The global low speed vehicle market is anticipated to grow at a considerable CAGR of 5.3% during the forecast period. The key factor that is supporting market growth is the presence of golf courses across the globe. According to the National Golf Foundation (NGF) data from 2021, around 82% of the world's nations have golf courses, totaling over 38,000. According to the report, around 78% of all golf courses are situated in the US, Japan, Canada, England, Australia, Germany, France, the Republic of Korea, Sweden, and Scotland. The US accounted for 42% of all golf courses across the globe. Additionally, according to ASIAN Golf, almost 5,000 golf courses had been built in Asia by March 2020, with 196 of them officially registered in India.
Browse the full report description of “Low Speed Vehicle Market Size, Share, and Trends Analysis Report by Vehicle Type (Commercial Turf and Industrial Utility Vehicle, Golf Cart, Personal Utility Vehicle, and Public Transport), Propulsion (Diesel, Electric, and Gasoline), and Forecast Period (2023-2030)” at https://www.omrglobal.com/industry-reports/low-speed-vehicle-market
Another factor contributing to the market’s growth is the demand for low-speed vehicles for the geriatric population. Low-speed vehicles are safe solutions for elderly people. According to the World Bank's statistics, nearly 35% of the global population fell under the 40–79 age group in 2020. About 25% of the population in the US was 60 years of age or older; European nations had an average of 21.5% of the population above 60 years of age; and Japan had about 28% of the geriatric population.
Besides, companies such as American Landmaster, Bintelli Electric Vehicle, Club Car LLC, Yamaha, Cruise Car, Inc., and others are also following various mergers, expansions, new product launches, and investment activities, which are also increasing the market’s growth. For instance, in January 2022, Yamaha introduced the Drive2 Powertrain AC Lithium. The new lithium-ion-powered golf vehicle has independent rear suspension (IRS). Yamaha is recognized for having the world's strongest product line of golf and utility automobiles, and the advent of the Drive2 PowerTech with IRS model provides consumers with the same comfort, dependability, and performance.
Market Coverage
• The Market Number Available for – 2022-2030
o Base year- 2022
o Forecast period- 2023-2030
• Segment Covered-
o By Vehicle Type
o By Propulsion
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape-HDK Co., Ltd., Intimidator Inc., Kubota Corporation, Moto Electric Vehicles, Taylor-Dunn Manufacturing Company, and others.
Key questions addressed in the report
• What is the market growth rate?
• Which segment and region dominated the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected regions and segments
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Low Speed Vehicle Market Report Segment
By Vehicle Type
By Propulsion
Global Low Speed VehiclesMarket Report Segment by Region
North America
• US
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East and Africa
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