The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Low Speed Vehicles Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Low Speed Vehicles Industry (2023-2028):
According to the latest report, 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. The report demonstrates the prominent factors propelling the exponential growth of the Low Speed Vehicles industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2018-21
- Base Year: 2022
- Forecast Period: 2023-28
- CAGR: 6.5%
- Market Value: USD 8.5 Billion
Global Low Speed Vehicles Market Growth Opportunity:
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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Low Speed Vehicles Market Segmentation
The Low Speed Vehicles Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- 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)
- By Engine Type
- ICE- Market Size Forecast 2018-2028, (USD Million)
- Electric- Market Size Forecast 2018-2028, (USD Million)
- 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)
- By Region
- North America
- South America
- Europe
- Asia-Pacific
- The Middle East and Africa
As per the regional aspect, the Low Speed Vehicles Market is expected to be dominated by North America by capturing the potential market share.
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Top Companies in the Low Speed Vehicles Market
American Landmaster, Bintelli Electric Vehicles, Bradshaw Electric Vehicles , Columbia Vehicle Group Inc., Deere and Company , Kubota Corp, Ligier Group, Polaris Industries Inc, Speedways Electric, Textron Inc, The Club Car, The Toro Company, Waev Inc, HDK Electric Vehicle, Yamaha Motor Co. Ltd., Other
Global Low Speed Vehicles Market Recent Development
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.
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