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Low Speed Vehicles Market to exceed $15 bn by 2032, Says Global Market Insights Inc.

Global Market Insights Inc.
5 min read
Global Market Insights Inc.
Global Market Insights Inc.

Major low speed vehicles market participants include AGT Electric Cars., American Landmaster, Bradshaw, CLUB CAR, Columbia Vehicle Group Inc., Deere & Company, Evolution Electric Vehicles, Garia, ICON Electric Vehicles, KUBOTA Corporation., Moto Electric Vehicles, Motrec International Inc., and Star EV Corporation.

Selbyville, Delaware, Aug. 09, 2023 (GLOBE NEWSWIRE) --

The low speed vehicles market is estimated to surpass USD 15 billion by 2032, as reported in a research study by Global Market Insights Inc.

The increasing emphasis on sustainable transportation solutions is fueling the industry growth. With zero-emission electric engines, LSVs offer an eco-friendly alternative to traditional gas-powered vehicles, reducing air pollution and noise levels in densely populated areas. Moreover, the rising urbanization and the need for efficient mobility solutions have propelled the demand for LSVs. Their compact size allows for easy maneuverability through congested city streets, and their lower maximum speed makes them suitable for short trips and local commuting. Additionally, the cost-effectiveness of LSVs attracts consumers looking for affordable transportation options. Compared to conventional cars, LSVs have lower upfront costs, require minimal maintenance, and are often eligible for tax incentives and subsidies.

The low speed vehicles market from the industrial utility vehicle segment is predicted to grow substantially through 2032. These versatile vehicles are designed to handle heavy-duty tasks in industries such as construction, manufacturing, mining, and agriculture. With their robust build, large cargo capacity, and powerful engines, industrial utility vehicles enable efficient transportation of goods, equipment, and personnel in industrial settings. They enhance productivity by streamlining operations, reducing manual labor, and increasing overall efficiency. Furthermore, industrial utility vehicles are equipped with advanced features like all-terrain capabilities, towing capabilities, and specialized attachments, making them suitable for diverse industrial requirements.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/5789

The low speed vehicles market from the ICE segment will witness high demand over the coming years. Despite the growing interest in electric vehicles, ICE-powered low-speed vehicles continue to thrive due to their affordability and ease of maintenance. These vehicles, typically equipped with small-displacement gasoline engines, provide a reliable and cost-effective transportation solution for various applications such as golf carts, neighborhood electric vehicles, and utility vehicles. The ICE engines offer decent power output, allowing for adequate acceleration and speed while ensuring efficient fuel consumption. Additionally, the existing infrastructure for refueling ICE vehicles makes them a convenient option in areas with limited charging facilities.

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