concerns are the primary factors augmenting the market demand. The rising government initiatives to reduce carbon emissions and increasing global road traffic congestion will also drive market size. The growing public-private relationships and the increasing number of megacities will create beneficial opportunities for the market value. LSVs are widely used on golf courses, gated communities, resorts, college campuses, large industrial zones & IT hubs, amusement parks, historical monuments, and airports. The market growth is due to the increase in tourism & travel and the expansion of commercial & industrial infrastructure, aviation investments, and manufacturing operations.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of low speed vehicle exceeded USD 6.5 Billion in 2022 and will grow at a 10% CAGR between 2023 and 2032.

Commercial low-speed vehicles market share was around 25% in 2022 and is expected to grow at a lucrative pace by 2032, owing to increasing disposable incomes and consumer preferences toward luxury tourism, particularly in North America and Europe.

North America market share accounted for 40% in 2022, due to increasing government initiatives to encourage sustainable mobility as well as the growing construction & infrastructure industry.

AGT Electric Cars., American Landmaster, Bradshaw, CLUB CAR, Columbia Vehicle Group Inc., Deere & Company, Evolution Electric Vehicles, Garia, ICON Electric Vehicles, KUBOTA Corporation., Moto Electric Vehicles, Motrec International Inc., and Star EV Corporation.