The global low speed vehicles market size is projected to reach USD 8.17 billion by the end of 2026. Applications of the product across diverse industry verticals will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Low Speed Vehicle Market Size, Share & Industry Analysis, By Engine Type (ICE, Electric), By Vehicle Type (Industrial Utility, Golf Cart, Personal Carrier, Public Transport Vehicle), and Regional Forecasts, 2019-2026,” the market was worth USD 5.65 billion in 2018 and will exhibit a CAGR of 4.8% during the forecast period, 2019-2026.
Low speed vehicles are gaining rapid popularity across the world, owing to their widespread applications across diverse industry verticals. The ability of these products to carry a considerable number of passengers with minimum emissions will lead to a huge demand in the coming years. The massive investments in the research and development of electric vehicles will have a huge impact on market growth. These vehicles are normally used in applications such as golf course carriers and short distance commute. Increasing concerns surrounding global warming and climate change have compelled governments as well as leading authorities to enforce strict policies regarding the carbon emissions. The use of technologically advanced batteries in these vehicles has opened up a huge potential for wider applications. The growing demand for low speed vehicles, coupled with the emphasis on the development of cost-effective products, will emerge in favor of the companies operating in the market.
