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Low Speed Vehicles Market Segmented By Golf Cart, Industrial Utility Vehicle, Commercial Turf Utility Vehicle, Personal Mobility Vehicle Type in Electric, Gasoline, Diesel Propulsion
According to assessment, the low speed vehicles market is projected to witness growth of 4%-6% CAGR during the assessment period of 2021 to 2031. The key elements driving the global market are increasing emission norms, rising reception from senior citizens and the rising trend of utilizing low speed vehicles in gated networks like hotels and resorts, industry campus, fairways and school grounds.
A low speed vehicle is a vehicle that is four wheeled and the maximum velocity goes from 20kmph to 40kmph alongside a gross vehicle weight of under 1,400 kg. The older population will drive the market as there is an interest from this age bunch for the vehicle which can be utilized for transportation purposes.
The strict emission guidelines and standards drive the market of low speed vehicles for short distance transportation utilized by many individuals. Additionally the rise in fuel prices will drive the development of the market as these vehicles are utilized for short distance transportation purposes.
Hotels and resorts are quickly expanding the utilization of these vehicles to offer support to their visitors, this factor is probably going to drive the demand. The increased popularity for golf have expanded the number of fairways and thus increased the prerequisite of these vehicles which is additionally expected to have significant development in the market.
An increase in traversing the globe has led to the growth in utilization of low speed vehicles via airport authorities for conveying baggage and travelers and is probably going to fuel the sales.
The increase in spending is expected to support the demand for luxury service in the hospitality sector. Furthermore, a couple of the factors that play a fundamental part in conveying a significant degree of services incorporate reliable vehicle transport and comfortable seating, these vehicles are considered well-suited for conveying something very similar.
Likewise, the structural shift towards the reception of electric vehicles, is additionally expected to develop the penetration of low speed vehicles during the forecast period.
The North American market is projected to lead the global low speed vehicles market during the forecast period. North America represents majority of the world's golf supply. Furthermore, increased strict emission standards and safety guidelines, and the moving focal point of low speed vehicle producers to improve driver comfort features are relied upon to drive North America demand.
Further, the development of luxury tourism is relied upon to increase the sales of low speed vehicles. Electric vehicles are generally liked across the region as a result of its noise cancellation and zero carbon emission.
The increase in utilization of these vehicles in business applications like hotels and resorts and the high number of golf course will drive the regional market. The development of service sectors like travel and tourism, is probably going to build the demand for low speed vehicles in lavish hotels and resorts in U.S.
In Europe, increasing urbanization and rising per capita income have helped to fuel the sales of low speed vehicles throughout the forecast period. Elevated standards and luxury tourism industry in Europe drives the market and is expected to develop the European market in the forecast period. The increasing reception of electric vehicles are additionally clearing rewarding way for the market in Europe throughout the next few years.
Germany, France and other European countries have implied strict government laws and guidelines for vehicular emissions, making it mandatory for the vehicle makers to utilize cutting edge innovations to overcome high emission levels in vehicles. This has propelled the sales of battery powered low speed vehicles in the region
Some of the leading manufacturers and suppliers include
The manufacturers are zeroing in on product advancement at moderate costs, attributable to the expanding interest for eco-friendly and low maintenance vehicles. The producers are likewise focusing in on extending the distribution network across the globe, consequently driving the development of the market.
By Vehicle Type
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.