The global Low-Speed Vehicle Market is projected to grow at a CAGR of 8.6% to reach a market size of USD 6.3 billion by 2025 from 4.2 billion in 2020The rising trend of using LSVs in gated communities, hotels, and resorts, industrial facilities, golf courses & college campuses and changing face of the transportation industry to drive the low-speed vehicles market is projected to fuel the demand of these vehicles.

To respond to customer preference, the OEMs are developing low-speed vehicles with advanced & efficient systems. These developments are mainly found in Golf Carts and utility vehicles. For instance, Textron Specialized Vehicles announced the release of new models of its E-Z-GO Express personal transport vehicles, featuring the industry’s first 72-volt AC electric powertrain to provide users with more power, range, and performance. The car operates through an advanced battery management system that monitors the overall efficiency of the vehicles. Also, the growth is observed with the increase in the speed limit from the 25 mph to 40mph on selected permissible roads. In cities such as Georgia, Florida, Arizona and South Carolina among others, has 35 mph speed limits whereas, in cities such as Texas and Alaska, the permissible speed limit is 40 mph.  

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With increasing focus on vehicle weight reduction and system efficiency, several advancements like improved safety features and high power have led to the improvement in low-speed vehicles. As the vehicle trend is shifting towards the electric vehicles, during the forecast period, the electric LSV segment is expected to have the largest market and the fastest growth. The new advancement such as battery management in golf carts and utility vehicles are gaining popularity as it helps in efficient power management. Also, there has been an increasing trend for high power vehicles which can be maneuver on the permissible roads and can be used as personnel carriers and utility vehicles. Hence, in the coming years, electric LSVs are expected to have significant growth, along with the high power LSVs which will eventually drive the low-speed vehicles market.

The global low-speed vehicle market has been segmented into the following regions, namely, North America, Europe, Asia Pacific, and RoW. North America is expected to be the largest market during the forecast period.

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Key questions addressed by the report

• What would be the demand for the low-speed vehicle by vehicle type and region?
• How will the low-speed vehicle market shape up in the future?
• What are the current and future trends in the low-speed vehicle market?
• How the penetration of low-speed vehicles by propulsion type varies by region?
• Which are the key players in the global low-speed vehicle market?

The report also features an exclusive competitive leadership mapping of key players represented in a four-quadrant box, representing the visionary leaders as well as dynamic differentiators

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