Global Low Speed Vehicles Market Research Report: Forecast (2023-2028)

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Low Speed Vehicles Market
2023-2028
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Market Insights
The Global Low Speed Vehicles Market size was
reached at USD 8.5 billion in 2022 and is
projected to grow at a CAGR of around 6.5 during
the forecast period, i.e., 2023-28. Most of the
market expansion ascribes to the increasing usage
of LSVs in towns cities for short-distance
journeys. Eco-friendly vehicles have gained
recognition in recent years, especially for short
commutes as they not only reduce carbon emissions
but also offer efficient transportation. As a
result, the growing adoption of low speed
vehicles in numerous applications, such as
airports, resorts, hospitals, and residential
areas is anticipated to drive the market.
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Market Driver
The Revival of Golf and Its Massive Popularity
Worldwide
Over the past few years, golf has witnessed
immense popularity backed by modernization, the
pandemic, and its appeal to diverse demographics.
With over 119 million people engaged in
golf-related activities, the sport has
experienced a revitalization, Says National Golf
Foundation. The United States alone saw a 12
increase in participation, with 3.4 million
junior players, the highest level since 2006.
Women comprise 25 of on-course golfers and
demonstrate higher representation in beginner and
junior categories.
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Market Segmentation
By Application Golf Courses, Hotel Resorts,
Airports, Industrial Facilities, Other
By Vehicle Golf Carts, Commercial Turf Utility
Vehicles, Industrial Utility Vehicles, Personal
Mobility Vehicles
By Engine Type ICE, Electric
By Region North America, South America, Europe,
Asia-Pacific, Middle East Africa
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