The Business Research Company’s Low Speed Vehicle (LSV) Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Low Speed Vehicle (LSV) Global Market Report 2023 evaluates low speed vehicle (LSV) market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global low-speed vehicle (LSV) market is expected to grow from $6.85 billion in 2022 to $7.45 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The low-speed vehicle (LSV) market is expected to reach $9.95 billion in 2027 at a CAGR of 7.5%.
The growing demand for eco-friendly vehicles is expected to propel the growth of the low-speed vehicle (LSV) market going forward. Eco-friendly vehicles refer to those vehicles that have less of an adverse effect on the environment than more conventional internal combustion engine (ICE) vehicles that operate on gasoline or diesel. Low-speed vehicles with battery-operated motors are safe, simple to run, and provide better battery management for both commercial and private use. For instance, in September 2022, according to the reports shared by the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to 2020, which is almost 9% of sales share, and increased by 4% in 2021. Therefore, the growing demand for eco-friendly vehicles is driving the growth of the low-speed vehicle (LSV) market.
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The low speed vehicle (LSV) market segments in the report are:
1) By Power: 8 kW, 8-15kW, >15kW
2) By Battery Type: Lithium-Iron, Lead Acid
3) By Engine: Internal Combustion Engine (ICE), Electric
4) By Application: Golf Courses, Hotel And Resorts, Airports, Industrial Facilities, Other Applications
The table of contents in TBRC’s low speed vehicle (LSV) market report includes:
- Executive Summary
- Low Speed Vehicle (LSV) Market Characteristics
- Low Speed Vehicle (LSV) Market Trends And Strategies
- Low Speed Vehicle (LSV) Market – Macro Economic Scenario
- Low Speed Vehicle (LSV) Market Segmentation.
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- Global Low Speed Vehicle (LSV) Market Competitive Benchmarking
- Global Low Speed Vehicle (LSV) Market Competitive Dashboard
- Key Mergers And Acquisitions In The Low Speed Vehicle (LSV) Market
- Low Speed Vehicle (LSV) Market Future Outlook and Potential Analysis
- Appendix
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