DUBLIN, Oct. 2, 2023 /PRNewswire/ — The “Low-Speed Vehicle Market by Vehicle Type (Commercial Turf Utility, Industrial Utility Vehicle, Golf Cart, Personal Mobility Vehicle), Power Output (15 kW), Propulsion, Battery Type, Application, Category Voltage & Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The low speed vehicle market is projected to grow from USD 10.4 billion in 2023 to USD 15.0 billion by 2028, at a CAGR of 7.4%
In today’s aging global landscape, Low Speed Vehicles (LSVs) are becoming increasingly indispensable, especially in nations like the U.S. and Japan with a significant elderly demographic. With the post-pandemic surge in tourism and a growing interest in golf, LSVs have become popular for mobility in golf courses and tourist hotspots.
The World Bank highlights that over a quarter of U.S. citizens are aged 60 or above, with many residing in specialized communities favoring street-legal vehicles for everyday commuting. Japan, too, reports a similar trend with over 28% of its population in the senior age bracket.
Post-pandemic tourism saw a leap from 54 million tourists visiting museums and landmarks in 2020 to 71 million in 2021. Coupled with the rising popularity of golf across North America, Europe, and parts of Asia, LSVs are becoming the vehicle of choice for many, be it on golf courses, tourist sites, or within senior communities.
However, the LSV market hasn’t been without challenges. Factors like the Russia-Ukraine conflict, global inflation spikes, recurring pandemic lockdowns, and a sharp rise in the U.S. dollar exchange rate can potentially hinder growth, impacting vehicle prices and the production of essential components.
In Europe, countries such as the UK, Germany, and France are leading the demand for LSVs. Industrial utility vehicles, particularly those with a power output of