Growing: Huge Revenue generation in the Global Low-Speed Vehicle Market

As per the report, government initiatives and rise in demand for renewable energy are expected to greatly fuel the growth of the low –speed vehicle industry, during the forecast period. On the other hand, the high cost of manufacturing can restrain the market growth.

The report segments the global market on the basis of propulsion, applications, end users and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market.According to a recent report published by Research Dive, the global low speed vehicle market is anticipated to garner $7,099.8 million by 2027, growing at a health CAGR from 2019 to 2027.

Battery-powered vehicles are estimated to be the highest growing till 2027

By propulsion, the global low-speed vehicle market is classified into a battery-powered vehicle, plug-in hybrid vehicles, air-powered vehicles, CNG vehicles, and others. Among these, the battery-powered vehicle is expected to be the fastest-growing segment in the predicted period due to the increasing demand for zero-emission cars as they are pollution-free.

Golf carts will be most lucrative till 2027

By applications, the global low-speed vehicle market is divided into industrial utility, golf cart, personnel carrier, and public transport vehicle. Amongst these, golf carts are expected to dominate the market shares and continue leading till 2027. This is due to their vast usage for short-distance rides, particularly in golf courses, airports, railway stations, factories, hospitals, and others.

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Hotels & resorts are estimated to dominate the market until 2027

By end-users, the global low-speed market is segmented into golf courses, tourist destinations, hotels & resorts, airports, and residential & commercial premises. Out of these, hotels & resorts are expected to dominate the market shares owing to delivering high quality of services such as reliable transportations and comfortable seats.

Regional Breakdown of the Market

The global low- speed vehicle market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to be the fastest-growing region, primarily because of China being the top global manufacturer of low-speed vehicles. In addition, this region is experiencing a growing trend in the use of low-speed vehicles for publicity, branding, and distribution.

Top Companies Leading the Market

The major players of the global low- speed vehicle industry are Trane Technologies Plc., Textron Inc., Yamaha Motor Co. Ltd., Polaris Inc., John Deere, The Toro Co., Kubota Co., American Landmaster, Columbia Vehicle Group, AGT Electric Cars, and others. These players are implementing various business strategies like mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry.

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