MarkNtel Advisors recently published a detailed industry analysis of the Global Low Speed Vehicles Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Global Low Speed Vehicles Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2028
The Low Speed Vehicles Market size was reached at USD 8.5 billion in 2022 and is projected to grow at a CAGR of around 6.5% during the forecast period, i.e., 2023-28.
What are the major Driver the Global Low Speed Vehicles industry?
The Revival of Golf and Its Massive Popularity Worldwide- Over the past few years, golf has witnessed immense popularity backed by modernization, the pandemic, and its appeal to diverse demographics. With over 119 million people engaged in golf-related activities, the sport has experienced a revitalization, Says National Golf Foundation. The United States alone saw a 12% increase in participation, with 3.4 million junior players, the highest level since 2006. Women comprise 25% of on-course golfers and demonstrate higher representation in beginner and junior categories.
Similarly, Sports Marketing Surveys (SMS) found that more than 23.3 million people played golf in 2020 across Asia, indicating an 11.5% increase since 2016, with China, Korea, Malaysia, and India showing prominent growth. This global phenomenon has led to market expansion for Low Speed Vehicles, including golf carts, as they become essential for navigating courses. As golf continues to attract a wider audience, the demand for low speed vehicles (LSVs ) is set to exemplify, presenting lucrative prospects for the Low-Speed Vehicles market in the ensuing years.
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What segments define the Global Low Speed Vehicles market from 2023 to 2028? How do these segments contribute to market dynamics and growth?
- By Vehicle Type
- Golf Carts- Market Size & Forecast 2018-2028, (USD Million)
- Commercial Turf Utility Vehicle- Market Size & Forecast 2018-2028, (USD Million)
- Industrial Utility Vehicle- Market Size & Forecast 2018-2028, (USD Million)
- Personal Mobility Vehicle- Market Size & Forecast 2018-2028, (USD Million)
According to report, Here, commercial turf utility vehicles acquired the highest market share in 2022, primarily due to an increasing focus on developing infrastructure to accommodate electric mobility options in hotels & resorts.
- By Engine Type
- ICE- Market Size & Forecast 2018-2028, (USD Million)
- Electric- Market Size & Forecast 2018-2028, (USD Million)
According to report, Of both, electric LSVs are gaining prominence in the Global Low Speed Vehicles market.
- By Application
- Golf Courses- Market Size & Forecast 2018-2028, (USD Million)
- Hotel & Resorts- Market Size & Forecast 2018-2028, (USD Million)
- Airports- Market Size & Forecast 2018-2028, (USD Million)
- Industrial Facilities- Market Size & Forecast 2018-2028, (USD Million)
- Others- Market Size & Forecast 2018-2028, (USD Million)
Explore the Complete Global Low Speed Vehicles Market Analysis Report –
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Geographical Analysis: Global Low Speed Vehicles Market
North America
South America
Europe
The Middle East & Africa
Asia-Pacific
Global Low Speed Vehicles Market Share & Competitive Landscape:
The Low Speed Vehicles Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry's leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Global Low Speed Vehicles Market are:
- Textron Inc
- Deere and Company
- Yamaha Motor Co. Ltd
- The Toro Company
- The Club Car
- American Land Master
- Columbia Vehicle Group Inc
- Waev Inc.
- Polaris Industries Inc.
- Bradshaw Electric Vehicles
- Kubota Corp
- Ligier Group
- Speedways Electric
- Xiamen Dalle Electric Car Co., Ltd (HDK electric vehicle)
- Bintelli Electric Vehicles
Recent Developments in the Global Low Speed Vehicles Market
- On 28 June 2023, American Landmaster unveiled the all-new RVR (Rover), available in gas and electric platforms (L5 RVR and AMP RVR, respectively), the production for which is scheduled to begin on 1 August 2023. These two UTVs are designed specifically for numerous commercial applications, including golf courses, schools & universities, apartment/condo complexes, groundskeeping, airports, & indoor factories, among others.
- On 6 June 2023, E-Z-GO®, a Textron Specialized Vehicles company, launched the new street-legal Liberty LSV and a newly updated model of its Freedom RXV, which couples a stylish new look with a comfortable ride. The Liberty LSV has a top speed of 25 mph and meets all National Highway Traffic Safety Administration standards for an LSV.
- On 29 March 2023, Club Car rolled out its latest street-legal electric vehicles, the Club Car Urban LSV and XR, which are now available through the company's commercial distributor network in North America.
Questions Addressed in this Study
1.What factors are driving the Global Low Speed Vehicles Market growth?
2.How is the Global Low Speed Vehicles Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Global Low Speed Vehicles Market?
4.What is the current size of the Global Low Speed Vehicles Market, and how is it projected to change in the future?
6.What is the future outlook for the Global Low Speed Vehicles Market in terms of technological advancements and market expansion?
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