Global Low Speed Vehicles Market Trends and Forecast 2028: Growth & Market Size

The Global Low Speed Vehicles Market size was reached at USD 8.5 billion in 2022 and is projected to grow at a CAGR of around 6.5% during the forecast period, i.e., 2023-28.                                                  

Global Low Speed Vehicles Market Dynamics:

The Revival of Golf and Its Massive Popularity Worldwide: Over the past few years, golf has witnessed immense popularity backed by modernization, the pandemic, and its appeal to diverse demographics. With over 119 million people engaged in golf-related activities, the sport has experienced a revitalization, Says National Golf Foundation. The United States alone saw a 12% increase in participation, with 3.4 million junior players, the highest level since 2006. Women comprise 25% of on-course golfers and demonstrate higher representation in beginner and junior categories.

Similarly, Sports Marketing Surveys (SMS) found that more than 23.3 million people played golf in 2020 across Asia, indicating an 11.5% increase since 2016, with China, Korea, Malaysia, and India showing prominent growth. This global phenomenon has led to market expansion for Low Speed Vehicles, including golf carts, as they become essential for navigating courses. As golf continues to attract a wider audience, the demand for low speed vehicles (LSVs ) is set to exemplify, presenting lucrative prospects for the Low-Speed Vehicles market in the ensuing years.

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Market Dimensions & Projections

·        Pricing Evaluation

·        Recent Strategic Moves by Companies

·        Primary Stakeholders

·        Import/Export Trend Analysis

·        Competitive Landscape Assessment

·        Emerging Opportunities

·        Market Trends and Indicators

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Global Low Speed Vehicles Market Segmentation:

The market report categorizes the market based on different segments and geographical analysis.

Study Timeline:

-Base Year: 2022

-Historical Period: 2018 to 2021

-Forecast Period: 2023-28

• By Vehicle Type
  • Golf Carts- Market Size & Forecast 2018-2028, (USD Million)
  • Commercial Turf Utility Vehicle- Market Size & Forecast 2018-2028, (USD Million)
  • Industrial Utility Vehicle- Market Size & Forecast 2018-2028, (USD Million)
  • Personal Mobility Vehicle- Market Size & Forecast 2018-2028, (USD Million)
• By Engine Type
  • ICE- Market Size & Forecast 2018-2028, (USD Million)
  • Electric- Market Size & Forecast 2018-2028, (USD Million)
• By Application
  • Golf Courses- Market Size & Forecast 2018-2028, (USD Million)
  • Hotel & Resorts- Market Size & Forecast 2018-2028, (USD Million)
  • Airports- Market Size & Forecast 2018-2028, (USD Million)
  • Industrial Facilities- Market Size & Forecast 2018-2028, (USD Million)
  • Others- Market Size & Forecast 2018-2028, (USD Million)
• By Region
  • North America
  • South America
  • Europe
  • Asia-Pacific
  • The Middle East and Africa

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including -   American Landmaster, Bintelli Electric Vehicles, Bradshaw Electric Vehicles , Columbia Vehicle Group Inc., Deere and Company , Kubota Corp, Ligier Group, Polaris Industries Inc, Speedways Electric, Textron Inc, The Club Car, The Toro Company, Waev Inc, HDK Electric Vehicle, Yamaha Motor Co. Ltd., Other

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