Global Low speed vehicle Market To Grow At Rapid Pace By 2023
Low speed vehicle Market 2018 Global Research Report, Global Low speed vehicle Market growing at rapid pace by the forecast period of 2018 to 2023. Low speed vehicle Market by Propulsion (Diesel, Electric, Gasoline), By Vehicle Type (Neighborhood electric vehicles (NEV), Electric golf carts, Electric personal utility vehicles, Off-road electric vehicles and Commercial electric vehicles), By End-users (Golf courses, Airports, Hotels and resorts, Residential premises, Other) And By Region - Forecast To 2023
The prominent players in the low speed vehicle market include Polaris Industries (U.S.), Textron (U.S.), Deere & Co. (U.S.), The Toro Company (U.S.), Kubota Corporation (Japan), Yamaha Motor Company Limited (Japan), Club Car (U.S.), Taylor-Dunn (U.S.), American Landmaster (U.S.), Ontario Drive & Gear Ltd. (Canada) and others.
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Low speed vehicle Market Highlights:
Low-speed vehicles refer to the lightweight vehicles, which are powered by electric motors for momentum. These vehicles are fuel efficient and quiet. These vehicles were introduced with the objective to overcome the increasing prices of fossil fuels and for reducing pollution. The low-speed vehicles are efficient for meeting the needs of short distance transportation such as golf carts and neighborhood electric vehicles.
The growth of the low-speed vehicles is majorly driven by the increasing pressure from the government for reducing the emission of greenhouse gases. The governments of many developed and developing nations, are taking initiatives for promoting the deployment of electric vehicles, which would further help in reducing the conventional fossil fuel consuming vehicles fleet. The rapidly increasing demand for non-polluting and low-speed electric vehicles by various hotels, airports, public transportation and golf courses, is one of the factors majorly contributing in the growth of global low-speed vehicles market.
The increasing urbanization in the developing economies all over the globe, such as China and U.S., is generating immense opportunities for the manufacturers of the low-speed vehicles to satisfy the emerging needs of the economic mobility infrastructure. However, the growth of the low-speed vehicle market is expected to be hindered by the lack of reliable government policies and information, in developing countries to promote the use of the low-speed vehicles.
The global low-speed vehicle market has seen remarkable growth in the global market and it has been observed that, its demand in future is expected to grow with the CAGR of ~5%.
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