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Low Speed Vehicle (LSV) Market Size

Report ID: GMI5789
Published Date: May 2023
Report Format: PDF

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Low Speed Vehicle Market Size

Low Speed Vehicle Market size was valued at over USD 6.5 billion in 2022 and is anticipated to grow at a CAGR of 10% between 2023 and 2032. The enactment of strict vehicle emission laws & regulations by governments is driving the market growth. The rising pollution, technological advancements, the growing automotive industry, and the declining fossil fuel stocks are contributing to the industry growth. Advancements in ride-hailing and embedded mobility alternatives as well as the need of the aging population for vehicles for mobility are expected to support the low-speed vehicle industry expansion. As these vehicles are used for short-distance transportation, an increase in fuel costs will not hamper market expansion.

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A Low Speed Vehicle (LSV) is a four-wheeled Electric Vehicle (EV), with a top speed of 25 mph and a gross weight rating of less than 3,000 kg. Countries worldwide have established performance & safety standards such as the requirement for headlights, front & rear turn signals, taillights, stop lights, reflex reflectors, mirrors, a parking brake, windscreen, seat-belt assemblies, and an alert sound for LSVs. LSV manufacturers are showing increased interest in moving forward in the industry. Several countries are now offering special incentives to firms that show a strong commitment to this industry. These LSVs are in high demand for hunting, meter maids, grounds maintenance, yard work, and campus security.

Low Speed Vehicle Market Report Attributes
Report Attribute	Details
Base Year:	2022
Low Speed Vehicle Market Size in 2022:	USD 6.5 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	10%
2032 Value Projection:	USD 15 Billion
Historical Data for:	2018 - 2022
No. of Pages:	290
Tables, Charts & Figures:	441
Segments covered:	Vehicle Type, Engine Type, Application, and Region
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
Pitfalls & Challenges:	High maintenance & service cost associated with low speed vehicles

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Low speed electric vehicles require charging stations to charge their batteries. The lack of charging stations in cities is a significant impediment to the global low speed electric car market growth. A completely depleted battery can be a problem for EVs and endanger travelers. Developing countries lack the necessary infrastructure for supporting EVs. The high prices of EVs are also stifling the overall low speed electric vehicle market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of low speed vehicle exceeded USD 6.5 Billion in 2022 and will grow at a 10% CAGR between 2023 and 2032.

Commercial low-speed vehicles market share was around 25% in 2022 and is expected to grow at a lucrative pace by 2032, owing to increasing disposable incomes and consumer preferences toward luxury tourism, particularly in North America and Europe.

North America market share accounted for 40% in 2022, due to increasing government initiatives to encourage sustainable mobility as well as the growing construction & infrastructure industry.

AGT Electric Cars., American Landmaster, Bradshaw, CLUB CAR, Columbia Vehicle Group Inc., Deere & Company, Evolution Electric Vehicles, Garia, ICON Electric Vehicles, KUBOTA Corporation., Moto Electric Vehicles, Motrec International Inc., and Star EV Corporation.