Global Low-Speed Vehicle Market Size Set to Cross USD 13.6 Billion by 2028
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global low-speed vehicle (LSV) market size at USD 8.35 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects global low-speed vehicle market size to grow at a steady CAGR of 7.3% reaching a value of USD 13.62 billion by 2028.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global low-speed vehicle (LSV) market size at USD 8.35 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects global low-speed vehicle market size to grow at a steady CAGR of 7.3% reaching a value of USD 13.62 billion by 2028. Global low-speed vehicle (LSV) market expansion is driven by rising demand for low-speed cars in gated communities and resorts, high adoption of conventional fuel and electric low-speed vehicles and growing environmental concerns. The surging demand for LSVs among geriatric population due to short-distance transportation and ease of use and increasing urbanization and growing public safety awareness are also expected to drive the overall market growth. Due to high disposable income, consumers demand for luxury services in the hospitality sector. Stringent government regulations regarding minimizing carbon emissions, rising traffic congestions on urban roads, growing public-private collaborations as well as increase in the number of megacities are projected to further create advantageous chances for the expansion of the global LSV market during period in analysis. However, expensive cost of electric low speed vehicles is anticipated to limit the growth of global LSV market.
Global Low-Speed Vehicle Market – Overview
Low-speed vehicles are gaining popularity around the world because of their vast uses in a variety of industry verticals. The potential of LSVs to transport many passengers while emitting little emissions will result in high demand for them in the coming years. Massive investments in electric car research and development will have a significant impact on the LSV industry growth. These cars are typically utilized for golf course transports and short-distance commutes. Growing concerns about global warming and climate change have prompted governments and major authorities to implement rigorous carbon-emissions rules. The adoption of innovative batteries in these vehicles has created a significant opportunity for broader applications.
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Global Low-Speed Vehicle Market – By Region
Geographically, global low-speed vehicle market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Among them, North America is expected to hold the highest market share for low-speed vehicles in the coming years. The availability of multiple golf courses in this region will drive the demand for LSVs. Companies' increasing attempts to boost the volume of manufacturing and sale of LSVs will have a significant impact on the market growth. Besides North America, Europe dominates the market and will maintain its dominance due to the intensive focus on emission-free traffic systems. The Asia-Pacific region would be the third largest regional market due to increasing urbanization and automobile sales.
Impact of COVID-19 on Global Low-Speed Vehicle Market
Covid-19 pandemic had a detrimental effect on automobile sector due to lockdowns and travel restrictions to control the virus spread. The global LSV market witnessed a collateral damage due to sharp decline in revenue generation, supply chain disruption, production halt. The pandemic had an impact on the overall market growth in 2020 and at the initial months of 2021. End-user organizations, as well as key LSV players Textron Inc. (US), Yamaha (Japan), Deere and Company (US), and Toro Company (US), were forced to halt operations and production. This scenario had considerable impact on the LSV market, particularly in Europe and North America, because the growth of LSV market is closely tied to car production and sales. However, the demand for LSVs has begun to rebound since mid-2021, and rising vaccination rates are predicted to boost market growth.
Major players operating in global low-speed vehicle include Club Car, Deere, Kubota, Textron, Yamaha, Kawasaki, American Sportworks, ACG Inc., JH Global Services Inc., Farasis Energy Inc., Bintelli Electric Vehicles, The TORO Company, and American LandMaster. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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