LSV Overview: The global low-speed vehicle market is eyeing for an unprecedented USD 11,509.6 million by 2023 with a CAGR of 5% during the forecast period (2018-2023). Market Research Future (MRFR) in their report envelops segmentations and drivers for a better glimpse of the market in the coming years. The vehicles are known for their broad utility in transporting personnel and packages in industries and sports such as golf. These four-wheeled vehicles are lightweight, electrically charged and emit minimal hazardous gas. In addition, these vehicles adhere to the government norms that strictly aims at reducing carbon footprint. At the same time, the government providing funding to manufacturers to boost the production can also be considered a good sign for the market in the coming years. Sample: https://www.marketresearchfuture.com/sample_request/5488 However, the low-speed vehicle market growth can go through marshes during the forecast period as its high production cost can clog the smooth flow expected of it. Meanwhile, low-speed vehicle’s long-life span can also adversely impact the growth rate by hindering the upgradation.
Segmental Analysis: Extensive research of the low-speed vehicle market segments the market by output, propulsion, and application. Based on the output, the low-speed vehicle market can be segmented into <8kW, 8-15kW, and >15kW. The 8-15kW segment is dominating the market with a valuation of USD 4,142.2 million in 2018 and can go up to USD 5,284 million by 2023. Meanwhile, the >15kW segment is gaining fast popularity and can attain the highest CAGR of 5.7% during the forecast period. Propulsion-wise, the low-speed vehicle market comprises diesel, gasoline, and electric. The electric segment is in the leading position and is valued at USD 4,955.1 million in 2018 which can go up to USD 6,458.6 million by 2023. The segment is expected to beat others at 5.5% CAGR during the forecast period. Application-based segmentation of the low-speed vehicle market comprise industrial utility, golf cart, personnel carrier, and public transport vehicle. Golf cart segment holds the maximum market share and enjoys a valuation of USD 4,771.5 million in 2018. It can rise to USD 6,176.1 million by 2023. The segment is expected to grow with the fastest CAGR of 5.3% during the forecast period.
Don’t miss the Opportunity, Buy Now https://www.marketresearchfuture.com/checkout?currency=one_userUSD&report_id=5488 Regional Analysis: Geographic analysis of the low-speed vehicle market size spans across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). North America is leading the market with its market valuation pinned at USD 3,473.8 million in 2018. The regional market value can go up to USD 4,456.5 million by 2023 with an impressive 5.1% CAGR during the forecast period. Golf is a favorite sport in the region, and infrastructural superiority of the region are helping the market in staying ahead of its competitors. In addition, several market titans are based out of the region which provides sufficient traction to the market. Europe has the second largest market share, and it exhibits similar features like that of North America.