low speed vehicle Market

The global low speed vehicle market accounted for US$ 11.98 Bn in 2019 and is expected to grow at a CAGR of 4.2% over the forecast period 2020–2027, to account for US$ 16.46 Bn by 2027.

With the increasing industrialization across the globe, 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 industries such as warehouse will boost the low speed vehicle market growth during the forecast period.

Globally, low speed vehicle market is experiencing an intense growth with regards 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 in 2019 respectively.

The overall low speed vehicle market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the low speed vehicle market. It also provides the overview and forecast for the global low speed vehicle market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the low speed vehicle market.