Electric Low Speed Vehicles (LSV) Market Growing Trends and Demands Analysis forecast 2023 to 2030

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Electric Low Speed Vehicles (LSV) Market
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Market Overview
Electric Low-Speed Vehicles (LSV) Market size hit
US 3.94 Billion in 2022, growing at a CAGR of
15.01 over the forecast period.LSVs (Electric
Low-Speed Vehicles) are regulated vehicles that
can be driven on general roads and routes that
are less regulated than regular cars. The top
speed is over 20 mph but less than 25 mph.
Electric LSVs must meet the federal safety
standards for low-speed vehicles and all relevant
FMVSS provisions of 49 CFR part571.According to
our research report, the global market for
electric low-speed vehicles is likely to grow in
the coming years as more golf courses buy
electric golf carts. The global electric low
speed vehicle (LSV) market is split up into
different types of vehicles, such as golf carts,
electric personal utility vehicles, electric low
speed off-road vehicles, and electric low speed
heavy duty vehicles. In 2016, 43.6 of the market
was made up of electric golf carts.

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By Region
North America had the biggest share of the world
low speed electric vehicle market. When COVID-19
is taken into account, the direction and outlook
for the North American (NA) market are seen in an
optimistic, balanced, and conservative way.Europe
has the second biggest market for low-speed
electric vehicles in the world. The European
low-speed electric vehicle market is driven by
strict environmental laws, changes in electric
vehicle research and development, government
subsidies, and new battery technology.Asia-Pacific
is the biggest market for low-speed electric
cars. The Asia-Pacific market is led by China in
terms of income, which makes up the majority of
the market. Due to its size, population,
technological improvements, and government
support for subsidies and regulations, the
country has become a major player in the
low-speed electric vehicle market in the area.The
Asia-Pacific region will stay the biggest.
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The Global Electric Low Speed Vehicles (LSV)
Market has been segmented into

• By Type
• Electric Golf Cart
• Electric Personal Utility Vehicle
• Electric Low Speed Off-Road Vehicle
• Others

• By Application
• Golf Courses
• Hotels
• Tourist Destinations
• Airports
• Others

• By Breakup by Battery
• Lithium-Ion Battery
• Lead-Acid Battery
• Others

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The Global Electric Low Speed Vehicles (LSV)
Market has been segmented into

• By Region
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe

• By Region
• North America
• US
• Canada
• Mexico
• Rest of North America
• The Middle East Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

• By Region
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific

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Key Market Updates

• The National Golf Foundation says that in the US,
  a total of 25.6 million people played golf on the
  course and 15.5 million people played golf in
  places like Topgolf and Drive Shack that aren't
  golf courses. Also, there were 3 million new golf
  players in the last 3 years, compared to 2
  million in the last 9 years. According to the
  National Golf Foundation, 6.2 million people
  between the ages of 18 and 34 played golf. The
  rise in rewards and prizes is a big reason why
  golf course games are getting more popular. In
  Asia-Pacific, rewards for professional golf
  tournaments run from 30,000 to 0.2 million.
  Golf courses are becoming more popular because
  people have more money to spend, their lives are
  changing, and they are becoming more interested
  in high-end sports. As people's tastes in premium
  sports change and their lifestyles change, the
  market for golf and LSVs are both expected to
  grow in the coming years.

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Market Players

• Yamaha Motors
• HDK Electric Vehicles
• Textron
• Speedway Electric
• Polaris Industries
• CitEcar Electric Vehicles
• Others.

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