Dublin, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The "Global Low Speed Vehicle (LSV) Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global low-speed vehicle (LSV) market is expected to grow from $6.85 billion in 2022 to $7.45 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The low-speed vehicle (LSV) market is expected to reach $9.95 billion in 2027 at a CAGR of 7.5%.
The growing demand for eco-friendly vehicles is expected to propel the growth of the low-speed vehicle (LSV) market going forward. Eco-friendly vehicles refer to those vehicles that have less of an adverse effect on the environment than more conventional internal combustion engine (ICE) vehicles that operate on gasoline or diesel.
Low-speed vehicles with battery-operated motors are safe, simple to run, and provide better battery management for both commercial and private use. For instance, in September 2022, according to the reports shared by the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to 2020, which is almost 9% of sales share, and increased by 4% in 2021. Therefore, the growing demand for eco-friendly vehicles is driving the growth of the low-speed vehicle (LSV) market.
Innovations in low-speed vehicles are a key trend gaining popularity in the low-speed vehicle (LSV) market. Major companies operating in the low-speed vehicle (LSV) market are introducing several innovative vehicles to sustain their position in the market. For instance, in June 2021, Club Car, a US-based motor vehicle manufacturing company, launched the Club Car Current, an entirely new electric vehicle (EV) for low-speed logistics and cargo services.
This electric vehicle is a certified low-speed vehicle (LSV) with a unique contemporary exterior with uniquely developed automotive body panels, LED lighting, newly developed two-tone gray bucket seats, the most recent software, VRLA gel battery technology, a new cup holder design and placement for those larger drink cups, an enhanced 1000W heater, a new 170-degree rearview camera, a new backlit digital gear selector design, extra legroom, and more.
North America was the largest region in the low speed vehicle (LSV) market in 2022. The regions covered in low-speed vehicle (LSV) report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the low-speed vehicle (LSV) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Major players in the low speed vehicle (lsv) market are
- John Deere GmbH & Co.
- Yamaha Motor Co. Ltd.
- Textron Inc.
- Polaris Industries Inc.
- Goupil
- The Toro Company
- Club Car LLC
- Tomberlin USA
- Garia
- American Landmaster
- HDK Electric Vehicle
- Columbia Vehicle Group Inc.
- Speedway Electric Vehicle Private Limited
- Star EV Corporation
- Moto Electric Vehicles
- JH Global Services Inc.
- Waev Inc.
- ACG Inc.
- Tropos Motors
- Bintelli LLC
- Eli Electric Vehicles
- GEM Electric Vehicles
- AYRO Inc.
- Suzhou Eagle Electric Vehicle Manufacturing
- AGT Electric Cars
- Westward Vehicles.
Key Topics Covered:
1. Executive Summary
2. Low Speed Vehicle (LSV) Market Characteristics
3. Low Speed Vehicle (LSV) Market Trends and Strategies
4. Low Speed Vehicle (LSV) Market - Macro Economic Scenario
4.1. Impact of High Inflation on Online Therapy Services Market
4.2. Ukraine-Russia War Impact on Online Therapy Services Market
4.3. COVID-19 Impact on Online Therapy Services Market
5. Global Low Speed Vehicle (LSV) Market Size and Growth
5.1. Global Low Speed Vehicle (LSV) Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Low Speed Vehicle (LSV) Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
5.3. Global Low Speed Vehicle (LSV) Forecast Market Size and Growth, 2022 - 2027, 2032F, Value ($ Billion)
6. Low Speed Vehicle (LSV) Market Segmentation
6.1. Global Low Speed Vehicle (LSV) Market, Segmentation by Power, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8 kW
- 8-15kW
- Greater Than 15kW
6.2. Global Low Speed Vehicle (LSV) Market, Segmentation by Battery Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Lithium-Iron
- Lead Acid
6.3. Global Low Speed Vehicle (LSV) Market, Segmentation by Engine, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Internal Combustion Engine (ICE)
- Electric
6.4. Global Low Speed Vehicle (LSV) Market, Segmentation by Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Golf Courses
- Hotel and Resorts
- Airports
- Industrial Facilities
- Other Applications
7. Low Speed Vehicle (LSV) Market Regional and Country Analysis
7.1. Global Low Speed Vehicle (LSV) Market, Split by Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Low Speed Vehicle (LSV) Market, Split by Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/ebhh7v
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