Low-Speed Vehicle Market To Collect Hugh Revenues Due To Growth In Demand by 2030

Low-Speed Vehicle Market the size was valued at USD 10.59 Bn. in 2023 and the total market is expected to grow at 8.4% of CAGR through 2024 to 2030, reach USD 18.62 Bn Low-Speed Vehicle Market Overview: A four-wheeled electric vehicle with a maximum speed of 25 mph and a gross vehicle weight rating of under 3,000 kg is referred to as a low-speed vehicle (LSV). Most states permit LSVs to go on highways with a 35 mph or lower speed limit. Comparatively hybrid low-speed vehicles and electric low-speed vehicles are high in demand. Electric cars generally have a range of roughly 30 miles while traveling at low speeds. In addition, the thanks to strict environmental regulations by the government have increased demand for such vehicles across sectors.