Low Speed Vehicles Market to exceed $15 bn by 2032, Says Global Market Insights Inc.

Low Speed Vehicles Market to exceed $15 bn by 2032, Says Global Market Insights Inc.

Selbyville, Delaware, Aug. 09, 2023 (GLOBE NEWSWIRE) —

The low speed vehicles market is estimated to surpass USD 15 billion by 2032, as reported in a research study by Global Market Insights Inc.

The increasing emphasis on sustainable transportation solutions is fueling the industry growth. With zero-emission electric engines, LSVs offer an eco-friendly alternative to traditional gas-powered vehicles, reducing air pollution and noise levels in densely populated areas. Moreover, the rising urbanization and the need for efficient mobility solutions have propelled the demand for LSVs. Their compact size allows for easy maneuverability through congested city streets, and their lower maximum speed makes them suitable for short trips and local commuting. Additionally, the cost-effectiveness of LSVs attracts consumers looking for affordable transportation options. Compared to conventional cars, LSVs have lower upfront costs, require minimal maintenance, and are often eligible for tax incentives and subsidies.

The low speed vehicles market from the industrial utility vehicle segment is predicted to grow substantially through 2032. These versatile vehicles are designed to handle heavy-duty tasks in industries such as construction, manufacturing, mining, and agriculture. With their robust build, large cargo capacity, and powerful engines, industrial utility vehicles enable efficient transportation of goods, equipment, and personnel in industrial settings. They enhance productivity by streamlining operations, reducing manual labor, and increasing overall efficiency. Furthermore, industrial utility vehicles are equipped with advanced features like all-terrain capabilities, towing capabilities, and specialized attachments, making them suitable for diverse industrial requirements.

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The low speed vehicles market from the ICE segment will witness high demand over the coming years. Despite the growing interest in electric vehicles, ICE-powered low-speed vehicles continue to thrive due to their affordability and ease of maintenance. These vehicles, typically equipped with small-displacement gasoline engines, provide a reliable and cost-effective transportation solution for various applications such as golf carts, neighborhood electric vehicles, and utility vehicles. The ICE engines offer decent power output, allowing for adequate acceleration and speed while ensuring efficient fuel consumption. Additionally, the existing infrastructure for refueling ICE vehicles makes them a convenient option in areas with limited charging facilities.

The low speed vehicles market share from hotels & resorts is expected to observe high demand between 2023 and 2032. LCVs are widely utilized in hospitality sector for transportation within the premises, allowing guests to conveniently navigate the expansive properties. They are used for shuttle services, transporting guests to and from parking areas, restaurants, recreational facilities, and other amenities. They provide a convenient and eco-friendly alternative to larger vehicles and reduce congestion on the premises. LSVs are also utilized by staff for maintenance tasks, housekeeping services, and delivering supplies. Overall, LSVs play a vital role in improving guest satisfaction, ensuring smooth operations, and creating a pleasant environment in hotels and resorts.

Asia Pacific low speed vehicles market is anticipated to expand through 2032, attributed to the increasing urbanization, population density, and rising demand for sustainable transportation solutions in countries like China, India, and Japan. One of the major industry drivers is the need for efficient urban mobility. Rapid urbanization has led to congested city streets and increased traffic, necessitating the adoption of compact and nimble vehicles like LSVs. These vehicles can navigate through crowded areas, making them ideal for short-distance travel and last-mile connectivity. Moreover, the emphasis on environmental sustainability, along with the government initiatives promoting clean & green transportation have resulted in a shift towards electric LSVs, adding to regional share.

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Some of the leading players in the low speed vehicles market are AGT Electric Cars., KUBOTA Corporation., American Landmaster, Bradshaw, CLUB CAR, Star EV Corporation, Columbia Vehicle Group Inc., Deere & Company, Moto Electric Vehicles, Evolution Electric Vehicles, Garia, ICON Electric Vehicles and Motrec International Inc.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary
2.1    Low speed vehicles (LSV) market 360º synopsis, 2018 – 2032
2.2    Business trends
2.2.1    Total Addressable Market (TAM), 2023-2032
2.3    Regional trends
2.4    Vehicle type trends
2.5    Engine trends
2.6    Application trends
Chapter 3   LSV Market Insights
3.1    Impact on COVID-19
3.2    Russia- Ukraine war impact
3.3    Industry ecosystem analysis
3.4    Vendor matrix
3.5    Profit margin analysis
3.6    Technology & innovation landscape
3.7    Patent analysis
3.8    Key news and initiatives
3.8.1    Partnership/collaboration
3.8.2    Merger/acquisition
3.8.3    Investment
3.8.4    Product launch/innovation
3.9    Regulatory landscape
3.10    Impact forces
3.10.1   Growth drivers    Growing popularity of golf in North America and Europe    Rapid development in electric vehicle charging infrastructure    Increasing demand for personal mobility vehicle    The growing use low speed vehicles are airports and industrial facilities    Rapidly developing hotel & resorts industry in Asia Pacific & Latin America
3.10.2   Industry pitfalls & challenges    High maintenance & service cost associated with low speed vehicles
3.11    Growth potential analysis
3.12    Porter’s analysis
3.13    PESTEL analysis
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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.