Low Speed Vehicles Market: Overview
Low speed vehicles are four wheeled vehicles whose maximum speed is up to 25 miles per hour on a paved level surface. The total weight of low speed vehicles is limited to 3,000 pounds. Furthermore, low speed vehicles are also available in the global market as a name of LSV.
To drive low speed vehicle in street, government has mandated some regulations pertaining to safety and security of vehicles. Such as accessories such as headlight, taillight, blinkers, mirrors, among other should be attached in a vehicles at the driving conditions.
Due to seeing these government laws leading original equipment players are providing additional facility to install these accessories out of the factory through dealers or suppliers in a bid to make strong foot hold in the market.
The global market is characterized as consolidated in most of the developed countries while developing country are focusing to use these vehicles for street driving purpose. Moreover, supportive government policies coupled with increased investment in research and development for light weight vehicles is promising to create wistful business opportunity for low speed vehicle in across the globe.
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Low Speed Vehicles Market: Dynamics
Growing technological advancement in the low speed vehicles such as electric low speed vehicles coupled with rising adopted rate of low speed vehicles in recreating places are projected to fillip the sales of low speed vehicles market over the forecast period.
Moreover, beneficial factors over golf cart for instance convenience, ease in drive, efficiency, ergonomic factors, and among others are expected to accelerate the global sales of low speed vehicles market in the coming decades.
Lack of infrastructure, inadequacy in the cognizant of low speed vehicles, and high cost is projected to hamper the global sales of low speed vehicles over the course of next coming years.
Leading manufacturer are focused to make light weight parts and developed fully electric vehicles with high speed are considered as win-win trend in the global low speed vehicles market.
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Low Speed Vehicles Market: Segmentation
By Technology
- Conventional
- Electric Vehicle
By Vehicle Type
- Passenger vehicle
- Heavy duty vehicle
- Off-road vehicle
By End Use
- Golf Courses
- Tourist Destinations
- Hotels & Resorts
- Airports & Railway Stations
- Residential & Commercial Premise
Low Speed Vehicles Market: Regional Outlook
North America and Europe regions are expected to grow with addressable growth rate in the global low speed vehicles market over the coming years owing to federal motor vehicle safety agencies in U.S. and Canada are focused to increase the operating speed as well as safety of vehicles.
Furthermore, In Europe, growing urbanization and rising per capita income aid to fuel the sales of low speed vehicles market over the slated time period. In addition, rising adoption of electric vehicles are also paving lucrative way for the market in Europe over the coming years.
In Asia Pacific region, China and Japan are projected to register noteworthy business opportunity for low speed vehicles over the stipulated time period due to rising cognizant of light weight street vehicles and rising usages of these vehicles in airports.
Middle East & Africa region is likely to grow with uptick growth rate in the global market owing to relatively less production facility in the region. However, Turkey and South Africa are projected to grow with healthy growth rate due to rising application of these vehicles for commercial premises, which is expected to inch up the sales of low speed vehicles market over the coming span of the years.
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Low Speed Vehicles Market: Key Participants
Some of the market participants in the Low Speed Vehicles market identified across the value chain:
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
- AGT Electric Cars
- Xinxiang Hezon Xinhui Vehicle Co., Ltd
- Bintelli Electric Vehicles
- Bradshaw Electric Vehicles
- Polaris Inc.
- Ingersoll-Rand plc
- GEM
- John Deere Gators
- LIGIER Group
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