North America Low Speed Vehicle Market Outlook
According to a new report by Expert Market Research titled “North America Low Speed Vehicle Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the North America low speed vehicle market is projected to grow at a CAGR of 8.30% between 2023 and 2028. Aided by the increasingly stringent emission norms and safety standards and the shifting focus of manufacturers to enhance driver comfort features, the market is expected to grow significantly by 2028.
Low-speed vehicles (LSVs), also known as neighbourhood electric vehicles, are battery-operated vehicles with a speed ranging between 20 to 25 miles per hour. These vehicles are typically used for short-distance travel, such as within communities, resorts, or industrial environments. Besides being eco-friendly, these vehicles offer numerous benefits such as reduced noise pollution, lower operating costs, and minimal maintenance requirements.
A significant factor propelling the North America low speed vehicle market growth is the rising consumer preference for energy-efficient and environmentally friendly transportation solutions. With the escalating awareness regarding the detrimental effects of conventional vehicles on the environment, there has been a substantial shift towards electric vehicles, including low-speed vehicles. The increased acceptance of low-speed vehicles as a viable commuting option within local communities, campuses, and resorts is further boosting the market growth.
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The broadening applications of LSVs across different sectors also play a pivotal role in accelerating the North America low speed vehicle market demand. In the tourism sector, low-speed vehicles are utilised extensively for providing short distance commutation for tourists, offering an efficient and enjoyable mode of transport. In industrial environments, LSVs are increasingly being adopted due to their efficiency in handling short range logistics and operational tasks. Additionally, they are also gaining traction in the healthcare sector for patient mobility within the campus, thereby contributing to the market expansion.
Furthermore, various government initiatives aimed at promoting the adoption of eco-friendly vehicles, coupled with favourable regulatory frameworks, are providing an impetus to the North America low speed vehicle market. Many states in North America have passed regulations allowing low-speed vehicles on public roads, thus creating a conducive environment for market growth.
In addition, continuous technological advancements aimed at enhancing the safety and efficiency of LSVs, coupled with the development of robust regulatory frameworks, are expected to boost the North America low speed vehicle market growth in the forecast period.
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North America Low Speed Vehicle Market Segmentation
The market can be divided based on type, propulsion, and country.
Market Breakup by Type
- Commercial Turf Utility Vehicles
- Golf Carts
- Industrial Utility Vehicles
- Personnel Carriers
- Others
Market Breakup by Propulsion
- Diesel
- Electric
- Gasoline
Market Breakup by Country
- United States of America
- Canada
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the North America low speed vehicle companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Club Car, LLC
- Cruise Car, Inc.
- HDK Co., Ltd.
- Polaris Inc.
- Textron Specialized Vehicles, Inc.
- Others
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