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ASIA PACIFIC Low Speed Vehicle market is expected to reach US$ 5,008.93 Bn by 2027 with CAGR of 7%.

Low Speed Vehicle Market was valued at US$ 11.98 Bn in 2019 and is expected to grow at a CAGR of 4.2% from 2020 to 2027 to reach US$ 16.46 Bn by 2027.

The low speed vehicle market has witnessed eminent growth in the last couple of years Asia Pacific. The positive economic outlook, rising disposable incomes, and growing population are among the factors that are driving the demand for infrastructure projects. Also, pertaining to high volume of online orders, the e-commerce industry is growing which would result into more ownership of warehouse in the region. Low speed vehicles within the warehouse supports in shifting the boxes form one place to another. Above-mentioned factors plays a major role in accelerating the low speed vehicle market growth. The APAC held the largest market share in 2019 and is anticipated to be the fastest growing region in the low speed vehicle market. North America and Europe are the second and third largest region in the low speed market.

The automotive industry is experiencing a significant shift from traditional vehicles to electric vehicles. Governments in various countries are taking initiatives to drive the adoption of electric vehicles. For instance, the Government of Canada invested US$ 182.5 million to develop a fast-charging network for electric vehicles. Also, in December 2017, the Federal Government of Canada released its Greening Government Strategy, which aims to reduce greenhouse gas emissions by 80% by 2050.

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Currently, the US is dominating the in terms of installation, which in turn boosts the demand for the Low Speed Vehicle market in the region. The electric vehicle market in the US is comprised of battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs). Alone among these vehicles, the BEV does not require gasoline at any point during operation, relying solely upon pure electric battery power.

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Low speed vehicle Market – By Type

 

Commercial Turf Utility Vehicles

Golf Carts

Industrial Utility Vehicles

Personnel Carriers

Low speed vehicle Market – By Propulsion

Diesel

Electric

Gasoline

Low speed vehicle Market – By Geography

North America

US

Canada

Mexico

Europe

France

Germany

Italy

UK

Russia

Rest of Europe

Asia Pacific

China

India

Australia

South Korea

Japan

Rest of Asia Pacific

Middle East & Africa

South Africa

Saudi Arabia

UAE

Rest of Middle East and Africa

South America

Brazil

Argentina

Rest of South America

Company Profiles

Bintelli Electric Vehicle

Club Car, LLC

Cruise Car, Inc.,

Deere & Company

HDK Co., Ltd.

Moto Electric Vehicles

Polaris Inc.

Textron Specialized Vehicles Inc.

The Toro Company

Yamaha Golf-Car Company

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