“Low Speed Vehicle Market to 2027 – Global Analysis and Forecasts by Type; Propulsion and Geography” report has been added to ResearchAndMarkets.com’s offering.” data-reactid=”19″>The “Low Speed Vehicle Market to 2027 – Global Analysis and Forecasts by Type; Propulsion and Geography” report has been added to ResearchAndMarkets.com’s offering.
The global low speed vehicle market accounted for US$ 11.98 billion in 2019 and is expected to grow at a CAGR of 4.2% during 2020-2027 to reach US$ 16.46 billion by 2027.
With increasing industrialization across the world, the demand for industrial utility vehicles is likely to increase in the coming years. The players have an opportunity to sharpen their focus on low-speed vehicles for myriad industries. This can be achieved by introducing new industrial utility vehicles in the growing economies. Demand for utility vehicles in warehouses will boost the low speed vehicle market growth during the forecast period.
Globally, the low speed vehicle market is experiencing an intense growth with regard to increasing number of government initiatives to promote sustainable transportation and rising construction industry. However, high ownership and maintenance costs may restrain the growth of the low speed vehicle market. Despite these limitations, the growing traction of electric vehicles and technology integration in LSVs will boost the low speed vehicle market growth during the forecast period. APAC held the largest share of the low speed vehicle market in 2019 and is expected to continue its dominance during the forecast period of 2020-2027. North America and Europe held the second and third position in the global low speed vehicle market, respectively, in 2019.
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