north america low speed vehicle Market

The low speed vehicle market in North America was valued at US$ 3,209.2 million in 2019 and is projected to reach US$ 4,199.6 million by 2027; it is expected to grow at a CAGR of 3.5% from 2020 to 2027.

The North America low speed vehicle market is anticipated to witness impressive growth during the forecast period. Increasing government initiatives to promote sustainable transportation and rising construction and infrastructure industry are the major driving factors for the growth of low speed vehicle market. The demand for low-emission, environment-friendly vehicles is growing rapidly worldwide to tackle the issue of environmental pollution. The rising rate of urbanization is degrading the environment, and to mitigate these negative effects of associated deforestation, the governments across countries are taking initiatives to promote electric mobility and low-emission fuels. The governments of the countries in North America are proactively taking efforts to boost the adoption of electric vehicles.

Many players in low speed vehicle market, including Yamaha Golf-Car Company and Ingersoll Rand, are integrating technologies to incorporate features such as GPS tracking and communication software in golf carts for enhanced monitoring, geofencing, two-way communications, safety, etc. With continuous advancements in connected technologies such as IoT and artificial intelligence, the demand for advanced features in low speed vehicles is anticipated to rise in the coming years. Hence, companies operating in this market are anticipated to invest in upgrading their low speed vehicle offerings with integration of technologies and advanced features over the forecast period.

The overall North America low speed vehicle market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the North America low speed vehicle market. It also provides an overview and forecast for the low speed vehicle market based on all the segmentation provided with respect to the North America region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry experts 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 industry.