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
Industrial Utility Vehicles
Low speed vehicle Market – By Propulsion
Low speed vehicle Market – By Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
Rest of Middle East and Africa
Rest of South America
Bintelli Electric Vehicle
Club Car, LLC
Cruise Car, Inc.,
Deere & Company
HDK Co., Ltd.
Moto Electric Vehicles
Textron Specialized Vehicles Inc.
The Toro Company
Yamaha Golf-Car Company
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